Photronics (NASDAQ: PLAB) Updates Q3 2022 Earnings Guidance

Photronics (NASDAQ: PLAB – Get Rating) updated its third quarter 2022 earnings guidance on Wednesday. The company provided earnings per share guidance of $ 0.45- $ 0.55 for the period, compared to the consensus earnings per share estimate of $ 0.37. The company issued revenue guidance of $ 205.00 million- $ 215.00 million, compared to the consensus revenue estimate of $ 196.40 million.

PLAB has been the topic of several recent analyst reports. Stifel Nicolaus upped their price objective on shares of Photronics from $ 21.00 to $ 23.00 in a report on Wednesday, May 25th. Northland Securities raised their price target on shares of Photronics from $ 25.00 to $ 26.00 and gave the stock an outperform rating in a report on Thursday, May 26th. initiated coverage on shares of Photronics in a report on Thursday, March 31st. They set a strong-buy rating on the stock. Finally, DA Davidson raised their target price on Photronics from $ 26.00 to $ 30.00 and gave the stock a buy rating in a research note on Thursday, May 26th.

Shares of NASDAQ PLAB opened at $ 20.43 on Wednesday. The company has a market capitalization of $ 1.26 billion, a PE ratio of 13.80 and a beta of 0.95. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.07 and a current ratio of 3.38. The company’s fifty day moving average price is $ 17.59 and its 200 day moving average price is $ 17.67. Photronics has a 1 year low of $ 11.65 and a 1 year high of $ 23.04.

Photronics (NASDAQ: PLAB – Get Rating) last announced its quarterly earnings results on Wednesday, May 25th. The semiconductor company reported $ 0.49 earnings per share for the quarter, beating the consensus estimate of $ 0.35 by $ 0.14. Photronics had a return on equity of 8.45% and a net margin of 12.03%. The firm had revenue of $ 204.50 million during the quarter, compared to analyst estimates of $ 192.37 million. During the same quarter in the previous year, the business earned $ 0.17 EPS. Photronics’s revenue for the quarter was up 28.0% compared to the same quarter last year. On average, equities analysts expect that Photronics will post 1.9 EPS for the current year.

In other Photronics news, Director Mitchell G. Tyson sold 2,000 shares of the stock in a transaction dated Monday, May 2nd. The shares were sold at an average price of $ 15.00, for a total value of $ 30,000.00. Following the completion of the sale, the director now owns 72,379 shares in the company, valued at approximately $ 1,085,685. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Christopher J. Progler sold 11,481 shares of the business’s stock in a transaction that occurred on Monday, April 4th. The stock was sold at an average price of $ 16.54, for a total value of $ 189,895.74. Following the transaction, the executive vice president now owns 159,593 shares in the company, valued at $ 2,639,668.22. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,481 shares of the company’s stock valued at $ 297,716. 3.70% of the stock is owned by company insiders.

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. raised its position in shares of Photronics by 0.8% during the 1st quarter. BlackRock Inc. now owns 9,805,463 shares of the company’s semiconductor stock valued at $ 166,400,000 after buying an additional 78,778 shares during the period. Vanguard Group Inc. raised its position in Photronics by 2.9% in the first quarter. Vanguard Group Inc. now owns 4,362,274 shares of the company’s semiconductor stock valued at $ 74,028,000 after purchasing an additional 122,925 shares during the period. State Street Corp lifted its stake in shares of Photronics by 2.5% in the 4th quarter. State Street Corp now owns 2,312,406 shares of the company’s semiconductor stock valued at $ 43,589,000 after purchasing an additional 57,105 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Photronics by 15.8% in the 4th quarter. Geode Capital Management LLC now owns 1,317,630 shares of the company’s semiconductor stock valued at $ 24,837,000 after purchasing an additional 180,237 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in shares of Photronics by 132.4% during the 4th quarter. Millennium Management LLC now owns 1,229,651 shares of the company’s semiconductor stock worth $ 23,179,000 after purchasing an additional 700,498 shares during the period. 88.49% of the stock is currently owned by hedge funds and other institutional investors.

About Photronics (Get Rating)

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

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