Zacks Investment Research upgraded shares of Photronics Inc. (NASDAQ:PLAB) from a sell rating to a hold rating in a research note released on Friday.

According to Zacks, “Photronics is a leading worldwide manufacturer of photomasks. Photomasks are high precision quartz plates that contain microscopic images of electronic circuits. A key element in the manufacture of semiconductors and flat panel displays, photomasks are used to transfer circuit patterns onto semiconductor wafers and flat panel substrates during the fabrication of integrated circuits, a variety of flat panel displays and, to a lesser extent, other types of electrical and optical components. They are produced in accordance with product designs provided by customers at strategically located manufacturing facilities in Asia, Europe, and North America. “

PLAB has been the topic of a number of other reports. SunTrust Banks Inc. set a $12.00 target price on shares of Photronics and gave the stock a buy rating in a report on Tuesday, October 4th. DA Davidson reiterated a buy rating and issued a $15.00 target price on shares of Photronics in a report on Monday, August 22nd. Needham & Company LLC downgraded shares of Photronics from a buy rating to a hold rating in a report on Friday, November 11th. Finally, Stifel Nicolaus downgraded shares of Photronics from a buy rating to a hold rating in a report on Friday, November 11th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $13.00.

Photronics (NASDAQ:PLAB) opened at 10.00 on Friday. The stock has a market cap of $681.86 million, a P/E ratio of 12.27 and a beta of 0.58. The firm’s 50-day moving average is $10.12 and its 200-day moving average is $9.72. Photronics has a 1-year low of $8.20 and a 1-year high of $13.05.

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In related news, Director Walter M. Fiederowicz sold 21,250 shares of the business’s stock in a transaction that occurred on Wednesday, September 14th. The shares were sold at an average price of $9.95, for a total transaction of $211,437.50. Following the transaction, the director now directly owns 42,250 shares of the company’s stock, valued at $420,387.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joseph A. Fiorita, Jr. sold 12,000 shares of the business’s stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $10.00, for a total transaction of $120,000.00. Following the transaction, the director now directly owns 161,100 shares in the company, valued at $1,611,000. The disclosure for this sale can be found here. 4.12% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in PLAB. Price T Rowe Associates Inc. MD increased its position in shares of Photronics by 36.1% in the third quarter. Price T Rowe Associates Inc. MD now owns 33,960 shares of the company’s stock worth $350,000 after buying an additional 9,000 shares during the last quarter. Credit Suisse AG increased its position in shares of Photronics by 26.7% in the third quarter. Credit Suisse AG now owns 111,842 shares of the company’s stock worth $1,152,000 after buying an additional 23,566 shares during the last quarter. Phocas Financial Corp. increased its position in shares of Photronics by 6.5% in the third quarter. Phocas Financial Corp. now owns 487,881 shares of the company’s stock worth $5,030,000 after buying an additional 29,790 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Photronics by 107.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 130,600 shares of the company’s stock worth $1,346,000 after buying an additional 67,700 shares during the last quarter. Finally, Clinton Group Inc. increased its position in shares of Photronics by 5.5% in the third quarter. Clinton Group Inc. now owns 54,553 shares of the company’s stock worth $562,000 after buying an additional 2,844 shares during the last quarter. 98.96% of the stock is currently owned by hedge funds and other institutional investors.

Photronics Company Profile

Photronics, Inc is a manufacturer of photomasks, which are photographic quartz plates containing microscopic images of electronic circuits. The Company supports customers across the full spectrum of integrated circuit (IC) production and flat panel display (FPD) technologies by manufacturing photomasks using electron beam or optical (laser-based) systems.

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