Truist Financial Corp reduced its position in shares of Photronics, Inc. (NASDAQ:PLAB – Free Report) by 16.2% in the second quarter, according to its most recent filing with the SEC. The fund owned 30,592 shares of the semiconductor company’s stock after selling 5,918 shares during the quarter. Truist Financial Corp’s holdings in Photronics were worth $789,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Toronto Dominion Bank bought a new position in shares of Photronics during the 1st quarter valued at approximately $83,000. LSV Asset Management boosted its position in shares of Photronics by 19.9% during the 1st quarter. LSV Asset Management now owns 430,300 shares of the semiconductor company’s stock valued at $7,134,000 after acquiring an additional 71,500 shares during the last quarter. Counterpoint Mutual Funds LLC bought a new position in shares of Photronics during the 2nd quarter valued at approximately $131,000. Foundry Partners LLC bought a new stake in Photronics in the first quarter worth $5,042,000. Finally, Easterly Investment Partners LLC lifted its position in Photronics by 1.5% in the first quarter. Easterly Investment Partners LLC now owns 180,258 shares of the semiconductor company’s stock worth $2,989,000 after buying an additional 2,664 shares during the last quarter. 83.44% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
Separately, StockNews.com began coverage on Photronics in a research report on Thursday, October 5th. They issued a “buy” rating for the company.
Photronics Stock Down 1.0 %
Shares of PLAB opened at $19.63 on Wednesday. The company has a market cap of $1.23 billion, a PE ratio of 10.23 and a beta of 1.25. The business has a fifty day moving average of $20.28 and a 200 day moving average of $21.31. Photronics, Inc. has a 52-week low of $13.86 and a 52-week high of $26.98. The company has a quick ratio of 3.76, a current ratio of 4.05 and a debt-to-equity ratio of 0.02.
Photronics (NASDAQ:PLAB – Get Free Report) last issued its quarterly earnings results on Wednesday, September 6th. The semiconductor company reported $0.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.01). Photronics had a return on equity of 10.72% and a net margin of 13.48%. The company had revenue of $224.20 million during the quarter, compared to the consensus estimate of $230.00 million. During the same quarter in the prior year, the business earned $0.51 earnings per share. The firm’s quarterly revenue was up 2.0% compared to the same quarter last year. On average, sell-side analysts expect that Photronics, Inc. will post 1.97 EPS for the current year.
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. 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 various types of electrical and optical components.
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