79,635 Shares in Photronics, Inc. (NASDAQ:PLAB) Bought by New Age Alpha Advisors LLC

Key Points

• New Age Alpha Advisors LLC invested approximately $1.65 million to acquire 79,635 shares in Photronics, Inc. (NASDAQ:PLAB) during the first quarter, representing about 0.13% ownership in the company.
• Photronics reported a net loss of $0.08 per share for the last quarter, falling short of analysts' expectations of $0.48, with revenue also lower than anticipated.
• Several significant investors have recently entered or increased their positions in Photronics, indicating strong institutional interest, with 88.38% of the stock owned by institutional investors.

New Age Alpha Advisors LLC bought a new position in shares of Photronics, Inc. (NASDAQ:PLAB - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 79,635 shares of the semiconductor company's stock, valued at approximately $1,653,000. New Age Alpha Advisors LLC owned 0.13% of Photronics at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. Pacific Ridge Capital Partners LLC grew its stake in Photronics by 8.1% during the first quarter. Pacific Ridge Capital Partners LLC now owns 57,736 shares of the semiconductor company's stock worth $1,199,000 after purchasing an additional 4,317 shares during the period. LSV Asset Management increased its position in Photronics by 4.9% in the 1st quarter. LSV Asset Management now owns 2,224,519 shares of the semiconductor company's stock valued at $46,181,000 after buying an additional 104,200 shares in the last quarter. Jefferies Financial Group Inc. bought a new stake in Photronics in the 1st quarter valued at about $227,000. Meeder Asset Management Inc. increased its position in Photronics by 93.1% in the 1st quarter. Meeder Asset Management Inc. now owns 94,880 shares of the semiconductor company's stock valued at $1,970,000 after buying an additional 45,747 shares in the last quarter. Finally, Mackenzie Financial Corp increased its position in Photronics by 141.9% in the 1st quarter. Mackenzie Financial Corp now owns 67,372 shares of the semiconductor company's stock valued at $1,399,000 after buying an additional 39,520 shares in the last quarter. Institutional investors and hedge funds own 88.38% of the company's stock.

Photronics Price Performance

Shares of PLAB traded up $1.27 during mid-day trading on Tuesday, hitting $21.10. The stock had a trading volume of 162,233 shares, compared to its average volume of 626,300. The firm has a market cap of $1.27 billion, a P/E ratio of 10.99 and a beta of 1.40. The business has a fifty day moving average price of $19.30 and a 200-day moving average price of $19.90. 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 results on Wednesday, May 28th. The semiconductor company reported $0.40 earnings per share for the quarter, missing analysts' consensus estimates of $0.48 by ($0.08). The firm 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%. The company's revenue for the quarter was down 2.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.46 EPS. As a group, research analysts expect that Photronics, Inc. will post 2.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director David A. Garcia purchased 2,650 shares of the business's stock in a transaction that occurred on 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 purchase, the director directly owned 10,198 shares of the company's stock, valued at approximately $193,762. This represents a 35.11% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kang Jyh Lee sold 4,882 shares of the company's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $18.35, for a total value of $89,584.70. Following the completion of the sale, the director owned 532,100 shares in the company, valued at $9,764,035. The trade was a 0.91% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 49,382 shares of company stock worth $985,035. 3.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PLAB has been the subject of a number of research analyst reports. DA Davidson decreased their target price on Photronics from $35.00 to $30.00 and set a "buy" rating for the company in a research report on Thursday, May 29th. Wall Street Zen lowered Photronics from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. Finally, Craig Hallum initiated coverage on Photronics in a research report on Wednesday, June 11th. They issued a "buy" rating and a $32.00 target price for the company.

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.