Russell Investments Group Ltd. Increases Stake in Photronics, Inc. (NASDAQ:PLAB)

Russell Investments Group Ltd. lifted its stake in shares of Photronics, Inc. (NASDAQ:PLAB) by 54.7% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 203,316 shares of the semiconductor company’s stock after buying an additional 71,891 shares during the period. Russell Investments Group Ltd.’s holdings in Photronics were worth $2,684,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in PLAB. Captrust Financial Advisors grew its holdings in Photronics by 104.2% in the first quarter. Captrust Financial Advisors now owns 7,789 shares of the semiconductor company’s stock worth $100,000 after purchasing an additional 3,974 shares during the period. Advisory Services Network LLC grew its holdings in Photronics by 13.5% in the first quarter. Advisory Services Network LLC now owns 10,847 shares of the semiconductor company’s stock worth $139,000 after purchasing an additional 1,287 shares during the period. Schonfeld Strategic Advisors LLC purchased a new stake in Photronics in the first quarter worth about $220,000. Palouse Capital Management Inc. grew its holdings in Photronics by 25.8% in the first quarter. Palouse Capital Management Inc. now owns 22,330 shares of the semiconductor company’s stock worth $287,000 after purchasing an additional 4,574 shares during the period. Finally, Schroder Investment Management Group grew its holdings in Photronics by 167.2% in the first quarter. Schroder Investment Management Group now owns 23,249 shares of the semiconductor company’s stock worth $299,000 after purchasing an additional 14,547 shares during the period. Institutional investors own 88.84% of the company’s stock.

Shares of NASDAQ PLAB opened at $13.96 on Wednesday. The firm’s 50 day moving average price is $13.52 and its 200-day moving average price is $13.07. The company has a market cap of $865.23 million, a PE ratio of 20.53 and a beta of 0.90. Photronics, Inc. has a 52-week low of $9.33 and a 52-week high of $15.15. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.85 and a current ratio of 3.16.

Photronics (NASDAQ:PLAB) last issued its earnings results on Tuesday, August 24th. The semiconductor company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.01. The firm had revenue of $170.60 million for the quarter, compared to the consensus estimate of $168.33 million. Photronics had a net margin of 6.66% and a return on equity of 3.93%. The business’s revenue was up 8.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.17 earnings per share. On average, analysts forecast that Photronics, Inc. will post 0.76 earnings per share for the current fiscal year.

In related news, CAO Richelle E. Burr sold 5,000 shares of the stock in a transaction that occurred on Thursday, July 15th. The shares were sold at an average price of $12.91, for a total transaction of $64,550.00. Following the transaction, the chief accounting officer now owns 122,951 shares in the company, valued at $1,587,297.41. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Christopher J. Progler sold 7,156 shares of the stock in a transaction that occurred on Wednesday, September 1st. The shares were sold at an average price of $15.05, for a total transaction of $107,697.80. Following the transaction, the executive vice president now owns 143,306 shares in the company, valued at approximately $2,156,755.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 71,006 shares of company stock worth $1,035,621. 3.65% of the stock is owned by insiders.

PLAB has been the topic of a number of recent research reports. DA Davidson upped their price objective on shares of Photronics from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, August 26th. Zacks Investment Research cut shares of Photronics from a “buy” rating to a “hold” rating in a report on Tuesday, August 31st.

Photronics Company Profile

Photronics, Inc manufactures photomasks with high precision photographic quartz or glass plates containing microscopic images of electronic circuits. It manufactures semiconductors and flat-panel displays and is used as masters to transfer circuit patterns onto semiconductor wafers and FPD substrates during the fabrication of integrated circuits, a variety of FPDs and other types of electrical and optical components.

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Institutional Ownership by Quarter for Photronics (NASDAQ:PLAB)

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