New York Life Investment Management LLC Sells 611 Shares of Photronics, Inc. (NASDAQ:PLAB)

New York Life Investment Management LLC lessened its stake in Photronics, Inc. (NASDAQ:PLAB) by 2.8% during the fourth quarter, Holdings Channel reports. The firm owned 20,829 shares of the semiconductor company’s stock after selling 611 shares during the period. New York Life Investment Management LLC’s holdings in Photronics were worth $653,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. LSV Asset Management raised its position in Photronics by 88.3% in the 3rd quarter. LSV Asset Management now owns 1,560,215 shares of the semiconductor company’s stock valued at $31,532,000 after buying an additional 731,793 shares during the last quarter. Pacer Advisors Inc. grew its stake in shares of Photronics by 64.4% in the 4th quarter. Pacer Advisors Inc. now owns 1,397,983 shares of the semiconductor company’s stock worth $43,855,000 after acquiring an additional 547,510 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of Photronics by 89.8% in the third quarter. Assenagon Asset Management S.A. now owns 687,581 shares of the semiconductor company’s stock valued at $13,896,000 after purchasing an additional 325,280 shares during the last quarter. JTC Employer Solutions Trustee Ltd bought a new position in shares of Photronics during the fourth quarter valued at about $6,019,000. Finally, Vanguard Group Inc. boosted its holdings in Photronics by 3.6% during the third quarter. Vanguard Group Inc. now owns 5,321,531 shares of the semiconductor company’s stock worth $107,548,000 after purchasing an additional 186,718 shares during the last quarter. Hedge funds and other institutional investors own 88.38% of the company’s stock.

Photronics Price Performance

Shares of NASDAQ:PLAB opened at $29.38 on Thursday. Photronics, Inc. has a 1 year low of $14.48 and a 1 year high of $34.16. The company has a market capitalization of $1.86 billion, a PE ratio of 13.17 and a beta of 1.41. The business has a fifty day moving average price of $28.23 and a two-hundred day moving average price of $27.03.

Photronics (NASDAQ:PLAB) last issued its quarterly earnings results on Wednesday, February 21st. The semiconductor company reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.01). Photronics had a return on equity of 10.37% and a net margin of 15.34%. The company had revenue of $216.30 million during the quarter, compared to analysts’ expectations of $220.00 million. During the same period last year, the firm posted $0.40 earnings per share. Photronics’s quarterly revenue was up 2.5% compared to the same quarter last year. Sell-side analysts anticipate that Photronics, Inc. will post 2.15 earnings per share for the current year.

Analysts Set New Price Targets

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

About Photronics

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.