Allspring Global Investments Holdings LLC Has $3.43 Million Stake in Photronics, Inc. (NASDAQ:PLAB)

Allspring Global Investments Holdings LLC decreased its position in shares of Photronics, Inc. (NASDAQ:PLAB) by 13.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 142,658 shares of the semiconductor company’s stock after selling 22,683 shares during the period. Allspring Global Investments Holdings LLC owned about 0.23% of Photronics worth $3,425,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Four Tree Island Advisory LLC acquired a new stake in shares of Photronics during the fourth quarter worth approximately $3,472,000. Empowered Funds LLC increased its holdings in shares of Photronics by 13.4% during the fourth quarter. Empowered Funds LLC now owns 376,726 shares of the semiconductor company’s stock worth $8,876,000 after buying an additional 44,602 shares in the last quarter. Tectonic Advisors LLC increased its holdings in shares of Photronics by 5.5% during the fourth quarter. Tectonic Advisors LLC now owns 37,268 shares of the semiconductor company’s stock worth $878,000 after buying an additional 1,950 shares in the last quarter. Hodges Capital Management Inc. increased its holdings in shares of Photronics by 38.4% during the fourth quarter. Hodges Capital Management Inc. now owns 210,975 shares of the semiconductor company’s stock worth $4,970,000 after buying an additional 58,590 shares in the last quarter. Finally, Heck Capital Advisors LLC acquired a new stake in shares of Photronics during the fourth quarter worth approximately $110,000. Institutional investors and hedge funds own 88.38% of the company’s stock.

Photronics Price Performance

Shares of Photronics stock opened at $22.53 on Friday. The firm has a market cap of $1.43 billion, a P/E ratio of 10.78 and a beta of 1.37. The firm has a 50 day simple moving average of $23.70 and a 200 day simple moving average of $23.86. Photronics, Inc. has a fifty-two week low of $20.25 and a fifty-two week high of $31.60.

Photronics (NASDAQ:PLAB) last issued its quarterly earnings results on Wednesday, December 11th. The semiconductor company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.07. The business had revenue of $222.60 million during the quarter, compared to analyst estimates of $218.00 million. Photronics had a net margin of 15.07% and a return on equity of 9.10%. Photronics’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.60 earnings per share. On average, sell-side analysts expect that Photronics, Inc. will post 2.3 EPS for the current year.

Insiders Place Their Bets

In other Photronics news, CEO Kang Jyh Lee sold 8,750 shares of Photronics stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $24.40, for a total transaction of $213,500.00. Following the completion of the sale, the chief executive officer now owns 572,100 shares of the company’s stock, valued at approximately $13,959,240. The trade was a 1.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christopher J. Progler sold 63,000 shares of Photronics stock in a transaction on Thursday, December 19th. The stock was sold at an average price of $24.85, for a total transaction of $1,565,550.00. Following the sale, the executive vice president now directly owns 219,166 shares of the company’s stock, valued at $5,446,275.10. This represents a 22.33 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 199,000 shares of company stock valued at $4,878,810. Company insiders own 3.88% of the company’s stock.

Analysts Set New Price Targets

Separately, DA Davidson raised their price target on shares of Photronics from $32.00 to $35.00 and gave the company a “buy” rating in a report 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.