Tower Semiconductor Ltd. (NASDAQ:TSEM – Get Free Report)’s stock price fell 12% on Tuesday . The stock traded as low as $210.60 and last traded at $212.9440. 1,304,117 shares traded hands during trading, a decline of 48% from the average session volume of 2,519,340 shares. The stock had previously closed at $242.04.
Analysts Set New Price Targets
A number of research analysts have commented on the company. Benchmark upped their price objective on Tower Semiconductor from $230.00 to $335.00 and gave the company a “buy” rating in a 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 research report on Thursday, May 14th. Wedbush upped their price target on shares of Tower Semiconductor from $140.00 to $300.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. Finally, Barclays lifted their price target 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 research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $276.75.
Check Out Our Latest Stock Analysis on Tower Semiconductor
Tower Semiconductor Trading Down 7.0%
Tower Semiconductor (NASDAQ:TSEM – Get Free Report) last posted its quarterly earnings results on Wednesday, May 13th. The semiconductor company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.09. Tower Semiconductor had a net margin of 15.13% and a return on equity of 8.54%. The business had revenue of $413.63 million for the quarter, compared to analyst estimates of $410.72 million. During the same quarter last year, the business posted $0.35 EPS. The firm’s revenue for the quarter was up 15.5% on a year-over-year basis. As a group, equities research analysts forecast that Tower Semiconductor Ltd. will post 2.84 EPS for the current fiscal year.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD lifted its holdings in shares of Tower Semiconductor by 3,222.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,682,152 shares of the semiconductor company’s stock worth $549,779,000 after acquiring an additional 4,541,235 shares during the last quarter. Capital International Investors acquired a new position in shares of Tower Semiconductor in the fourth quarter valued at approximately $222,530,000. Goldman Sachs Group Inc. increased its stake in shares of Tower Semiconductor by 214.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,206,467 shares of the semiconductor company’s stock valued at $259,083,000 after buying an additional 1,505,421 shares during the period. Turiya Advisors Asia Ltd bought a new position in Tower Semiconductor in the 4th quarter valued at approximately $172,848,000. Finally, Janus Henderson Group PLC boosted its position in Tower Semiconductor by 293.8% during the 4th quarter. Janus Henderson Group PLC now owns 1,074,717 shares of the semiconductor company’s stock worth $126,193,000 after buying an additional 801,820 shares during the period. Institutional investors 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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