M&T Bank Corp Acquires Shares of 10,175 Photronics, Inc. (NASDAQ:PLAB)

M&T Bank Corp bought a new position in shares of Photronics, Inc. (NASDAQ:PLAB) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 10,175 shares of the semiconductor company’s stock, valued at approximately $252,000.

Other hedge funds have also recently modified their holdings of the company. Victory Capital Management Inc. increased its stake in Photronics by 4.9% during the 3rd quarter. Victory Capital Management Inc. now owns 530,401 shares of the semiconductor company’s stock worth $13,133,000 after buying an additional 24,834 shares in the last quarter. FMR LLC boosted its stake in shares of Photronics by 36.0% in the third quarter. FMR LLC now owns 135,208 shares of the semiconductor company’s stock worth $3,348,000 after acquiring an additional 35,825 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Photronics during the third quarter worth approximately $730,000. Inspire Advisors LLC acquired a new position in Photronics in the 2nd quarter valued at $2,112,000. Finally, Farther Finance Advisors LLC lifted its holdings in Photronics by 21.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 5,930 shares of the semiconductor company’s stock valued at $147,000 after purchasing an additional 1,066 shares in the last quarter. Institutional investors and hedge funds own 88.38% of the company’s stock.

Wall Street Analysts Forecast Growth

PLAB has been the subject of a number of research reports. StockNews.com raised shares of Photronics from a “hold” rating to a “buy” rating in a report on Saturday, September 28th. DA Davidson boosted their price target on shares of Photronics from $32.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th.

Photronics Stock Performance

NASDAQ:PLAB opened at $24.41 on Friday. The stock has a 50 day moving average price of $24.60 and a 200 day moving average price of $24.51. The stock has a market cap of $1.55 billion, a PE ratio of 11.68 and a beta of 1.41. Photronics, Inc. has a one year low of $20.25 and a one year high of $34.16.

Photronics (NASDAQ:PLAB) last issued its earnings results on Wednesday, December 11th. The semiconductor company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.07. Photronics had a return on equity of 9.10% and a net margin of 15.07%. The business had revenue of $222.60 million during the quarter, compared to the consensus estimate of $218.00 million. During the same period last year, the company earned $0.60 EPS. The company’s revenue for the quarter was down 2.2% on a year-over-year basis. As a group, analysts predict that Photronics, Inc. will post 2.3 earnings per share for the current fiscal year.

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.