Wall Street brokerages expect that Tower Semiconductor Ltd. (NASDAQ:TSEM) will post $312.00 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Tower Semiconductor’s earnings. Tower Semiconductor reported sales of $333.59 million in the same quarter last year, which suggests a negative year-over-year growth rate of 6.5%. The firm is expected to report its next earnings results on Tuesday, February 18th.
On average, analysts expect that Tower Semiconductor will report full-year sales of $1.24 billion for the current year. For the next fiscal year, analysts anticipate that the company will report sales of $1.32 billion, with estimates ranging from $1.31 billion to $1.32 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for Tower Semiconductor.
Tower Semiconductor (NASDAQ:TSEM) last issued its earnings results on Wednesday, November 13th. The semiconductor company reported $0.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.01. The company had revenue of $312.10 million for the quarter, compared to analysts’ expectations of $312.05 million. Tower Semiconductor had a net margin of 8.51% and a return on equity of 9.63%. The firm’s revenue was down 3.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.37 earnings per share.
A number of brokerages recently issued reports on TSEM. BidaskClub upgraded shares of Tower Semiconductor from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, December 10th. Craig Hallum restated a “buy” rating and set a $32.00 price objective (up previously from $24.00) on shares of Tower Semiconductor in a research report on Thursday, November 14th. They noted that the move was a valuation call. Needham & Company LLC restated a “buy” rating and set a $30.00 price objective on shares of Tower Semiconductor in a research report on Wednesday, November 13th. Finally, ValuEngine lowered shares of Tower Semiconductor from a “buy” rating to a “hold” rating in a research report on Monday, October 7th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $26.57.
Shares of TSEM stock traded up $0.22 during trading hours on Monday, reaching $25.28. The stock had a trading volume of 6,142 shares, compared to its average volume of 307,550. The company has a debt-to-equity ratio of 0.19, a current ratio of 4.50 and a quick ratio of 3.70. Tower Semiconductor has a twelve month low of $13.57 and a twelve month high of $25.80. The firm has a 50-day simple moving average of $23.98 and a 200-day simple moving average of $20.82. The firm has a market capitalization of $2.51 billion, a PE ratio of 16.70, a price-to-earnings-growth ratio of 2.16 and a beta of 1.20.
Institutional investors and hedge funds have recently made changes to their positions in the business. FMR LLC purchased a new stake in shares of Tower Semiconductor in the first quarter worth approximately $6,253,000. LPL Financial LLC lifted its position in shares of Tower Semiconductor by 46.3% in the second quarter. LPL Financial LLC now owns 50,586 shares of the semiconductor company’s stock worth $798,000 after purchasing an additional 16,009 shares in the last quarter. M&T Bank Corp lifted its position in shares of Tower Semiconductor by 34.9% in the second quarter. M&T Bank Corp now owns 14,873 shares of the semiconductor company’s stock worth $235,000 after purchasing an additional 3,848 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Tower Semiconductor in the second quarter worth approximately $8,610,000. Finally, Renaissance Technologies LLC lifted its position in shares of Tower Semiconductor by 14.6% in the second quarter. Renaissance Technologies LLC now owns 1,553,786 shares of the semiconductor company’s stock worth $24,503,000 after purchasing an additional 197,500 shares in the last quarter. Institutional investors own 52.26% of the company’s stock.
About Tower Semiconductor
Tower Semiconductor Ltd., an independent semiconductor foundry, manufactures and markets analog intensive mixed-signal semiconductor devices in the United States, Japan, Asia, and Europe. It provides various customizable process technologies, including SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, integrated power management, and MEMS.
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