A Hedge Fund Owns Over 6% of Photronics

According to a 13G filed with the SEC, Michael Johnston’s Steelhead Partners (find more stocks Steelhead likes) owns 4.1 million shares of Photronics, Inc. (NASDAQ:PLAB), which comes out to 6.4% of the total shares outstanding. Photronics is a provider of photomasks which are in turn used by producers of semiconductors and flat panel displays. Revenue was down 15% in its most recent fiscal quarter compared to the same period in the previous fiscal year, and earnings dropped 59%. 11% of the outstanding shares are held short, though the trailing P/E multiple of 14 suggests that the stock has some upside potential if the company can end its declining performance.