Victory Capital Management Inc. Raises Stock Position in Photronics, Inc. (NASDAQ:PLAB)

Key Points

• Victory Capital Management Inc. has increased its stake in Photronics, Inc. by 38.8%, owning approximately $5.7 million worth of shares after purchasing an additional 77,036 shares in the first quarter.
• Photronics reported a quarterly EPS of $0.40, missing the consensus estimate of $0.48, with a revenue of $210.99 million, down 2.8% year-over-year.
• Institutional investors and hedge funds now own 88.38% of Photronics stock, indicating significant institutional interest in the company.

Victory Capital Management Inc. boosted its stake in shares of Photronics, Inc. (NASDAQ:PLAB - Free Report) by 38.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 275,833 shares of the semiconductor company's stock after buying an additional 77,036 shares during the period. Victory Capital Management Inc. owned approximately 0.43% of Photronics worth $5,726,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Federated Hermes Inc. bought a new stake in shares of Photronics in the fourth quarter worth approximately $47,000. Menard Financial Group LLC bought a new stake in Photronics during the 4th quarter valued at approximately $66,000. Canada Pension Plan Investment Board purchased a new position in shares of Photronics in the fourth quarter worth $101,000. Heck Capital Advisors LLC purchased a new position in shares of Photronics during the fourth quarter valued at about $110,000. Finally, CWM LLC raised its holdings in shares of Photronics by 36.1% during the 1st quarter. CWM LLC now owns 6,755 shares of the semiconductor company's stock worth $140,000 after acquiring an additional 1,793 shares in the last quarter. Hedge funds and other institutional investors own 88.38% of the company's stock.

Insiders Place Their Bets

In other Photronics news, Director David A. Garcia purchased 2,650 shares of the stock in a transaction on Friday, June 27th. The shares were bought at an average cost of $19.00 per share, with a total value of $50,350.00. Following the completion of the acquisition, the director owned 10,198 shares in the company, valued at $193,762. This trade represents a 35.11% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, 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 stock was sold at an average price of $20.20, for a total value of $595,900.00. Following the sale, the director directly 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. Insiders sold a total of 49,382 shares of company stock worth $985,035 in the last three months. Insiders own 3.20% of the company's stock.

Wall Street Analyst Weigh In

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

Photronics Price Performance

Shares of NASDAQ:PLAB traded down $0.14 during trading hours on Wednesday, hitting $21.25. 838,293 shares of the company's stock traded hands, compared to its average volume of 484,097. The firm has a market capitalization of $1.28 billion, a P/E ratio of 11.07 and a beta of 1.40. The business has a fifty day moving average price of $19.05 and a 200-day moving average price of $20.18. 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 announced its quarterly earnings results on Wednesday, May 28th. The semiconductor company reported $0.40 earnings per share (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 analysts' expectations of $212.00 million. Photronics had a net margin of 14.00% and a return on equity of 8.54%. The firm's revenue for the quarter was down 2.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.46 EPS. As a group, equities analysts predict that Photronics, Inc. will post 2.3 earnings per share for the current year.

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.