Mackenzie Financial Corp Purchases 39,520 Shares of Photronics, Inc. (NASDAQ:PLAB)

Mackenzie Financial Corp increased its position in Photronics, Inc. (NASDAQ:PLAB - Free Report) by 141.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 67,372 shares of the semiconductor company's stock after acquiring an additional 39,520 shares during the quarter. Mackenzie Financial Corp owned about 0.11% of Photronics worth $1,399,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Federated Hermes Inc. bought a new position in shares of Photronics during the 4th quarter worth about $47,000. Menard Financial Group LLC acquired a new stake in shares of Photronics during the 4th quarter valued at about $66,000. Canada Pension Plan Investment Board acquired a new stake in shares of Photronics during the 4th quarter valued at about $101,000. Heck Capital Advisors LLC acquired a new stake in shares of Photronics during the 4th quarter valued at about $110,000. Finally, CWM LLC boosted its position in shares of Photronics by 36.1% during the 1st quarter. CWM LLC now owns 6,755 shares of the semiconductor company's stock valued at $140,000 after acquiring an additional 1,793 shares in the last quarter. Institutional investors own 88.38% of the company's stock.

Insider Activity

In other news, Director Constantine S. Macricostas sold 29,500 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $20.20, for a total transaction of $595,900.00. Following the transaction, the director directly owned 459,623 shares in the company, valued at approximately $9,284,384.60. This represents a 6.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David A. Garcia bought 2,650 shares of Photronics stock in a transaction dated Friday, June 27th. The shares were bought at an average price of $19.00 per share, for a total transaction of $50,350.00. Following the completion of the transaction, 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 disclosure for this purchase can be found here. Insiders have sold 49,382 shares of company stock valued at $985,035 in the last ninety days. 3.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

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

Photronics Stock Up 0.9%

NASDAQ:PLAB opened at $19.96 on Tuesday. The firm has a market cap of $1.20 billion, a PE ratio of 10.40 and a beta of 1.40. Photronics, Inc. has a 12 month low of $16.46 and a 12 month high of $31.60. The company's 50-day moving average price is $19.08 and its two-hundred day moving average price is $20.04.

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 analysts' consensus estimates of $0.48 by ($0.08). The firm had revenue of $210.99 million during the quarter, compared to analyst estimates of $212.00 million. Photronics had a net margin of 14.00% and a return on equity of 8.54%. Photronics's quarterly revenue was down 2.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.46 earnings per share. On average, research analysts expect that Photronics, Inc. will post 2.3 EPS for the current fiscal year.

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.

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