Allspring Global Investments Holdings LLC Has $302,000 Stock Position in Photronics, Inc. (NASDAQ:PLAB)

Allspring Global Investments Holdings LLC lessened its position in shares of Photronics, Inc. (NASDAQ:PLAB - Free Report) by 89.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,564 shares of the semiconductor company's stock after selling 128,094 shares during the period. Allspring Global Investments Holdings LLC's holdings in Photronics were worth $302,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of PLAB. Federated Hermes Inc. acquired a new stake in Photronics in the 4th quarter valued at approximately $47,000. Menard Financial Group LLC acquired a new stake in Photronics in the 4th quarter valued at approximately $66,000. Canada Pension Plan Investment Board acquired a new stake in Photronics in the 4th quarter valued at approximately $101,000. Heck Capital Advisors LLC acquired a new stake in Photronics in the 4th quarter valued at approximately $110,000. Finally, Perkins Coie Trust Co increased its position in shares of Photronics by 11.9% during the 1st quarter. Perkins Coie Trust Co now owns 9,400 shares of the semiconductor company's stock valued at $195,000 after purchasing an additional 1,000 shares during the period. Institutional investors own 88.38% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PLAB. Craig Hallum began coverage on Photronics in a research report on Wednesday, June 11th. They set a "buy" rating and a $32.00 price target 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 target price on Photronics from $35.00 to $30.00 and set a "buy" rating on the stock in a report on Thursday, May 29th.

Photronics Stock Up 0.2%

Shares of Photronics stock traded up $0.04 during midday trading on Tuesday, hitting $19.34. The company's stock had a trading volume of 205,046 shares, compared to its average volume of 638,052. The firm has a market capitalization of $1.16 billion, a P/E ratio of 10.08 and a beta of 1.40. The stock has a 50-day simple moving average of $19.11 and a 200-day simple moving average of $20.47. Photronics, Inc. has a 1-year low of $16.46 and a 1-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). The business had revenue of $210.99 million during the quarter, compared to analyst estimates of $212.00 million. Photronics had a return on equity of 8.54% and a net margin of 14.00%. The business's quarterly revenue was down 2.8% on a year-over-year basis. During the same period last year, the business earned $0.46 EPS. As a group, sell-side analysts predict that Photronics, Inc. will post 2.3 earnings per share for the current year.

Insider Activity

In related news, Director Mitchell G. Tyson sold 15,000 shares of Photronics stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $19.97, for a total transaction of $299,550.00. Following the completion of the sale, the director owned 56,927 shares of the company's stock, valued at approximately $1,136,832.19. This trade represents a 20.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Constantine S. Macricostas sold 29,500 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $20.20, for a total value of $595,900.00. Following the transaction, the director owned 459,623 shares in the company, valued at approximately $9,284,384.60. This trade represents a 6.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 54,382 shares of company stock valued at $1,073,985. 3.20% of the stock is currently owned by company insiders.

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.