Photronics, Inc. (NASDAQ:PLAB) Sees Large Drop in Short Interest

Photronics, Inc. (NASDAQ:PLAB - Get Free Report) was the target of a large decline in short interest in the month of May. As of May 15th, there was short interest totalling 2,710,000 shares, a decline of 15.6% from the April 30th total of 3,210,000 shares. Based on an average daily volume of 677,500 shares, the short-interest ratio is currently 4.0 days. Approximately 4.5% of the company's shares are short sold.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Wall Street Zen downgraded Photronics from a "buy" rating to a "hold" rating in a report on Friday, May 30th. DA Davidson reduced 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

PLAB stock traded up $0.21 during trading on Wednesday, reaching $18.02. The company had a trading volume of 859,673 shares, compared to its average volume of 551,185. Photronics has a 52 week low of $16.46 and a 52 week high of $31.60. The company has a market cap of $1.15 billion, a P/E ratio of 8.62 and a beta of 1.43. The business has a 50 day moving average of $18.84 and a 200 day moving average of $21.71.

Photronics (NASDAQ:PLAB - Get Free Report) last posted its 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). Photronics had a return on equity of 9.10% and a net margin of 15.07%. The firm had revenue of $210.99 million for the quarter, compared to analysts' expectations of $212.00 million. During the same quarter last year, the company posted $0.46 EPS. The firm's revenue was down 2.8% on a year-over-year basis. Research analysts expect that Photronics will post 2.3 earnings per share for the current year.

Insiders Place Their Bets

In other Photronics news, Director Walter M. Fiederowicz sold 5,000 shares of the firm's stock in a transaction on Thursday, April 3rd. The shares were sold at an average price of $19.16, for a total value of $95,800.00. Following the sale, the director now owns 24,548 shares of the company's stock, valued at $470,339.68. This trade represents a 16.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kang Jyh Lee sold 10,000 shares of the business's stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $21.60, for a total transaction of $216,000.00. Following the completion of the transaction, the chief executive officer now owns 542,100 shares in the company, valued at $11,709,360. The trade was a 1.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 44,548 shares of company stock valued at $884,093 in the last ninety days. Company insiders own 3.20% of the company's stock.

Hedge Funds Weigh In On Photronics

Institutional investors have recently added to or reduced their stakes in the company. Strs Ohio purchased a new stake in Photronics in the first quarter worth about $648,000. Intech Investment Management LLC lifted its holdings in Photronics by 6.0% in the first quarter. Intech Investment Management LLC now owns 62,441 shares of the semiconductor company's stock valued at $1,296,000 after acquiring an additional 3,526 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Photronics by 14.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 96,752 shares of the semiconductor company's stock worth $2,009,000 after purchasing an additional 12,159 shares during the period. Ashton Thomas Private Wealth LLC boosted its stake in shares of Photronics by 45.6% during the 1st quarter. Ashton Thomas Private Wealth LLC now owns 24,027 shares of the semiconductor company's stock worth $499,000 after acquiring an additional 7,530 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Photronics by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 36,647 shares of the semiconductor company's stock valued at $761,000 after purchasing an additional 1,600 shares in the last quarter. Institutional investors own 88.38% of the company's stock.

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.