FY2024 EPS Estimates for Photronics, Inc. (NASDAQ:PLAB) Cut by DA Davidson

Photronics, Inc. (NASDAQ:PLAB) – Research analysts at DA Davidson lowered their FY2024 earnings estimates for Photronics in a report released on Friday, August 30th. DA Davidson analyst T. Diffely now forecasts that the semiconductor company will earn $2.08 per share for the year, down from their prior estimate of $2.10. The consensus estimate for Photronics’ current full-year earnings is $2.08 per share. DA Davidson also issued estimates for Photronics’ Q4 2024 earnings at $0.52 EPS.

Photronics (NASDAQ:PLAB) last announced its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.05). The business had revenue of $211.00 million during the quarter, compared to analysts’ expectations of $225.00 million. Photronics had a net margin of 16.22% and a return on equity of 9.46%. Photronics’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.51 EPS.

Separately, StockNews.com cut shares of Photronics from a “buy” rating to a “hold” rating in a research report on Monday.

Photronics Price Performance

Shares of PLAB stock opened at $23.82 on Monday. The stock has a 50 day simple moving average of $24.57 and a 200-day simple moving average of $26.60. Photronics has a 1-year low of $18.03 and a 1-year high of $34.16. The company has a market cap of $1.51 billion, a price-to-earnings ratio of 11.03 and a beta of 1.38.

Institutional Investors Weigh In On Photronics

Several institutional investors have recently bought and sold shares of PLAB. International Assets Investment Management LLC boosted its stake in shares of Photronics by 3,037.0% in the fourth quarter. International Assets Investment Management LLC now owns 85,013 shares of the semiconductor company’s stock worth $2,710,000 after acquiring an additional 82,303 shares during the last quarter. GAMMA Investing LLC acquired a new stake in Photronics during the 4th quarter worth $40,000. Atria Wealth Solutions Inc. purchased a new stake in shares of Photronics during the fourth quarter worth $241,000. Victory Capital Management Inc. raised its position in shares of Photronics by 5.8% in the fourth quarter. Victory Capital Management Inc. now owns 137,854 shares of the semiconductor company’s stock valued at $4,324,000 after buying an additional 7,570 shares during the last quarter. Finally, M&T Bank Corp purchased a new position in shares of Photronics in the fourth quarter worth about $232,000. 88.38% of the stock is currently owned by institutional investors and hedge funds.

About Photronics

Photronics, Inc, together with its subsidiaries, engages in the manufacture and sale of photomask products and services in the United States, Taiwan, China, Korea, Europe, and internationally. It offers photomasks that are used in the manufacture of integrated circuits and flat panel displays (FPDs); and to transfer circuit patterns onto semiconductor wafers, and FDP substrates.