Photronics (NASDAQ:PLAB) Issues Q3 2023 Earnings Guidance

Photronics (NASDAQ:PLAB – Get Rating) updated its third quarter 2023 earnings guidance on Friday. The company provided earnings per share (EPS) guidance of $0.48-$0.54 for the period, compared to the consensus estimate of $0.48. The company issued revenue guidance of $224.00 million-$234.00 million, compared to the consensus revenue estimate of $220.00 million.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Northland Securities upped their price target on shares of Photronics from $18.00 to $21.00 in a research note on Thursday. StockNews.com assumed coverage on shares of Photronics in a research note on Thursday, May 18th. They issued a buy rating on the stock. Finally, DA Davidson restated a buy rating on shares of Photronics in a research note on Tuesday, April 11th.

Photronics Price Performance

Photronics stock traded up $0.98 during trading hours on Friday, reaching $21.23. 562,900 shares of the stock were exchanged, compared to its average volume of 539,038. The company has a market cap of $1.33 billion, a P/E ratio of 10.18 and a beta of 1.18. The company has a current ratio of 3.89, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02. Photronics has a twelve month low of $13.86 and a twelve month high of $25.81. The stock has a 50 day moving average of $15.81 and a two-hundred day moving average of $17.16.

Photronics (NASDAQ:PLAB – Get Rating) last announced its quarterly earnings data on Wednesday, May 24th. The semiconductor company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.10. The firm had revenue of $229.30 million for the quarter, compared to the consensus estimate of $211.00 million. Photronics had a net margin of 14.04% and a return on equity of 11.09%. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.49 earnings per share. Equities analysts expect that Photronics will post 1.82 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PLAB. Raymond James & Associates bought a new position in shares of Photronics in the first quarter worth about $219,000. Citigroup Inc. raised its holdings in Photronics by 2.1% in the 1st quarter. Citigroup Inc. now owns 61,988 shares of the semiconductor company’s stock valued at $1,052,000 after buying an additional 1,281 shares during the last quarter. MetLife Investment Management LLC raised its holdings in Photronics by 53.6% in the 1st quarter. MetLife Investment Management LLC now owns 32,418 shares of the semiconductor company’s stock valued at $550,000 after buying an additional 11,313 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in Photronics by 15.0% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 53,138 shares of the semiconductor company’s stock valued at $902,000 after buying an additional 6,920 shares during the last quarter. Finally, BlackRock Inc. raised its holdings in Photronics by 0.8% in the 1st quarter. BlackRock Inc. now owns 9,805,463 shares of the semiconductor company’s stock valued at $166,400,000 after buying an additional 78,778 shares during the last quarter. Institutional investors own 90.41% of the company’s stock.

Photronics Company Profile

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Photronics, Inc engages in the provision of photomasks. It manufactures semiconductors and flat-panel displays and is used as masters to transfer circuit patterns onto semiconductor wafers and FPD substrates during the fabrication of integrated circuits, a variety of FPDs and other types of electrical and optical components.