BROOKFIELD, Conn.—Lee Kang Jyh, the Chief Executive Officer of Photronics Inc. (NASDAQ:PLAB), has sold 17,500 shares of the company's common stock, according to a recent filing with the Securities and Exchange Commission. The shares were sold on December 24 at a price of $24.00 each, amounting to a total transaction value of $420,000. According to InvestingPro data, the company maintains strong financial health with an overall score of "GREAT" and holds more cash than debt on its balance sheet.
Following the sale, Lee retains ownership of 528,350 shares in Photronics. This transaction was executed directly by Lee, as indicated in the filing. Photronics, a company engaged in the manufacturing of photomasks for semiconductor and microelectronics industries, is headquartered in Brookfield, Connecticut. With a market capitalization of $1.5 billion and current trading price suggesting slight undervaluation based on InvestingPro's Fair Value analysis, investors can access detailed insights and 7 additional ProTips through the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Photronics has experienced a series of noteworthy developments. The global provider of photomask technologies has expanded its board with the appointment of David Garcia, a legal expert with a 30-year career spanning roles at Holland & Hart, Wilson Sonsini Goodrich & Rosati, and Venture Law Group. Garcia's expertise in financial and securities transactions is expected to aid Photronics in exploring business development opportunities.
The company also reported third-quarter earnings for 2024, with an EPS of $0.51, slightly below the anticipated $0.52, and a revenue of $211 million. Photronics maintains robust financial stability, amplified by strong cash reserves and a low debt profile. The company's share repurchase program has been expanded to $100 million. Looking ahead, Photronics provided Q4 revenue guidance of $213-$221 million and a non-GAAP EPS range of $0.51-$0.54.
Investment firm DA Davidson has raised Photronics' target to $35 due to a promising investment year outlook for 2025. Despite acknowledging near-term challenges in various end markets and political uncertainties affecting Taiwan and China, DA Davidson maintains a long-term bullish perspective on Photronics' prospects. The company is also exploring strategic expansion options in the U.S., Europe, and Asia, indicating confidence in the long-term prospects of the photomask market.
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