Sterling Capital Management LLC increased its stake in Photronics, Inc. (NASDAQ:PLAB) by 190.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 101,785 shares of the semiconductor company’s stock after buying an additional 66,769 shares during the period. Sterling Capital Management LLC’s holdings in Photronics were worth $1,003,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. BlackRock Inc. increased its stake in Photronics by 7.2% in the 2nd quarter. BlackRock Inc. now owns 9,656,455 shares of the semiconductor company’s stock worth $77,011,000 after buying an additional 652,680 shares during the period. Northern Trust Corp increased its stake in Photronics by 1.8% in the 2nd quarter. Northern Trust Corp now owns 1,907,850 shares of the semiconductor company’s stock worth $15,215,000 after buying an additional 34,048 shares during the period. Millennium Management LLC increased its stake in Photronics by 28.2% in the 2nd quarter. Millennium Management LLC now owns 1,324,211 shares of the semiconductor company’s stock worth $10,561,000 after buying an additional 291,629 shares during the period. Royce & Associates LP increased its stake in Photronics by 8.0% in the 2nd quarter. Royce & Associates LP now owns 1,219,593 shares of the semiconductor company’s stock worth $9,726,000 after buying an additional 90,600 shares during the period. Finally, DDD Partners LLC increased its stake in Photronics by 1.1% in the 2nd quarter. DDD Partners LLC now owns 1,101,515 shares of the semiconductor company’s stock worth $8,785,000 after buying an additional 12,065 shares during the period. 92.79% of the stock is currently owned by institutional investors.

In other news, VP Christopher J. Progler sold 5,300 shares of the firm’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $9.84, for a total value of $52,152.00. Following the sale, the vice president now directly owns 92,400 shares in the company, valued at approximately $909,216. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Christopher J. Progler sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $10.60, for a total transaction of $31,800.00. Following the completion of the sale, the vice president now owns 92,900 shares in the company, valued at $984,740. The disclosure for this sale can be found here. Insiders have sold a total of 15,670 shares of company stock worth $156,748 in the last three months. Insiders own 3.73% of the company’s stock.

PLAB has been the topic of several recent analyst reports. Zacks Investment Research downgraded shares of Photronics from a “hold” rating to a “sell” rating in a research note on Wednesday, July 25th. ValuEngine raised shares of Photronics from a “sell” rating to a “hold” rating in a research report on Tuesday, July 31st. BidaskClub raised shares of Photronics from a “hold” rating to a “buy” rating in a research report on Tuesday, August 7th. Finally, TheStreet raised shares of Photronics from a “c+” rating to a “b-” rating in a research report on Tuesday, September 11th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Photronics currently has an average rating of “Hold” and a consensus price target of $11.67.

NASDAQ PLAB opened at $9.66 on Friday. The stock has a market cap of $697.94 million, a price-to-earnings ratio of 50.84, a price-to-earnings-growth ratio of 2.06 and a beta of 0.68. Photronics, Inc. has a one year low of $7.20 and a one year high of $11.00.

Photronics (NASDAQ:PLAB) last posted its earnings results on Wednesday, August 22nd. The semiconductor company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.02. The business had revenue of $136.39 million for the quarter, compared to the consensus estimate of $132.67 million. Photronics had a net margin of 6.83% and a return on equity of 3.65%. The company’s revenue for the quarter was up 22.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.06 EPS. As a group, equities research analysts expect that Photronics, Inc. will post 0.58 earnings per share for the current fiscal year.

Photronics announced that its board has authorized a share repurchase plan on Friday, October 12th that permits the company to repurchase $25.00 million in outstanding shares. This repurchase authorization permits the semiconductor company to purchase up to 3.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

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Photronics Company Profile

Photronics, Inc, together with its subsidiaries, manufactures and sells photomasks in Taiwan, Korea, the United States, Europe, and internationally. The company offers photomasks, which are high precision photographic quartz plates containing microscopic images of electronic circuits for use in the manufacture of semiconductors and flat panel displays (FPDs), as well as that are used as masters to transfer circuit patterns onto semiconductor wafers and flat panel display substrates during the fabrication of integrated circuits, FPDs, and other types of electrical and optical components.

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Institutional Ownership by Quarter for Photronics (NASDAQ:PLAB)

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