Virginia Retirement Systems ET AL reduced its holdings in Photronics, Inc. (NASDAQ:PLAB) by 21.1% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 118,100 shares of the semiconductor company’s stock after selling 31,600 shares during the quarter. Virginia Retirement Systems ET AL owned about 0.17% of Photronics worth $942,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. BlackRock Inc. grew its stake in Photronics by 0.8% in the first quarter. BlackRock Inc. now owns 9,003,775 shares of the semiconductor company’s stock valued at $74,281,000 after acquiring an additional 70,813 shares during the period. Dimensional Fund Advisors LP grew its stake in Photronics by 0.6% in the first quarter. Dimensional Fund Advisors LP now owns 5,837,782 shares of the semiconductor company’s stock valued at $48,162,000 after acquiring an additional 35,399 shares during the period. Donald Smith & CO. Inc. grew its stake in Photronics by 0.5% in the first quarter. Donald Smith & CO. Inc. now owns 4,491,998 shares of the semiconductor company’s stock valued at $37,059,000 after acquiring an additional 22,767 shares during the period. Wedge Capital Management L L P NC grew its stake in Photronics by 25.7% in the first quarter. Wedge Capital Management L L P NC now owns 1,925,138 shares of the semiconductor company’s stock valued at $15,882,000 after acquiring an additional 393,789 shares during the period. Finally, DDD Partners LLC grew its stake in Photronics by 72.1% in the first quarter. DDD Partners LLC now owns 1,089,450 shares of the semiconductor company’s stock valued at $8,988,000 after acquiring an additional 456,457 shares during the period. Institutional investors and hedge funds own 91.19% of the company’s stock.

Shares of PLAB opened at $8.75 on Monday. The firm has a market capitalization of $608.43 million, a price-to-earnings ratio of 46.05, a PEG ratio of 1.63 and a beta of 0.73. Photronics, Inc. has a 1 year low of $7.20 and a 1 year high of $10.60.

Photronics announced that its board has initiated a share repurchase plan on Friday, July 6th that authorizes the company to buyback $20.00 million in outstanding shares. This buyback authorization authorizes the semiconductor company to repurchase up to 3.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

In other Photronics news, VP Christopher J. Progler sold 5,300 shares of the business’s stock in a transaction on Wednesday, August 1st. The stock was sold at an average price of $8.95, for a total value of $47,435.00. Following the sale, the vice president now directly owns 92,400 shares in the company, valued at $826,980. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Mitchell G. Tyson sold 4,790 shares of the business’s stock in a transaction on Monday, July 9th. The shares were sold at an average price of $9.17, for a total value of $43,924.30. Following the sale, the director now owns 77,879 shares in the company, valued at $714,150.43. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,250 shares of company stock worth $180,155. Corporate insiders own 3.73% of the company’s stock.

A number of brokerages have commented on PLAB. BidaskClub cut Photronics from a “buy” rating to a “hold” rating in a research note on Wednesday, August 15th. ValuEngine raised Photronics from a “sell” rating to a “hold” rating in a research note on Wednesday, August 15th. Zacks Investment Research cut Photronics from a “hold” rating to a “sell” rating in a research note on Wednesday, July 25th. Finally, Stifel Nicolaus raised their price objective on Photronics from $9.00 to $10.00 and gave the company a “hold” rating in a research note on Wednesday, May 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. Photronics has a consensus rating of “Hold” and an average price target of $11.50.

Photronics Company Profile

Photronics, Inc, together with its subsidiaries, manufactures and sells photomasks in Taiwan, Korea, the United States, Europe, and internationally. The company offers photomasks, which are high precision photographic quartz plates containing microscopic images of electronic circuits for use in the manufacture of semiconductors and flat panel displays (FPDs), as well as that are used as masters to transfer circuit patterns onto semiconductor wafers and flat panel display substrates during the fabrication of integrated circuits, FPDs, and other types of electrical and optical components.

Further Reading: Google Finance Portfolio Tips and Tricks

Want to see what other hedge funds are holding PLAB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Photronics, Inc. (NASDAQ:PLAB).

Institutional Ownership by Quarter for Photronics (NASDAQ:PLAB)

Receive News & Ratings for Photronics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Photronics and related companies with MarketBeat.com's FREE daily email newsletter.