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What smart money is saying about PhotronicsUnited States flag

PLAB · Technology · Semiconductors · Market cap $1.99B

3 funds in our archive have pitched Photronics — most recently Heartland Advisors Small Cap Value Strategy 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.

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1
Reported positions
0
Bought
1
Sold
3
Letters

Position history

Between Q2 2025 and Q2 2026, 1 fund letter reported a position in Photronics1 trimmed or exited.

Fund letters reporting a position in Photronics, by quarter
QuarterLettersBoughtSoldTheses
Q2 20261012
Q2 20250001

Fund activity · 1 position · 1 move

Fund coverage · 3 theses

  • Photronics is the largest merchant photomask maker, with barriers to entry, exposure to both leading-edge and trailing-edge semiconductor demand, and an attractive valuation with strong cash generation potential.

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  • 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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  • 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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