Bank of New York Mellon Corp Has $8.72 Million Stock Position in Photronics, Inc. (NASDAQ:PLAB)

Bank of New York Mellon Corp lowered its stake in Photronics, Inc. (NASDAQ:PLAB) by 4.4% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 419,878 shares of the semiconductor company’s stock after selling 19,117 shares during the period. Bank of New York Mellon Corp owned approximately 0.66% of Photronics worth $8,717,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Principal Financial Group Inc. grew its position in shares of Photronics by 2.5% during the 1st quarter. Principal Financial Group Inc. now owns 342,886 shares of the semiconductor company’s stock worth $7,118,000 after purchasing an additional 8,305 shares in the last quarter. Skylands Capital LLC lifted its holdings in shares of Photronics by 15.4% during the 1st quarter. Skylands Capital LLC now owns 189,800 shares of the semiconductor company’s stock worth $3,940,000 after acquiring an additional 25,300 shares during the period. Illinois Municipal Retirement Fund lifted its stake in Photronics by 4.8% in the 1st quarter. Illinois Municipal Retirement Fund now owns 31,525 shares of the semiconductor company’s stock valued at $654,000 after purchasing an additional 1,440 shares during the last quarter. Illumine Investment Management LLC lifted its stake in Photronics by 19.1% in the 1st quarter. Illumine Investment Management LLC now owns 32,862 shares of the semiconductor company’s stock valued at $682,000 after purchasing an additional 5,277 shares during the last quarter. Finally, LVZ Inc. lifted its stake in Photronics by 35.1% in the 1st quarter. LVZ Inc. now owns 30,807 shares of the semiconductor company’s stock valued at $640,000 after purchasing an additional 8,000 shares during the last quarter. Institutional investors and hedge funds own 88.38% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on PLAB. Craig Hallum began coverage on Photronics in a research note on Wednesday, June 11th. They issued a “buy” rating and a $32.00 price target on the stock. Wall Street Zen cut shares of Photronics from a “buy” rating to a “hold” rating in a report on Friday, May 30th. Finally, DA Davidson reduced their price target 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.

Photronics Stock Up 1.5%

NASDAQ PLAB opened at $19.50 on Tuesday. The company’s 50 day moving average is $19.12 and its 200-day moving average is $20.35. Photronics, Inc. has a 12-month low of $16.46 and a 12-month high of $31.60. The firm has a market cap of $1.17 billion, a P/E ratio of 9.51 and a beta of 1.40.

Photronics (NASDAQ:PLAB) last issued its quarterly earnings data 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 firm had revenue of $210.99 million for the quarter, compared to analysts’ expectations of $212.00 million. Photronics had a net margin of 14.00% and a return on equity of 8.54%. Photronics’s revenue was down 2.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.46 EPS. Equities analysts expect that Photronics, Inc. will post 2.3 EPS for the current year.

Insider Activity at Photronics

In other news, Director Constantine S. Macricostas sold 29,500 shares of the business’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 value of $595,900.00. Following the completion of the sale, 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Mitchell G. Tyson sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $19.97, for a total transaction of $299,550.00. Following the completion of the sale, the director owned 56,927 shares of the company’s stock, valued at approximately $1,136,832.19. The trade was a 20.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 49,382 shares of company stock worth $985,035 in the last 90 days. 3.20% of the stock is currently owned by corporate insiders.

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.