BROOKFIELD, Conn.—Lee Kang Jyh, the company’s chief executive officer Phototronics Inch. (NASDAQ: ), sold 17,500 shares of the company’s stock, according to its most recent filing with the Securities and Exchange Commission. The shares were sold on December 24 at $24.00 each, for a total transaction value of $420,000. According to InvestingPro data, the company maintains strong financial health with an overall score of “EXCELLENT” 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 made directly by Lee, as stated in the filing. Photronics, a photomask manufacturer for the semiconductor and microelectronics industries, is headquartered in Brookfield, Connecticut. With a market cap of $1.5 billion and a current trading price that suggests a slight undervaluation based on InvestingProWith 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 seen a number of significant developments. The global supplier of photomask technologies has expanded its board of directors with the appointment of David Garcia, a legal professional with a 30-year career spanning roles at Holland & Hart, Wilson Sonsini Goodrich & Rosati and the Venture Law Group. Garcia’s expertise in financial and securities transactions is expected to assist Photronics in exploring business development opportunities.
The company also reported Q3 2024 earnings, with EPS of $0.51, slightly below expectations of $0.52, and revenue of $211 million. Photronics maintains solid financial stability, bolstered by strong cash reserves and a low debt profile. The company’s share buyback program was expanded to $100 million. Looking ahead, Photronics provided fourth-quarter revenue guidance of $213 million to $221 million and a non-adjusted EPS range of $0.51 to $0.54.
Investment firm DA Davidson raised Photronics’ target to $35 due to a promising outlook for the investment year 2025. Despite acknowledging near-term challenges in various end markets and political uncertainties affecting Taiwan and China, DA Davidson maintains a long-term optimistic outlook for Photronics’ prospects. The company is also exploring strategic expansion opportunities in the US, Europe and Asia, indicating confidence in the long-term prospects of the photomask market.
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