Fintel reports that BlackRock Inc. has filed a 13G/A form with the SEC disclosing ownership of 10,607,115 shares of Photronics, Inc. (PLAB). This represents 17.2% of the company.
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In their previous filing dated January 27, 2022 they reported 9,726,685 shares and 16.00% of the company, an increase in shares of 9.05% and an increase in total ownership of 1.20% (calculated as current – previous percent ownership).
Photronics sells photomask goods and services through Asia, the US, and Europe, used in the manufacturing of ICs and FPDs. The company’s revenues from FPDs was up in 2022 by 14% and it has a nice little cash pile. Why is this of any relevance? It’s a harbinger of demand and market opportunity on the manufacturing side. On the other hand, is a PE company like BlackRock gets its hands on the company, it can either be stripped for parts or gain new investment to accelerate growth. In the case of Photronics, it may be the latter which has implications for FPDs.
