Tower Semiconductor (NASDAQ:TSEM) Trading Up 7.1% – Here’s Why

Tower Semiconductor Ltd. (NASDAQ:TSEMGet Free Report)’s stock price traded up 7.1% during mid-day trading on Friday . The stock traded as high as $219.69 and last traded at $220.7990. Approximately 351,671 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 2,272,536 shares. The stock had previously closed at $206.16.

Analyst Upgrades and Downgrades

TSEM has been the topic of several recent research reports. Wedbush boosted their price target on shares of Tower Semiconductor from $140.00 to $300.00 and gave the company a “neutral” rating in a research report on Thursday, May 14th. Susquehanna boosted their target price on shares of Tower Semiconductor from $180.00 to $330.00 and gave the company a “positive” rating in a report on Thursday, May 14th. Barclays raised shares of Tower Semiconductor from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 20th. Weiss Ratings cut Tower Semiconductor from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, August 18th. Finally, Benchmark reiterated a “buy” rating on shares of Tower Semiconductor in a research report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Tower Semiconductor presently has an average rating of “Moderate Buy” and a consensus price target of $290.67.

View Our Latest Report on TSEM

Tower Semiconductor Stock Up 8.0%

The business’s 50 day moving average price is $230.64 and its 200-day moving average price is $214.13. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.31 and a current ratio of 4.91. The firm has a market capitalization of $25.03 billion, a PE ratio of 88.02 and a beta of 0.88.

Tower Semiconductor (NASDAQ:TSEMGet Free Report) last posted its earnings results on Tuesday, August 4th. The semiconductor company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.12. Tower Semiconductor had a net margin of 16.94% and a return on equity of 9.83%. The firm had revenue of $460.08 million during the quarter, compared to the consensus estimate of $454.68 million. During the same quarter last year, the firm earned $0.41 EPS. The firm’s revenue for the quarter was up 23.7% on a year-over-year basis. As a group, equities research analysts forecast that Tower Semiconductor Ltd. will post 3.57 earnings per share for the current year.

Insider Activity

In related news, CEO Russell Ellwanger sold 104,226 shares of the stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $248.34, for a total transaction of $25,883,484.84. Following the transaction, the chief executive officer owned 526,788 shares of the company’s stock, valued at approximately $130,822,531.92. This represents a 16.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of Tower Semiconductor

Several hedge funds have recently modified their holdings of TSEM. Covestor Ltd boosted its holdings in Tower Semiconductor by 10.8% in the fourth quarter. Covestor Ltd now owns 793 shares of the semiconductor company’s stock valued at $93,000 after purchasing an additional 77 shares during the period. Silverleafe Capital Partners LLC increased its holdings in Tower Semiconductor by 3.0% during the 2nd quarter. Silverleafe Capital Partners LLC now owns 2,860 shares of the semiconductor company’s stock worth $745,000 after purchasing an additional 84 shares during the period. Mackenzie Financial Corp raised its position in Tower Semiconductor by 2.6% in the 3rd quarter. Mackenzie Financial Corp now owns 5,053 shares of the semiconductor company’s stock valued at $359,000 after purchasing an additional 127 shares in the last quarter. Mariner LLC raised its position in Tower Semiconductor by 2.4% in the 3rd quarter. Mariner LLC now owns 8,815 shares of the semiconductor company’s stock valued at $637,000 after purchasing an additional 207 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of Tower Semiconductor by 2.9% in the 4th quarter. Wells Fargo & Company MN now owns 7,848 shares of the semiconductor company’s stock valued at $922,000 after buying an additional 218 shares during the period. 70.51% of the stock is currently owned by institutional investors and hedge funds.

Tower Semiconductor Company Profile

(Get Free Report)

Tower Semiconductor, traded on NASDAQ under the symbol TSEM, is a specialty foundry company that provides analog and mixed-signal semiconductor manufacturing services to a broad array of customers worldwide. The company focuses on delivering tailored process technologies for high-growth markets, including radio frequency (RF), power management, imaging, automotive electronics, and Internet of Things (IoT) applications. By combining deep process know-how with flexible manufacturing capabilities, Tower Semiconductor supports the development and volume production of advanced semiconductor devices for fabless and integrated device manufacturer customers.

The company’s technology portfolio spans standard and specialty processes such as CMOS, BiCMOS, high-voltage, radio frequency, silicon photonics, micro-electromechanical systems (MEMS) and image sensor production.

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