On May 22, 2023, Aviva PLC revealed that it had reduced its holdings in Photronics, Inc. by a staggering 40.1%. The institutional investor owned approximately 55,600 shares of the semiconductor company’s stock but subsequently sold off 37,254 shares during the period. Consequently, Aviva PLC now owns only 0.09% of Photronics and has an estimated worth of $936,000 at the end of the most recent reporting period.
Photronics has cemented itself firmly in the semiconductor industry; It is no surprise given their earnings results from Monday, February 20th. The company announced an earnings per share (EPS) of $0.40 for the quarter which was on par with the consensus estimate. Photronics achieved revenue of $211.09 million for the quarter which exceeded analysts’ expectations – forecasts anticipated revenue to be around $194.00 million.
The strong performance by Photronics during Q4 is further reflected in their return on equity (ROE). During this period, ROE was reported to be at a commendable rate of 11.20%, while net margin perforated reached 13.26%. Compared to last year when Photronics posted an EPS of $0.38 on average equities analyst predict that there will be a post earning per share of roughly $1.82.
For those that are interested in seeing what other hedge funds are holding PLAB can visit HoldingsChannel.com where they can gain access to the latest Form 13F filings and insider trades published by Photronics Inc via Security and Exchange Commission.
In conclusion, despite Aviva PLC’s lowered holdings in Photronics Inc., we can see that this company isn’t slowing down anytime soon based on their Q4 earnings results and overall annual performance over time. Furthermore, with interest peaking into various listings as high-value investors continue moving into trading stocks purchasing quality shares in strong performing companies is perhaps the move to make.
Institutional Investment Surges in Semiconductor Manufacturer Photronics, Inc. (NASDAQ:PLAB)[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”PLAB” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]
Photronics, Inc. (NASDAQ:PLAB) has seen a surge in institutional investment over the past year, with a number of hedge funds and other institutional investors buying and selling shares of the business. CWM LLC grew its position in Photronics by 81.1% during the third quarter, while Covestor Ltd grew its holdings in shares of Photronics by a staggering 587.5% during the first quarter.
Lansing Street Advisors also bought a new stake in shares of Photronics during the fourth quarter valued at approximately $44,000, and Federated Hermes Inc. increased its position in shares by 77.5%. Finally, Lazard Asset Management LLC purchased a new position in Photronics in the first quarter worth approximately $59,000.
With hedge funds and other institutional investors now owning 90.41% of the company’s stock, it is clear that there is significant interest in this semiconductor manufacturer. The company has a market cap of $1.09 billion and a P/E ratio of 9.49, with PLAB stock opening at $17.37 on May 22, 2023.
Despite experiencing highs of $25.81 and lows of $13.86 over the past year, Photronics has continued to perform well within its field as a provider of photomasks for semiconductors and flat-panel displays. These masks are used as masters to transfer circuit patterns onto semiconductor wafers and FPD substrates during the fabrication integrated circuits, which is essential to many electrical and optical components.
Several analysts have commented on PLAB stock recently, with DA Davidson reissuing a “buy” rating on shares earlier this year and StockNews.com beginning coverage on Photronics with another “buy” rating.
While Northland Securities dropped their price target on shares from $21 to $18 back in April 2023 due to global economic pressures impacting the semiconductor industry, the continued institutional investment in Photronics suggests that there is still great confidence in the company’s future growth and potential for returns.