Photronics, Inc. (NASDAQ:PLAB) Position Decreased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC decreased its holdings in shares of Photronics, Inc. (NASDAQ:PLAB) by 89.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,564 shares of the semiconductor company’s stock after selling 128,094 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Photronics were worth $302,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. boosted its holdings in shares of Photronics by 4.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,007,582 shares of the semiconductor company’s stock worth $23,739,000 after buying an additional 40,579 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Photronics by 1,761.0% in the first quarter. GAMMA Investing LLC now owns 64,169 shares of the semiconductor company’s stock worth $1,332,000 after buying an additional 60,721 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Photronics by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 5,868,889 shares of the semiconductor company’s stock worth $138,271,000 after buying an additional 29,681 shares during the period. SG Americas Securities LLC boosted its holdings in shares of Photronics by 22.9% in the first quarter. SG Americas Securities LLC now owns 28,982 shares of the semiconductor company’s stock worth $602,000 after buying an additional 5,391 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Photronics by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 1,775,402 shares of the semiconductor company’s stock worth $41,837,000 after buying an additional 30,237 shares during the period. Institutional investors own 88.38% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on PLAB shares. Wall Street Zen cut shares of Photronics from a “buy” rating to a “hold” rating in a report on Friday, May 30th. DA Davidson decreased their target price on shares of Photronics from $35.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, May 29th. Finally, Craig Hallum assumed coverage on shares of Photronics in a report on Wednesday, June 11th. They set a “buy” rating and a $32.00 price target for the company.

Photronics Stock Performance

PLAB stock opened at $19.49 on Friday. The stock has a market cap of $1.17 billion, a P/E ratio of 10.15 and a beta of 1.40. The firm has a 50 day simple moving average of $19.11 and a 200 day simple moving average of $20.55. Photronics, Inc. has a 52 week low of $16.46 and a 52 week high of $31.60.

Photronics (NASDAQ:PLAB) last posted its quarterly earnings results on Wednesday, May 28th. The semiconductor company reported $0.40 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.08). The company had revenue of $210.99 million for the quarter, compared to analyst estimates of $212.00 million. Photronics had a return on equity of 8.54% and a net margin of 14.00%. The business’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.46 earnings per share. Sell-side analysts predict that Photronics, Inc. will post 2.3 EPS for the current year.

Insider Buying and Selling at Photronics

In related news, Director Kang Jyh Lee sold 4,882 shares of the firm’s stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $18.35, for a total transaction of $89,584.70. Following the completion of the sale, the director directly owned 532,100 shares in the company, valued at approximately $9,764,035. This trade represents a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Constantine S. Macricostas sold 29,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $20.20, for a total transaction of $595,900.00. Following the transaction, the director directly owned 459,623 shares in the company, valued at approximately $9,284,384.60. The trade was a 6.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 61,930 shares of company stock valued at $1,208,867 in the last 90 days. Corporate insiders own 3.20% of the company’s stock.

Photronics 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.