Zacks Investment Research cut shares of Photronics (NASDAQ:PLAB) from a buy rating to a hold rating in a research report released on Thursday, Zacks.com reports.

According to Zacks, “Photronics is a leading worldwide manufacturer of photomasks. Photomasks are high precision quartz plates that contain microscopic images of electronic circuits. A key element in the manufacture of semiconductors and flat panel displays, photomasks are used to transfer circuit patterns onto semiconductor wafers and flat panel substrates during the fabrication of integrated circuits, a variety of flat panel displays and, to a lesser extent, other types of electrical and optical components. They are produced in accordance with product designs provided by customers at strategically located manufacturing facilities in Asia, Europe, and North America. “

Several other equities research analysts have also issued reports on the company. Northland Securities reissued a buy rating on shares of Titan Medical in a research note on Thursday, July 18th. TheStreet lowered Zimmer Biomet from a b- rating to a c rating in a research note on Friday, June 7th. Finally, BidaskClub lowered Westport Fuel Systems from a buy rating to a hold rating in a research note on Friday, July 19th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $11.00.

NASDAQ:PLAB traded down $0.08 during trading hours on Thursday, hitting $9.77. 326,244 shares of the company’s stock traded hands, compared to its average volume of 437,271. The company has a market cap of $655.23 million, a price-to-earnings ratio of 16.84, a P/E/G ratio of 2.34 and a beta of 0.60. Photronics has a 52 week low of $7.95 and a 52 week high of $11.58. The company has a fifty day moving average of $8.49. The company has a current ratio of 2.67, a quick ratio of 2.42 and a debt-to-equity ratio of 0.04.

Photronics (NASDAQ:PLAB) last posted its quarterly earnings data on Wednesday, May 22nd. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.07 by $0.06. The company had revenue of $131.60 million during the quarter, compared to analyst estimates of $130.05 million. Photronics had a return on equity of 4.10% and a net margin of 7.30%. The firm’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter last year, the company earned $0.15 earnings per share. As a group, equities research analysts anticipate that Photronics will post 0.42 earnings per share for the current fiscal year.

In related news, Director Walter M. Fiederowicz sold 5,000 shares of Photronics stock in a transaction on Friday, July 5th. The stock was sold at an average price of $8.47, for a total transaction of $42,350.00. Following the completion of the sale, the director now owns 53,500 shares of the company’s stock, valued at $453,145. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold 16,700 shares of company stock valued at $149,188 in the last three months. 3.58% of the stock is owned by corporate insiders.

Hedge funds have recently modified their holdings of the business. Investors Research Corp bought a new stake in Photronics during the first quarter worth about $68,000. Econ Financial Services Corp bought a new stake in Photronics during the first quarter worth about $102,000. Voit & Company LLC bought a new stake in Photronics during the first quarter worth about $107,000. BNP Paribas Arbitrage SA lifted its stake in Photronics by 128.0% during the first quarter. BNP Paribas Arbitrage SA now owns 13,545 shares of the semiconductor company’s stock worth $128,000 after purchasing an additional 7,604 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Photronics by 253.5% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,352 shares of the semiconductor company’s stock worth $136,000 after purchasing an additional 10,292 shares during the last quarter. 97.27% of the stock is owned by hedge funds and other institutional investors.

About Photronics

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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