Bank of New York Mellon Corp Has $8.72 Million Position in Photronics, Inc. (NASDAQ:PLAB)

Bank of New York Mellon Corp decreased its position in Photronics, Inc. (NASDAQ:PLAB - Free Report) by 4.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 419,878 shares of the semiconductor company's stock after selling 19,117 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.66% of Photronics worth $8,717,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PLAB. Federated Hermes Inc. acquired a new position in shares of Photronics in the fourth quarter valued at approximately $47,000. Menard Financial Group LLC purchased a new stake in Photronics in the 4th quarter valued at $66,000. Canada Pension Plan Investment Board purchased a new stake in Photronics in the 4th quarter valued at $101,000. Heck Capital Advisors LLC purchased a new stake in Photronics in the 4th quarter valued at $110,000. Finally, Perkins Coie Trust Co increased its position in shares of Photronics by 11.9% during the 1st quarter. Perkins Coie Trust Co now owns 9,400 shares of the semiconductor company's stock valued at $195,000 after purchasing an additional 1,000 shares during the last quarter. Institutional investors own 88.38% of the company's stock.

Insiders Place Their Bets

In other Photronics news, Director Mitchell G. Tyson sold 15,000 shares of the business's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $19.97, for a total value of $299,550.00. Following the completion of the transaction, the director directly owned 56,927 shares of the company's stock, valued at approximately $1,136,832.19. The trade was a 20.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Kang Jyh Lee sold 4,882 shares of the business's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $18.35, for a total value of $89,584.70. Following the completion of the transaction, the director directly owned 532,100 shares of the company's stock, valued at $9,764,035. The trade was a 0.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 49,382 shares of company stock valued at $985,035 in the last three months. 3.20% of the stock is owned by company insiders.

Photronics Price Performance

Shares of Photronics stock opened at $19.50 on Tuesday. The stock has a market cap of $1.17 billion, a price-to-earnings ratio of 9.51 and a beta of 1.40. The firm's 50-day moving average is $19.12 and its 200 day moving average is $20.35. Photronics, Inc. has a 1 year low of $16.46 and a 1 year high of $31.60.

Photronics (NASDAQ:PLAB - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The semiconductor company reported $0.40 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.08). The business had revenue of $210.99 million for the quarter, compared to analysts' expectations of $212.00 million. Photronics had a net margin of 14.00% and a return on equity of 8.54%. Photronics's revenue for the quarter was down 2.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.46 EPS. On average, equities analysts expect that Photronics, Inc. will post 2.3 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Craig Hallum assumed coverage on Photronics in a research report on Wednesday, June 11th. They issued a "buy" rating and a $32.00 price objective for the company. DA Davidson decreased their price target on Photronics from $35.00 to $30.00 and set a "buy" rating on the stock in a research note on Thursday, May 29th. Finally, Wall Street Zen downgraded Photronics from a "buy" rating to a "hold" rating in a report on Friday, May 30th.

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.

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