Denali Advisors LLC Has $2.90 Million Stock Position in Photronics, Inc. (NASDAQ:PLAB)

Denali Advisors LLC boosted its position in shares of Photronics, Inc. (NASDAQ:PLAB - Free Report) by 149.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 139,863 shares of the semiconductor company's stock after acquiring an additional 83,863 shares during the period. Denali Advisors LLC owned approximately 0.22% of Photronics worth $2,904,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Photronics in the 4th quarter worth approximately $7,787,000. LSV Asset Management boosted its holdings in shares of Photronics by 13.8% in the 4th quarter. LSV Asset Management now owns 2,120,319 shares of the semiconductor company's stock worth $49,955,000 after acquiring an additional 257,373 shares in the last quarter. Boston Partners boosted its holdings in shares of Photronics by 45.3% in the 4th quarter. Boston Partners now owns 799,439 shares of the semiconductor company's stock worth $18,893,000 after acquiring an additional 249,222 shares in the last quarter. Kestrel Investment Management Corp acquired a new position in shares of Photronics in the 4th quarter worth approximately $5,163,000. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Photronics by 118.8% in the 4th quarter. JPMorgan Chase & Co. now owns 367,346 shares of the semiconductor company's stock worth $8,655,000 after acquiring an additional 199,490 shares in the last quarter. 88.38% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Photronics

In other Photronics news, Director Kang Jyh Lee sold 4,882 shares of the stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $18.35, for a total transaction of $89,584.70. Following the completion of the transaction, the director owned 532,100 shares in the company, valued at approximately $9,764,035. This represents a 0.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mitchell G. Tyson sold 15,000 shares of the stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $19.97, for a total transaction of $299,550.00. Following the transaction, the director owned 56,927 shares of the company's stock, valued at approximately $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 have sold a total of 49,382 shares of company stock worth $985,035 in the last 90 days. Company insiders own 3.20% of the company's stock.

Photronics Price Performance

Shares of Photronics stock traded down $0.41 on Friday, hitting $19.22. 454,764 shares of the company's stock traded hands, compared to its average volume of 558,284. The firm's 50-day moving average price is $19.12 and its two-hundred day moving average price is $20.37. The stock has a market capitalization of $1.16 billion, a PE ratio of 10.01 and a beta of 1.40. Photronics, Inc. has a one year low of $16.46 and a one year high of $31.60.

Photronics (NASDAQ:PLAB - Get Free Report) last issued its 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). Photronics had a net margin of 14.00% and a return on equity of 8.54%. The business had revenue of $210.99 million for the quarter, compared to the consensus estimate of $212.00 million. During the same quarter in the previous year, the firm posted $0.46 EPS. The business's revenue was down 2.8% on a year-over-year basis. On average, analysts forecast that Photronics, Inc. will post 2.3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PLAB. Wall Street Zen downgraded Photronics from a "buy" rating to a "hold" rating in a report on Friday, May 30th. DA Davidson reduced their price objective on Photronics from $35.00 to $30.00 and set a "buy" rating on the stock in a report on Thursday, May 29th. Finally, Craig Hallum initiated coverage on Photronics in a report on Wednesday, June 11th. They set a "buy" rating and a $32.00 price objective on the stock.

Photronics Company 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.