BROOKFIELD, CT—Walter M. Fiederowicz, a director at Photronics Inc. (NASDAQ:PLAB), reported the sale of 10,000 shares of the company's common stock, according to a recent filing with the Securities and Exchange Commission. The transaction, which took place on December 24, 2024, was executed at a price of $24.01 per share, totaling approximately $240,100. The sale comes as Photronics maintains a strong financial position, with InvestingPro data showing the company holds more cash than debt and boasts a healthy current ratio of 5.07x.
Following this transaction, Fiederowicz holds 50,000 shares of Photronics. Additionally, on December 26, 2024, Fiederowicz disposed of 8,000 shares through a transaction classified differently, at a price of $24.27 per share, amounting to $194,160. This leaves him with a remaining balance of 42,000 shares owned directly. According to InvestingPro analysis, the stock currently trades at a P/E ratio of 11.28x, with analysts setting a unanimous target price of $35, suggesting potential upside from current levels.
Photronics Inc., based in Brookfield, Connecticut, operates in the semiconductors and related devices sector. The company has demonstrated strong profitability with a gross margin of 36.4% and maintains an excellent overall financial health score according to InvestingPro metrics.
In other recent news, Photronics Inc. has made significant developments in its board and financial outlook. The company has appointed David Garcia to its Board of Directors, expanding the board's size to nine members. Garcia brings a wealth of legal expertise from his 30-year career, including experience in technology-related transactions, mergers, and acquisitions.
Photronics Inc. reported its third-quarter earnings for 2024, revealing an earnings per share (EPS) of $0.51, slightly below the anticipated $0.52, and a revenue of $211 million. The company's financial stability was underscored by robust cash reserves, low debt profile, and a share repurchase program expansion to $100 million. DA Davidson has raised its target for Photronics to $35, maintaining a long-term bullish perspective on the company's prospects.
These are recent developments, and despite near-term challenges in various end markets, analysts from DA Davidson suggest that Photronics' strategic moves will contribute to its long-term success. The company is also exploring strategic expansion options in the U.S., Europe, and Asia, demonstrating confidence in the long-term prospects of the photomask market, driven by trends in AI and mobile computing.
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