Insider Selling: Photronics, Inc. (PLAB) Director Sells 22,000 Shares of Stock

Photronics, Inc. (NASDAQ:PLAB) Director George Macricostas sold 22,000 shares of the company’s stock in a transaction on Wednesday, January 9th. The stock was sold at an average price of $10.06, for a total transaction of $221,320.00. Following the completion of the sale, the director now owns 44,249 shares of the company’s stock, valued at approximately $445,144.94. The transaction was disclosed in a filing with the SEC, which is available through this link.

George Macricostas also recently made the following trade(s):

  • On Wednesday, January 2nd, George Macricostas sold 15,000 shares of Photronics stock. The stock was sold at an average price of $9.81, for a total transaction of $147,150.00.
  • On Friday, December 27th, George Macricostas sold 3,000 shares of Photronics stock. The stock was sold at an average price of $9.60, for a total transaction of $28,800.00.

PLAB opened at $10.48 on Friday. The stock has a market cap of $696.67 million, a P/E ratio of 18.07, a P/E/G ratio of 2.19 and a beta of 0.56. Photronics, Inc. has a fifty-two week low of $7.20 and a fifty-two week high of $11.00.

Photronics (NASDAQ:PLAB) last posted its quarterly earnings results on Wednesday, December 12th. The semiconductor company reported $0.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.01. The company had revenue of $144.70 million during the quarter, compared to analyst estimates of $137.20 million. Photronics had a net margin of 7.86% and a return on equity of 4.38%. The firm’s revenue for the quarter was up 19.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.08 earnings per share. On average, equities analysts forecast that Photronics, Inc. will post 0.47 EPS for the current year.

Photronics declared that its board has authorized a stock buyback plan on Friday, October 12th that authorizes the company to buyback $25.00 million in shares. This buyback authorization authorizes the semiconductor company to reacquire up to 3.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC boosted its position in shares of Photronics by 46.2% during the second quarter. SG Americas Securities LLC now owns 24,430 shares of the semiconductor company’s stock worth $195,000 after buying an additional 7,720 shares during the period. Russell Investments Group Ltd. raised its holdings in Photronics by 90.5% during the second quarter. Russell Investments Group Ltd. now owns 190,889 shares of the semiconductor company’s stock worth $1,522,000 after purchasing an additional 90,686 shares in the last quarter. Schwab Charles Investment Management Inc. raised its holdings in Photronics by 17.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 727,411 shares of the semiconductor company’s stock worth $5,802,000 after purchasing an additional 105,779 shares in the last quarter. BlackRock Inc. raised its holdings in Photronics by 7.2% during the second quarter. BlackRock Inc. now owns 9,656,455 shares of the semiconductor company’s stock worth $77,011,000 after purchasing an additional 652,680 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in Photronics by 7.1% during the second quarter. Legal & General Group Plc now owns 138,111 shares of the semiconductor company’s stock worth $1,091,000 after purchasing an additional 9,149 shares in the last quarter. Institutional investors own 97.57% of the company’s stock.

Several analysts have recently issued reports on PLAB shares. BidaskClub lowered shares of Photronics from a “hold” rating to a “sell” rating in a research note on Thursday, October 4th. ValuEngine upgraded shares of Photronics from a “hold” rating to a “buy” rating in a research note on Wednesday, October 31st. Finally, Zacks Investment Research upgraded shares of Photronics from a “sell” rating to a “hold” rating in a research note on Tuesday, December 25th. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $11.00.

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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 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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