Photronics, Inc. (NASDAQ:PLAB) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. cut its position in shares of Photronics, Inc. (NASDAQ:PLAB) by 7.2% during the fourth quarter, Holdings Channel.com reports. The firm owned 32,877 shares of the semiconductor company’s stock after selling 2,569 shares during the quarter. Corebridge Financial Inc.’s holdings in Photronics were worth $775,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Smartleaf Asset Management LLC raised its position in shares of Photronics by 216.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,114 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 762 shares during the period. Parkside Financial Bank & Trust raised its position in Photronics by 65.6% in the fourth quarter. Parkside Financial Bank & Trust now owns 2,283 shares of the semiconductor company’s stock valued at $54,000 after purchasing an additional 904 shares during the period. GAMMA Investing LLC raised its position in Photronics by 17.6% in the fourth quarter. GAMMA Investing LLC now owns 3,448 shares of the semiconductor company’s stock valued at $81,000 after purchasing an additional 516 shares during the period. KBC Group NV grew its holdings in shares of Photronics by 76.8% during the 4th quarter. KBC Group NV now owns 3,467 shares of the semiconductor company’s stock worth $82,000 after purchasing an additional 1,506 shares during the period. Finally, Heck Capital Advisors LLC acquired a new stake in shares of Photronics during the 4th quarter worth about $110,000. 88.38% of the stock is currently owned by institutional investors and hedge funds.

Photronics Stock Performance

Photronics stock opened at $17.51 on Monday. The firm has a 50 day moving average price of $21.50 and a 200 day moving average price of $23.35. Photronics, Inc. has a fifty-two week low of $16.78 and a fifty-two week high of $31.60. The company has a market capitalization of $1.11 billion, a PE ratio of 8.38 and a beta of 1.40.

Photronics (NASDAQ:PLAB) 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. As a group, equities research analysts forecast that Photronics, Inc. will post 2.3 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, DA Davidson upped their target price on shares of Photronics from $32.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, December 12th.

Insider Activity

In related news, CEO Kang Jyh Lee sold 8,750 shares of Photronics stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $24.40, for a total value of $213,500.00. Following the completion of the transaction, the chief executive officer now owns 572,100 shares in the company, valued at $13,959,240. The trade was a 1.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Han Kyung Park sold 11,250 shares of the stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $24.63, for a total transaction of $277,087.50. Following the completion of the sale, the senior vice president now directly owns 118,000 shares in the company, valued at approximately $2,906,340. This represents a 8.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 45,000 shares of company stock valued at $1,011,688. 3.20% of the stock is currently owned by company insiders.

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.