On Feb. 13, 2026, Meros Investment Management, LP disclosed in a U.S. Securities and Exchange Commission (SEC) filing that it sold 396,804 shares of Photronics (PLAB +0.52%) in the fourth quarter of 2025.
What happened
In a recent SEC filing dated Feb. 13, 2026, Meros Investment Management, LP, reported selling 396,804 shares of Photronics (PLAB +0.52%). The estimated transaction value was approximately $10 million, based on the fourth quarter’s average trading price. Following the sale, the fund’s holdings were reduced to 108,004 shares, valued at $3.4 million at the end of the fourth quarter. The sale reduced the fund’s position by $8.1 million, including both trading and changes in share price.
NASDAQ: PLAB
Key Data Points
What else to know
- This reduction moves Photronics to 1.4% of Meros Investment Management, LP’s 13F AUM, outside the fund’s top five positions.
- Top holdings after this filing:
- NYSE: DCO: ~$16.6 million (~6.6% of AUM)
- NASDAQ: MGNI: ~$13.4 million (~5.3% of AUM)
- NYSE: THR: ~$12.6 million (~5.0% of AUM)
- NYSE: NVRI: ~$11.5 million (~4.6% of AUM)
- NASDAQ: AMPL: ~$9.9 million (~3.9% of AUM)
- As of Feb. 16, 2026, Photronics’ shares were priced at $38.80, up 74.2% over the past year and outperforming the S&P 500 by 62.4 percentage points.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close 2/13/26) | $38.80 |
| Market capitalization | $2.29 billion |
| Revenue (TTM) | $862 million |
| Net income (TTM) | $192 million |
Company snapshot
- Manufactures and sells photomask products used in the production of integrated circuits and flat panel displays.
- Generates revenue by providing essential photomask solutions to semiconductor and electronics manufacturers worldwide.
- Serves semiconductor foundries, display manufacturers, and high-performance electronics producers across the United States, Asia, and Europe.
Photronics is a leading supplier of photomasks, a critical component in semiconductor and display manufacturing. The company leverages global operations and technical expertise to support advanced electronics production for a diversified customer base. Its scale and specialization in photomask technology provide a competitive edge in the high-growth semiconductor supply chain.
What this transaction means for investors
Meros made several moves in the quarter that reflect classic value investing decisions. The firm reduced its stake in two of its top holdings, including Photronics and Thermon. Both of these stocks outperformed the market significantly over the past year.
Photronics skyrocketed toward the end of the year after delivering strong financial results. Meros took this as an opportunity to lock in gains.
The stocks Meros was buying more of in the quarter, such as Magnite and Amplitude, were trading slightly down. Meros appears to see Photronics as fairly valued, whereas other top holdings may still be undervalued and therefore offer more upside.
