Bank of New York Mellon Corp Trims Holdings in Photronics, Inc. (NASDAQ:PLAB)

Bank of New York Mellon Corp trimmed its holdings in Photronics, Inc. (NASDAQ:PLAB - Free Report) by 3.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 438,995 shares of the semiconductor company's stock after selling 14,161 shares during the period. Bank of New York Mellon Corp owned about 0.69% of Photronics worth $10,343,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of PLAB. State Street Corp increased its stake in Photronics by 0.4% during the third quarter. State Street Corp now owns 2,368,450 shares of the semiconductor company's stock worth $58,643,000 after acquiring an additional 10,590 shares during the last quarter. Geode Capital Management LLC increased its position in Photronics by 5.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,745,165 shares of the semiconductor company's stock valued at $43,217,000 after purchasing an additional 85,160 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Photronics by 3.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 967,003 shares of the semiconductor company's stock valued at $23,943,000 after acquiring an additional 32,977 shares in the last quarter. Needham Investment Management LLC raised its holdings in Photronics by 6.7% in the third quarter. Needham Investment Management LLC now owns 762,500 shares of the semiconductor company's stock worth $18,880,000 after purchasing an additional 48,200 shares in the last quarter. Finally, Royce & Associates LP lifted its position in Photronics by 1.7% during the third quarter. Royce & Associates LP now owns 746,606 shares of the semiconductor company's stock valued at $18,486,000 after acquiring an additional 12,603 shares during the last quarter. Hedge funds and other institutional investors own 88.38% of the company's stock.

Insider Buying and Selling at Photronics

In other Photronics news, CEO Kang Jyh Lee sold 10,000 shares of the company's stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $20.90, for a total transaction of $209,000.00. Following the completion of the sale, the chief executive officer now directly owns 552,100 shares in the company, valued at $11,538,890. This represents a 1.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Christopher J. Progler sold 63,000 shares of the stock in a transaction on Thursday, December 19th. The shares were sold at an average price of $24.85, for a total value of $1,565,550.00. Following the completion of the sale, the executive vice president now owns 219,166 shares of the company's stock, valued at approximately $5,446,275.10. This represents a 22.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 209,000 shares of company stock valued at $5,087,810 in the last ninety days. Insiders own 3.20% of the company's stock.

Photronics Trading Down 0.3 %

NASDAQ:PLAB opened at $20.76 on Friday. The company's 50-day moving average price is $22.55 and its 200-day moving average price is $23.66. The company has a market cap of $1.32 billion, a P/E ratio of 9.93 and a beta of 1.43. Photronics, Inc. has a twelve month low of $19.61 and a twelve month high of $31.60.

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Photronics (NASDAQ:PLAB - Get Free Report) last posted its quarterly earnings data on Wednesday, February 26th. The semiconductor company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.05. Photronics had a return on equity of 9.10% and a net margin of 15.07%. The firm had revenue of $212.14 million for the quarter, compared to the consensus estimate of $210.00 million. During the same quarter in the previous year, the business earned $0.48 EPS. On average, analysts expect that Photronics, Inc. will post 2.3 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, DA Davidson raised their price objective on Photronics from $32.00 to $35.00 and gave the stock a "buy" rating in a research note on Thursday, December 12th.

Photronics Company 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.

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