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What smart money is saying about PhotronicsUnited States flag

PLAB · Technology · Semiconductors · Market cap $1.68B

2 funds in our archive have pitched Photronics — most recently Heartland Advisors Heartland Value Fund in June 2026.

Company profile

Photronics, Inc., including its affiliated entities, operates as a global supplier focused on the production and distribution of photomask goods and associated services. The company's reach extends across the United States, Taiwan, Korea, Europe, and China, serving international markets. These photomasks are vital for the manufacturing of integrated circuits (ICs) and flat panel displays (FPDs), enabling the precise transfer of circuit patterns onto semiconductor wafers, FPD substrates, and various other electrical and optical components. Photronics markets its offerings to a broad customer base, encompassing semiconductor and FPD manufacturers, designers, foundries, and other producers of high-performance electronics, facilitated by its sales personnel and customer service representatives. Founded in 1969, the company was originally known as Photronic Labs, Inc., changing to Photronics, Inc. in 1990. Its principal office is situated in Brookfield, Connecticut.

Fund coverage · 2 theses

  • Heartland Advisors Heartland Value Fund
    June 2026

    Photronics is the largest merchant photomask maker, benefiting from high barriers to entry, robust leading-edge and rebounding trailing-edge demand, and an attractive valuation with strong cash and margin potential.

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  • Heartland Value Fund
    June 2025

    Photronics, Inc. (PLAB) is undervalued at $18 per share, trading at less than 10x 2026 earnings forecasts, with strong growth potential in semiconductor manufacturing amid a market recovery.

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