Counterpoint Mutual Funds LLC Acquires New Holdings in Photronics, Inc. $PLAB

Key Points

• Counterpoint Mutual Funds LLC acquired a new position in Photronics, Inc. by purchasing 15,957 shares valued at approximately $300,000 during the second quarter of 2023.
• Photronics reported earnings per share of $0.51, which exceeded analysts' expectations of $0.39, along with quarterly revenues of $210.39 million, slightly above the projected $204.30 million.
• An insider, Han Kyung Park, reduced their holdings by selling 15,000 shares at an average price of $22.00, indicating insider activity amidst a total of 69,500 shares sold by insiders over the last ninety days.

Counterpoint Mutual Funds LLC purchased a new position in Photronics, Inc. (NASDAQ:PLAB - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 15,957 shares of the semiconductor company's stock, valued at approximately $300,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Exchange Traded Concepts LLC grew its stake in Photronics by 7.2% in the 2nd quarter. Exchange Traded Concepts LLC now owns 65,062 shares of the semiconductor company's stock worth $1,225,000 after buying an additional 4,353 shares in the last quarter. Byrne Asset Management LLC purchased a new position in Photronics in the 2nd quarter worth approximately $40,000. Voya Investment Management LLC grew its stake in Photronics by 16.1% in the 1st quarter. Voya Investment Management LLC now owns 204,238 shares of the semiconductor company's stock worth $4,240,000 after buying an additional 28,345 shares in the last quarter. Strs Ohio purchased a new position in Photronics in the 1st quarter worth approximately $648,000. Finally, Intech Investment Management LLC grew its stake in Photronics by 6.0% in the 1st quarter. Intech Investment Management LLC now owns 62,441 shares of the semiconductor company's stock worth $1,296,000 after buying an additional 3,526 shares in the last quarter. Hedge funds and other institutional investors own 88.38% of the company's stock.

Insider Activity at Photronics

In related news, SVP Han Kyung Park sold 15,000 shares of the company's stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $22.00, for a total transaction of $330,000.00. Following the completion of the sale, the senior vice president directly owned 103,000 shares in the company, valued at $2,266,000. This represents a 12.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Mitchell G. Tyson sold 15,000 shares of the company's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $19.97, for a total transaction of $299,550.00. Following the sale, the director owned 56,927 shares of the company's stock, valued at $1,136,832.19. This 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 69,500 shares of company stock worth $1,444,750 over the last ninety days. Insiders own 3.20% of the company's stock.

Photronics Stock Performance

Shares of Photronics stock opened at $24.57 on Thursday. Photronics, Inc. has a 52-week low of $16.46 and a 52-week high of $31.60. The stock has a market capitalization of $1.45 billion, a price-to-earnings ratio of 13.96 and a beta of 1.53. The company has a fifty day moving average of $21.64 and a 200-day moving average of $20.06.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Wall Street Zen raised shares of Photronics from a "hold" rating to a "buy" rating in a research note on Saturday, September 13th. Craig Hallum assumed coverage on shares of Photronics in a research note on Wednesday, June 11th. They issued a "buy" rating and a $32.00 price target for the company. Singular Research raised shares of Photronics to a "strong-buy" rating in a research note on Thursday, September 4th. Finally, DA Davidson cut their price objective on shares of Photronics from $35.00 to $30.00 and set a "buy" rating for the company in a research note on Thursday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. According to MarketBeat, Photronics presently has an average rating of "Buy" and an average target price of $31.00.

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.

Want to see what other hedge funds are holding PLAB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Photronics, Inc. (NASDAQ:PLAB - Free Report).

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.