Photronics, Inc. (NASDAQ:PLAB) saw a large growth in short interest in August. As of August 31st, there was short interest totalling 3,293,394 shares, a growth of 38.6% from the August 15th total of 2,376,415 shares. Based on an average daily volume of 790,565 shares, the short-interest ratio is presently 4.2 days. Currently, 4.8% of the shares of the stock are sold short.

In related news, Director Mitchell G. Tyson sold 4,790 shares of Photronics stock in a transaction dated Monday, July 9th. The stock was sold at an average price of $9.17, for a total value of $43,924.30. Following the completion of the transaction, the director now directly owns 77,879 shares of the company’s stock, valued at $714,150.43. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Christopher J. Progler sold 5,300 shares of Photronics stock in a transaction dated Wednesday, August 1st. The shares were sold at an average price of $8.95, for a total value of $47,435.00. Following the completion of the transaction, the vice president now directly owns 92,400 shares of the company’s stock, valued at $826,980. The disclosure for this sale can be found here. Insiders sold a total of 20,210 shares of company stock worth $187,408 in the last 90 days. 3.73% of the stock is owned by corporate insiders.

Large investors have recently made changes to their positions in the business. Campbell & CO Investment Adviser LLC bought a new stake in Photronics during the 2nd quarter worth about $101,000. Paloma Partners Management Co bought a new stake in Photronics during the 2nd quarter worth about $102,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in Photronics during the 2nd quarter worth about $118,000. SG Americas Securities LLC bought a new stake in Photronics during the 1st quarter worth about $138,000. Finally, Mackay Shields LLC bought a new stake in Photronics during the 1st quarter worth about $173,000. 92.44% of the stock is owned by hedge funds and other institutional investors.

A number of research analysts recently issued reports on PLAB shares. ValuEngine cut Photronics from a “hold” rating to a “sell” rating in a report on Wednesday, August 8th. BidaskClub raised Photronics from a “hold” rating to a “buy” rating in a report on Tuesday, August 7th. Zacks Investment Research cut Photronics from a “hold” rating to a “sell” rating in a report on Wednesday, July 25th. Finally, Stifel Nicolaus lifted their price target on Photronics from $9.00 to $10.00 and gave the company a “hold” rating in a report on Wednesday, May 23rd. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Photronics has a consensus rating of “Hold” and an average price target of $11.67.

Shares of NASDAQ:PLAB opened at $9.60 on Tuesday. The stock has a market cap of $685.35 million, a price-to-earnings ratio of 51.05, a PEG ratio of 1.68 and a beta of 0.78. Photronics has a 1-year low of $7.20 and a 1-year high of $11.00.

Photronics (NASDAQ:PLAB) last announced its quarterly earnings data on Wednesday, August 22nd. The semiconductor company reported $0.17 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.15 by $0.02. The firm had revenue of $136.39 million during the quarter, compared to analysts’ expectations of $132.67 million. Photronics had a return on equity of 3.65% and a net margin of 6.83%. The company’s quarterly revenue was up 22.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.06 EPS. equities analysts anticipate that Photronics will post 0.58 earnings per share for the current fiscal year.

Photronics announced that its Board of Directors has authorized a stock buyback program on Friday, July 6th that permits the company to buyback $20.00 million in shares. This buyback authorization permits the semiconductor company to repurchase up to 3.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

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.

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