Shares of Tower Semiconductor Ltd. (NASDAQ:TSEM – Get Free Report) traded down 7.9% during mid-day trading on Friday . The stock traded as low as $253.20 and last traded at $253.8260. 1,307,518 shares changed hands during trading, a decline of 49% from the average session volume of 2,559,963 shares. The stock had previously closed at $275.50.
Analysts Set New Price Targets
Several equities research analysts have recently issued reports on the stock. Wedbush increased their price objective on shares of Tower Semiconductor from $140.00 to $300.00 and gave the stock a “neutral” rating in a research report on Thursday, May 14th. Benchmark raised their target price on shares of Tower Semiconductor from $230.00 to $335.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Susquehanna raised their target price on shares of Tower Semiconductor from $180.00 to $330.00 and gave the company a “positive” rating in a research report on Thursday, May 14th. Finally, Barclays raised their target price on shares of Tower Semiconductor from $114.00 to $142.00 and gave the company an “equal weight” rating in a research report on Friday, February 13th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Tower Semiconductor has a consensus rating of “Hold” and a consensus price target of $276.75.
Get Our Latest Stock Analysis on Tower Semiconductor
Tower Semiconductor Trading Down 9.5%
Tower Semiconductor (NASDAQ:TSEM – Get Free Report) last released its earnings results on Wednesday, May 13th. The semiconductor company reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.09. The business had revenue of $413.63 million during the quarter, compared to the consensus estimate of $410.72 million. Tower Semiconductor had a net margin of 15.13% and a return on equity of 8.54%. The firm’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.35 earnings per share. As a group, analysts predict that Tower Semiconductor Ltd. will post 2.64 earnings per share for the current fiscal year.
Institutional Trading of Tower Semiconductor
Large investors have recently added to or reduced their stakes in the company. USA Financial Formulas acquired a new stake in Tower Semiconductor in the fourth quarter valued at $27,000. Hanson & Doremus Investment Management acquired a new stake in Tower Semiconductor in the first quarter valued at $53,000. CIBC Private Wealth Group LLC lifted its stake in Tower Semiconductor by 254.2% in the third quarter. CIBC Private Wealth Group LLC now owns 418 shares of the semiconductor company’s stock valued at $30,000 after acquiring an additional 300 shares during the last quarter. Kestra Advisory Services LLC acquired a new stake in Tower Semiconductor in the fourth quarter valued at $52,000. Finally, Westside Investment Management Inc. lifted its stake in Tower Semiconductor by 100.0% in the third quarter. Westside Investment Management Inc. now owns 452 shares of the semiconductor company’s stock valued at $34,000 after acquiring an additional 226 shares during the last quarter. Institutional investors and hedge funds own 70.51% of the company’s stock.
Tower Semiconductor Company Profile
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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