Comerica Bank Sells 34,985 Shares of Photronics, Inc. $PLAB

Key Points

• Comerica Bank has reduced its holdings in Photronics, Inc. by 40.9%, selling 34,985 shares and retaining 50,455 shares valued at approximately $1,047,000.
• Insider trading reports indicate that Director David A. Garcia purchased 2,650 shares of Photronics, increasing his stake by 35.11%, while another director sold 15,000 shares, marking a 20.85% reduction in ownership.
• Photronics reported earnings of $0.51 per share, exceeding estimates, though revenues declined slightly year-over-year; analysts predict an average annual EPS of 2.3 for the company.

Comerica Bank lessened its holdings in Photronics, Inc. (NASDAQ:PLAB - Free Report) by 40.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 50,455 shares of the semiconductor company's stock after selling 34,985 shares during the period. Comerica Bank owned 0.08% of Photronics worth $1,047,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in PLAB. Northern Trust Corp raised its stake in Photronics by 4.1% in the 4th quarter. Northern Trust Corp now owns 1,044,868 shares of the semiconductor company's stock valued at $24,617,000 after acquiring an additional 41,487 shares during the period. Mercer Global Advisors Inc. ADV bought a new position in Photronics during the 4th quarter worth $322,000. Balyasny Asset Management L.P. increased its position in Photronics by 54.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 60,243 shares of the semiconductor company's stock worth $1,419,000 after buying an additional 21,328 shares during the period. Cresset Asset Management LLC increased its position in Photronics by 10.6% during the 4th quarter. Cresset Asset Management LLC now owns 86,599 shares of the semiconductor company's stock worth $2,040,000 after buying an additional 8,328 shares during the period. Finally, D. E. Shaw & Co. Inc. increased its position in Photronics by 13.8% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 224,573 shares of the semiconductor company's stock worth $5,291,000 after buying an additional 27,234 shares during the period. Institutional investors own 88.38% of the company's stock.

Insiders Place Their Bets

In other Photronics news, Director David A. Garcia acquired 2,650 shares of Photronics stock in a transaction that occurred on Friday, June 27th. The shares were acquired at an average cost of $19.00 per share, with a total value of $50,350.00. Following the completion of the purchase, the director directly owned 10,198 shares of the company's stock, valued at $193,762. This represents a 35.11% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Mitchell G. Tyson sold 15,000 shares of the firm's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $19.97, for a total value of $299,550.00. Following the completion of the sale, the director directly owned 56,927 shares in the company, valued at $1,136,832.19. This trade represents a 20.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 74,382 shares of company stock valued at $1,534,335 over the last ninety days. 3.20% of the stock is owned by insiders.

Photronics Stock Performance

Shares of NASDAQ PLAB opened at $22.64 on Friday. The stock's fifty day moving average is $20.61 and its 200 day moving average is $19.85. The stock has a market capitalization of $1.36 billion, a P/E ratio of 12.86 and a beta of 1.53. Photronics, Inc. has a 52 week low of $16.46 and a 52 week high of $31.60.

Photronics (NASDAQ:PLAB - Get Free Report) last released its quarterly earnings data on Wednesday, August 27th. The semiconductor company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.12. The business had revenue of $210.39 million for the quarter, compared to analyst estimates of $204.30 million. Photronics had a return on equity of 8.19% and a net margin of 12.67%.Photronics's revenue was down .3% compared to the same quarter last year. During the same period last year, the firm posted $0.51 earnings per share. Photronics has set its Q4 2025 guidance at 0.420-0.480 EPS. Equities research analysts forecast that Photronics, Inc. will post 2.3 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Craig Hallum assumed coverage on Photronics in a research report on Wednesday, June 11th. They set a "buy" rating and a $32.00 price objective on the stock. Wall Street Zen cut Photronics from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. Finally, 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 report on Thursday, May 29th. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $31.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.