Photronics (NASDAQ:PLAB) Shares Gap Down on Disappointing Earnings

Photronics, Inc. (NASDAQ:PLAB) shares gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $28.26, but opened at $23.63. Photronics shares last traded at $24.20, with a volume of 198,635 shares changing hands.

The semiconductor company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.09). The business had revenue of $217.00 million during the quarter, compared to analysts’ expectations of $231.00 million. Photronics had a return on equity of 9.73% and a net margin of 15.14%. Photronics’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.54 EPS.

Analysts Set New Price Targets

Separately, StockNews.com lowered shares of Photronics from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 22nd.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PLAB. LSV Asset Management raised its holdings in Photronics by 88.3% in the third quarter. LSV Asset Management now owns 1,560,215 shares of the semiconductor company’s stock worth $31,532,000 after buying an additional 731,793 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Photronics by 225.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 840,538 shares of the semiconductor company’s stock valued at $23,805,000 after purchasing an additional 582,664 shares during the last quarter. Pacer Advisors Inc. raised its holdings in shares of Photronics by 64.4% during the fourth quarter. Pacer Advisors Inc. now owns 1,397,983 shares of the semiconductor company’s stock valued at $43,855,000 after purchasing an additional 547,510 shares during the last quarter. Boston Partners raised its holdings in shares of Photronics by 250.2% during the fourth quarter. Boston Partners now owns 625,927 shares of the semiconductor company’s stock valued at $19,711,000 after purchasing an additional 447,182 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Photronics by 8.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,769,232 shares of the semiconductor company’s stock valued at $149,613,000 after purchasing an additional 379,593 shares during the last quarter. 88.38% of the stock is owned by hedge funds and other institutional investors.

Photronics Stock Down 2.2 %

The firm’s fifty day moving average price is $28.06 and its two-hundred day moving average price is $27.71. The stock has a market capitalization of $1.63 billion, a PE ratio of 11.92 and a beta of 1.41.

Photronics Company Profile

Photronics, Inc, together with its subsidiaries, engages in the manufacture and sale of photomask products and services in the United States, Taiwan, China, Korea, Europe, and internationally. It offers photomasks that are used in the manufacture of integrated circuits and flat panel displays (FPDs); and to transfer circuit patterns onto semiconductor wafers, and FDP substrates.