Photronics, Inc. (NASDAQ:PLAB) Sees Large Decrease in Short Interest

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Photronics, Inc. (NASDAQ:PLAB) was the recipient of a large decrease in short interest in the month of June. As of June 15th, there was short interest totalling 1,518,800 shares, a decrease of 16.3% from the May 15th total of 1,813,800 shares. Currently, 2.3% of the company’s stock are sold short. Based on an average daily volume of 408,500 shares, the short-interest ratio is presently 3.7 days.

In other news, Director Walter M. Fiederowicz sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $8.47, for a total value of $42,350.00. Following the completion of the sale, the director now owns 53,500 shares of the company’s stock, valued at approximately $453,145. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 12,700 shares of company stock valued at $110,688 in the last ninety days. Corporate insiders own 3.58% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of PLAB. Investors Research Corp purchased a new position in shares of Photronics in the first quarter worth $68,000. Econ Financial Services Corp purchased a new position in shares of Photronics in the first quarter worth $102,000. Voit & Company LLC purchased a new position in shares of Photronics in the first quarter worth $107,000. Magnus Financial Group LLC purchased a new position in shares of Photronics in the fourth quarter worth $127,000. Finally, BNP Paribas Arbitrage SA raised its holdings in shares of Photronics by 128.0% in the first quarter. BNP Paribas Arbitrage SA now owns 13,545 shares of the semiconductor company’s stock worth $128,000 after buying an additional 7,604 shares during the last quarter. 95.80% of the stock is owned by institutional investors and hedge funds.

PLAB has been the subject of several research reports. Zacks Investment Research cut shares of Hanger from a “hold” rating to a “sell” rating in a research report on Tuesday, May 28th. TheStreet cut shares of Zimmer Biomet from a “b-” rating to a “c” rating in a research report on Friday, June 7th. Finally, BidaskClub raised shares of Zai Lab from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 28th.

NASDAQ:PLAB opened at $8.27 on Friday. Photronics has a 52 week low of $7.95 and a 52 week high of $11.58. The company’s 50 day moving average price is $8.32. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.67 and a quick ratio of 2.42. The stock has a market capitalization of $554.64 million, a PE ratio of 14.77, a price-to-earnings-growth ratio of 1.99 and a beta of 0.60.

Photronics (NASDAQ:PLAB) last posted its earnings results on Wednesday, May 22nd. The semiconductor company reported $0.13 EPS for the quarter, beating the Zacks’ consensus estimate of $0.07 by $0.06. Photronics had a net margin of 7.30% and a return on equity of 4.10%. The company had revenue of $131.60 million during the quarter, compared to analysts’ expectations of $130.05 million. During the same quarter in the prior year, the company posted $0.15 earnings per share. Photronics’s revenue for the quarter was up .6% compared to the same quarter last year. On average, equities analysts anticipate that Photronics will post 0.42 earnings per share for the current fiscal year.

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 or glass 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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