Picton Mahoney Asset Management Has $556,000 Holdings in Photronics, Inc. (NASDAQ:PLAB)

Picton Mahoney Asset Management grew its stake in Photronics, Inc. (NASDAQ:PLAB) by 51.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,604 shares of the semiconductor company’s stock after buying an additional 8,004 shares during the period. Picton Mahoney Asset Management’s holdings in Photronics were worth $556,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in PLAB. US Bancorp DE lifted its position in shares of Photronics by 137.2% in the third quarter. US Bancorp DE now owns 1,212 shares of the semiconductor company’s stock worth $30,000 after buying an additional 701 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Photronics by 4.9% in the third quarter. Victory Capital Management Inc. now owns 530,401 shares of the semiconductor company’s stock worth $13,133,000 after purchasing an additional 24,834 shares during the period. Royce & Associates LP increased its stake in shares of Photronics by 1.7% in the third quarter. Royce & Associates LP now owns 746,606 shares of the semiconductor company’s stock worth $18,486,000 after purchasing an additional 12,603 shares during the period. Empowered Funds LLC increased its stake in shares of Photronics by 3.7% in the third quarter. Empowered Funds LLC now owns 332,124 shares of the semiconductor company’s stock worth $8,223,000 after purchasing an additional 11,980 shares during the period. Finally, Meeder Asset Management Inc. increased its stake in shares of Photronics by 36.1% in the third quarter. Meeder Asset Management Inc. now owns 36,119 shares of the semiconductor company’s stock worth $894,000 after purchasing an additional 9,571 shares during the period. Institutional investors and hedge funds own 88.38% of the company’s stock.

Insider Activity at Photronics

In related news, EVP Christopher J. Progler sold 63,000 shares of the business’s stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of $24.85, for a total transaction of $1,565,550.00. Following the transaction, the executive vice president now directly owns 219,166 shares in the company, valued at $5,446,275.10. The trade was a 22.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Kang Jyh Lee sold 20,000 shares of the business’s stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $25.27, for a total value of $505,400.00. Following the transaction, the chief executive officer now owns 524,600 shares in the company, valued at $13,256,642. This represents a 3.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 209,000 shares of company stock worth $5,087,810 over the last three months. Company insiders own 3.20% of the company’s stock.

Wall Street Analyst Weigh In

Separately, DA Davidson lifted their price objective on Photronics from $32.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th.

Photronics Stock Performance

Photronics stock opened at $21.26 on Friday. The business’s 50-day simple moving average is $22.49 and its 200-day simple moving average is $23.64. The firm has a market capitalization of $1.35 billion, a PE ratio of 10.17 and a beta of 1.43. Photronics, Inc. has a 52 week low of $19.61 and a 52 week high of $31.60.

Photronics (NASDAQ:PLAB) last issued its quarterly earnings results on Wednesday, February 26th. The semiconductor company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.05. Photronics had a return on equity of 9.10% and a net margin of 15.07%. The firm had revenue of $212.14 million for the quarter, compared to analyst estimates of $210.00 million. During the same period in the previous year, the company posted $0.48 earnings per share. Research analysts forecast that Photronics, Inc. will post 2.3 earnings per share for the current year.

Photronics Profile

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.