Third Avenue Management LLC Buys 127,300 Shares of Photronics, Inc. (PLAB)
Third Avenue Management LLC increased its stake in Photronics, Inc. (NASDAQ:PLAB) by 37.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 467,900 shares of the semiconductor company’s stock after acquiring an additional 127,300 shares during the period. Third Avenue Management LLC owned about 0.68% of Photronics worth $4,399,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PLAB. Federated Investors Inc. PA lifted its stake in shares of Photronics by 61.9% in the 2nd quarter. Federated Investors Inc. PA now owns 10,991 shares of the semiconductor company’s stock valued at $103,000 after acquiring an additional 4,203 shares during the last quarter. BNP Paribas Arbitrage SA lifted its stake in shares of Photronics by 78.4% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 13,302 shares of the semiconductor company’s stock valued at $125,000 after acquiring an additional 5,844 shares during the last quarter. Neuberger Berman Group LLC bought a new stake in shares of Photronics in the 2nd quarter valued at about $131,000. Airain ltd bought a new stake in shares of Photronics in the 2nd quarter valued at about $137,000. Finally, Principal Financial Group Inc. lifted its stake in shares of Photronics by 5.1% in the 2nd quarter. Principal Financial Group Inc. now owns 14,915 shares of the semiconductor company’s stock valued at $140,000 after acquiring an additional 720 shares during the last quarter. 96.01% of the stock is owned by institutional investors.
A number of research firms have recently weighed in on PLAB. Zacks Investment Research raised Photronics from a “sell” rating to a “hold” rating in a research note on Thursday, August 17th. BidaskClub lowered Photronics from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 12th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. Photronics currently has a consensus rating of “Hold” and an average target price of $12.00.
Photronics, Inc. (NASDAQ:PLAB) traded up 5.99% on Friday, reaching $8.85. The company’s stock had a trading volume of 3,977,993 shares. The firm has a 50-day moving average of $8.42 and a 200-day moving average of $9.97. Photronics, Inc. has a one year low of $7.55 and a one year high of $12.10. The company has a market capitalization of $610.10 million, a PE ratio of 46.83 and a beta of 0.52.
Photronics (NASDAQ:PLAB) last announced its earnings results on Monday, August 14th. The semiconductor company reported $0.06 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by ($0.03). Photronics had a net margin of 2.97% and a return on equity of 1.33%. The business had revenue of $111.60 million for the quarter, compared to analysts’ expectations of $115.14 million. During the same quarter last year, the firm earned $0.12 EPS. Analysts predict that Photronics, Inc. will post $0.19 EPS for the current year.
In other Photronics news, VP Christopher J. Progler sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $10.05, for a total transaction of $40,200.00. Following the completion of the transaction, the vice president now owns 78,900 shares in the company, valued at $792,945. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.71% of the stock is owned by insiders.
Photronics, Inc is a manufacturer of photomasks, which are photographic quartz plates containing microscopic images of electronic circuits. As of October 30, 2016, the Company operated principally from nine manufacturing facilities: two located in Europe, three in Taiwan, one in Korea and three in the United States.
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