BROOKFIELD, Conn.—Park Han Kyung, the Senior Vice President and General Manager of FPD Operations at Photronics Inc. (NASDAQ:PLAB), recently sold a significant portion of the company's common stock. According to a filing with the Securities and Exchange Commission, Park sold 11,250 shares on January 7, 2025, at a weighted average price of $24.63 per share, totaling approximately $277,087. The transaction 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, Park retains ownership of 118,000 shares of Photronics. The sale was executed in multiple trades, and the reported price reflects the weighted average sale price. The company, a leader in semiconductor manufacturing with a market capitalization of $1.53 billion, continues to operate from its headquarters in Brookfield, Connecticut. According to InvestingPro analysis, Photronics is currently trading below its Fair Value, with 7 additional ProTips and comprehensive financial metrics available in the Pro Research Report.
In other recent news, Photronics Inc. has announced the appointment of David Garcia, a legal expert with 30 years of experience, to its Board of Directors. The company also reported third-quarter earnings for 2024, revealing an EPS of $0.51, slightly below the anticipated $0.52, and a revenue of $211 million. Despite the minor miss, Photronics' financial stability was underscored by strong cash reserves, a low debt profile, and an expansion of its share repurchase program to $100 million.
Analysts from DA Davidson have maintained a long-term bullish perspective on Photronics' prospects, despite acknowledging near-term challenges in various end markets and political uncertainties affecting Taiwan and China. The firm raised its target for Photronics to $35 due to a promising investment year outlook for 2025. Photronics' Q4 revenue guidance stands at $213-$221 million, and a non-GAAP EPS range of $0.51-$0.54. The company is keen on expanding its IC capacity and exploring strategic expansion options in the U.S., Europe, and Asia. These are among the recent developments for Photronics.
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