Zacks: Brokerages Expect Photronics, Inc. (NASDAQ:PLAB) Will Post Quarterly Sales of $151.35 Million

Wall Street analysts expect Photronics, Inc. (NASDAQ:PLAB) to report $151.35 million in sales for the current quarter, according to Zacks. Two analysts have issued estimates for Photronics’ earnings. The highest sales estimate is $152.50 million and the lowest is $150.20 million. Photronics reported sales of $138.11 million in the same quarter last year, which indicates a positive year over year growth rate of 9.6%. The business is scheduled to issue its next quarterly earnings report on Tuesday, August 18th.

According to Zacks, analysts expect that Photronics will report full year sales of $613.50 million for the current fiscal year, with estimates ranging from $612.00 million to $615.00 million. For the next fiscal year, analysts forecast that the firm will report sales of $666.50 million, with estimates ranging from $655.00 million to $678.00 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Photronics.

Photronics (NASDAQ:PLAB) last announced its earnings results on Wednesday, May 27th. The semiconductor company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.02). The business had revenue of $148.20 million during the quarter, compared to the consensus estimate of $147.63 million. Photronics had a return on equity of 3.58% and a net margin of 5.47%. Photronics’s revenue was up 12.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.13 earnings per share.

A number of equities analysts have commented on PLAB shares. Stifel Nicolaus lowered shares of Photronics from a “buy” rating to a “hold” rating and decreased their price target for the stock from $15.00 to $13.00 in a report on Monday, June 22nd. BidaskClub upgraded Photronics from a “sell” rating to a “hold” rating in a research report on Thursday, April 16th. Finally, Zacks Investment Research cut Photronics from a “hold” rating to a “sell” rating in a report on Friday, June 12th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $16.00.

PLAB traded down $0.24 on Monday, reaching $10.63. The company had a trading volume of 714,567 shares, compared to its average volume of 598,567. Photronics has a 52-week low of $8.01 and a 52-week high of $16.75. The company has a market cap of $713.32 million, a price-to-earnings ratio of 20.84 and a beta of 0.81. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.71 and a current ratio of 3.08. The business has a 50 day simple moving average of $11.89 and a 200 day simple moving average of $12.74.

In related news, EVP Christopher J. Progler sold 3,000 shares of the stock in a transaction on Friday, May 1st. The shares were sold at an average price of $11.51, for a total transaction of $34,530.00. Following the transaction, the executive vice president now owns 122,733 shares of the company’s stock, valued at approximately $1,412,656.83. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.82% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Barrow Hanley Mewhinney & Strauss LLC increased its stake in shares of Photronics by 0.6% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,387,871 shares of the semiconductor company’s stock worth $53,393,000 after buying an additional 20,688 shares during the period. State Street Corp grew its holdings in Photronics by 3.1% in the 4th quarter. State Street Corp now owns 2,322,034 shares of the semiconductor company’s stock worth $36,595,000 after acquiring an additional 68,934 shares during the last quarter. Wedge Capital Management L L P NC increased its position in shares of Photronics by 13.2% in the first quarter. Wedge Capital Management L L P NC now owns 1,349,803 shares of the semiconductor company’s stock valued at $13,849,000 after acquiring an additional 157,234 shares during the period. Geode Capital Management LLC increased its position in shares of Photronics by 1.8% in the first quarter. Geode Capital Management LLC now owns 983,594 shares of the semiconductor company’s stock valued at $10,091,000 after acquiring an additional 16,948 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Photronics by 32.9% during the first quarter. Invesco Ltd. now owns 945,222 shares of the semiconductor company’s stock valued at $9,698,000 after acquiring an additional 234,130 shares during the last quarter. 93.17% of the stock is owned by 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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