Photronics (NASDAQ:PLAB) Releases Q3 2022 Earnings Guidance

Photronics (NASDAQ:PLABGet Rating) issued an update on its third quarter 2022 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $0.45-$0.55 for the period, compared to the consensus 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.

Shares of PLAB opened at $21.74 on Wednesday. The company has a market capitalization of $1.34 billion, a price-to-earnings ratio of 14.69 and a beta of 0.98. Photronics has a fifty-two week low of $11.65 and a fifty-two week high of $22.11. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.42 and a quick ratio of 3.10. The business’s 50-day moving average is $16.25 and its 200-day moving average is $16.91.

Photronics (NASDAQ:PLABGet Rating) last issued its earnings results on Wednesday, May 25th. The semiconductor company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.14. The company had revenue of $204.50 million for the quarter, compared to the consensus estimate of $192.37 million. Photronics had a return on equity of 8.45% and a net margin of 12.03%. The firm’s quarterly revenue was up 28.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.17 EPS. Equities research analysts expect that Photronics will post 1.73 earnings per share for the current fiscal year.

A number of equities analysts have recently weighed in on PLAB shares. DA Davidson upped their target price on Photronics from $26.00 to $30.00 and gave the company a buy rating in a report on Thursday, May 26th. Northland Securities increased their price objective on Photronics from $25.00 to $26.00 and gave the stock an outperform rating in a report on Thursday, May 26th. Zacks Investment Research upgraded Photronics from a hold rating to a strong-buy rating and set a $23.00 price objective on the stock in a report on Tuesday. Stifel Nicolaus increased their price objective on Photronics from $21.00 to $23.00 in a report on Wednesday, May 25th. Finally, StockNews.com began coverage on Photronics in a report on Thursday, March 31st. They issued a strong-buy rating on the stock. Three investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Photronics currently has a consensus rating of Buy and an average target price of $25.50.

In other Photronics news, Director Mitchell G. Tyson sold 2,000 shares of the stock in a transaction that occurred on Friday, April 1st. The stock was sold at an average price of $17.00, for a total transaction of $34,000.00. Following the transaction, the director now owns 74,379 shares in the company, valued at $1,264,443. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Christopher J. Progler sold 11,481 shares of the stock in a transaction that occurred on Monday, April 4th. The shares were sold at an average price of $16.54, for a total value of $189,895.74. Following the completion of the sale, the executive vice president now directly owns 159,593 shares of the company’s stock, valued at $2,639,668.22. The disclosure for this sale can be found here. Insiders sold 15,481 shares of company stock worth $253,896 in the last 90 days. 3.70% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently bought and sold shares of PLAB. Federated Hermes Inc. lifted its position in Photronics by 77.5% in the first quarter. Federated Hermes Inc. now owns 2,798 shares of the semiconductor company’s stock worth $47,000 after purchasing an additional 1,222 shares during the period. Citigroup Inc. lifted its position in Photronics by 2.1% in the first quarter. Citigroup Inc. now owns 61,988 shares of the semiconductor company’s stock worth $1,052,000 after purchasing an additional 1,281 shares during the period. Captrust Financial Advisors lifted its position in Photronics by 16.0% in the first quarter. Captrust Financial Advisors now owns 9,765 shares of the semiconductor company’s stock worth $166,000 after purchasing an additional 1,348 shares during the period. Covestor Ltd lifted its position in Photronics by 587.5% in the first quarter. Covestor Ltd now owns 2,427 shares of the semiconductor company’s stock worth $41,000 after purchasing an additional 2,074 shares during the period. Finally, Credit Suisse AG lifted its position in Photronics by 6.1% in the fourth quarter. Credit Suisse AG now owns 48,779 shares of the semiconductor company’s stock worth $920,000 after purchasing an additional 2,788 shares during the period. 88.49% of the stock is owned by 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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