Tyson Mitchell G, a director at Photronics Inc. (NASDAQ:PLAB), recently sold 20,000 shares of the company's common stock. The shares were sold on December 19 at a weighted average price of $25.06, amounting to a total transaction value of $501,200. The transaction comes as the stock has experienced a notable 7.85% decline over the past week, with shares currently trading at $24.04. According to InvestingPro analysis, Photronics maintains a strong financial health score of "GREAT," supported by robust balance sheet metrics. Following this sale, Tyson retains ownership of 66,379 shares in Photronics. The transaction was executed in multiple trades, with the reported price reflecting the weighted average sale price. The company, currently valued at $1.51 billion, trades at a P/E ratio of 11.35 and holds more cash than debt on its balance sheet. Discover more insights about PLAB and access detailed analysis of 1,400+ stocks with a comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Photronics, Inc. has made significant strides in its operations and strategic plans. The company recently announced the appointment of David Garcia to its Board of Directors, expanding the board's size to nine. Garcia's extensive legal expertise, particularly in mergers and acquisitions, is expected to contribute to Photronics' strategic guidance as it explores business development opportunities.
The company also reported its third-quarter earnings for 2024, revealing an EPS of $0.51 and revenue of $211 million, falling slightly below the anticipated $0.52 EPS. Despite this minor miss, Photronics maintains a robust financial position, supported by strong cash reserves and a low debt profile. The company also expanded its share repurchase program to $100 million.
Analysts from DA Davidson have raised Photronics' target to $35, citing a promising investment outlook for 2025. This follows their maintained Buy rating on the company, despite acknowledging near-term market challenges. Photronics is keen on expanding its IC capacity and is exploring strategic expansion options in the U.S., Europe, and Asia.
For the fourth quarter, Photronics has provided a revenue guidance range of $213-$221 million and a non-GAAP EPS range of $0.51-$0.54. These recent developments highlight Photronics' continued efforts to strengthen its operations and position in the market.
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