Teacher Retirement System of Texas Sells 61,013 Shares of Photronics, Inc. (NASDAQ:PLAB)

Teacher Retirement System of Texas cut its stake in Photronics, Inc. (NASDAQ:PLAB - Free Report) by 67.9% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 28,865 shares of the semiconductor company's stock after selling 61,013 shares during the period. Teacher Retirement System of Texas' holdings in Photronics were worth $599,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Federated Hermes Inc. bought a new position in shares of Photronics during the 4th quarter valued at $47,000. Menard Financial Group LLC purchased a new stake in shares of Photronics in the 4th quarter worth about $66,000. Canada Pension Plan Investment Board purchased a new position in Photronics during the 4th quarter valued at about $101,000. Heck Capital Advisors LLC purchased a new position in Photronics during the 4th quarter valued at about $110,000. Finally, Lido Advisors LLC purchased a new position in Photronics during the 4th quarter valued at about $218,000. 88.38% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Photronics Stock Up 0.1%

NASDAQ:PLAB traded up $0.01 during trading hours on Wednesday, hitting $19.17. 515,287 shares of the stock traded hands, compared to its average volume of 555,873. Photronics, Inc. has a 1 year low of $16.46 and a 1 year high of $31.60. The company has a market cap of $1.15 billion, a price-to-earnings ratio of 9.98 and a beta of 1.40. The stock has a 50 day moving average price of $19.12 and a 200 day moving average price of $20.46.

Photronics (NASDAQ:PLAB - Get Free Report) last issued its quarterly earnings results on Wednesday, May 28th. The semiconductor company reported $0.40 earnings per share 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 firm had revenue of $210.99 million for the quarter, compared to analysts' expectations of $212.00 million. During the same period in the prior year, the firm earned $0.46 EPS. Photronics's revenue for the quarter was down 2.8% compared to the same quarter last year. Equities analysts forecast that Photronics, Inc. will post 2.3 earnings per share for the current fiscal year.

Insider Buying and Selling at Photronics

In other news, 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 completion of the sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mitchell G. Tyson sold 15,000 shares of the firm's 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 completion of the sale, the director owned 56,927 shares of the company's stock, valued at $1,136,832.19. This trade represents a 20.85% decrease in their position. The disclosure for this sale can be found here. Over the last three months, 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.

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.