Tower Semiconductor Ltd. (NASDAQ:TSEM – Get Free Report) shares gapped down before the market opened on Friday. The stock had previously closed at $209.80, but opened at $203.10. Tower Semiconductor shares last traded at $202.8460, with a volume of 117,052 shares traded.
Analysts Set New Price Targets
TSEM has been the subject of several recent research reports. Weiss Ratings lowered shares of Tower Semiconductor from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, August 18th. Barclays initiated coverage on shares of Tower Semiconductor in a research note on Friday, September 18th. They issued an “overweight” rating and a $310.00 target price on the stock. Benchmark restated a “buy” rating on shares of Tower Semiconductor in a report on Wednesday, August 5th. Stifel Nicolaus started coverage on shares of Tower Semiconductor in a report on Tuesday, September 1st. They set a “buy” rating and a $270.00 target price on the stock. Finally, National Bank Financial raised shares of Tower Semiconductor to a “buy” rating in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $316.00.
View Our Latest Analysis on TSEM
Tower Semiconductor Trading Down 3.5%
The firm has a market cap of $22.76 billion, a price-to-earnings ratio of 80.51 and a beta of 0.89. The company has a quick ratio of 4.31, a current ratio of 4.91 and a debt-to-equity ratio of 0.04. The business has a 50 day moving average price of $226.45 and a 200-day moving average price of $232.48.
Tower Semiconductor (NASDAQ:TSEM – Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The semiconductor company reported $0.88 EPS for the quarter, topping the consensus estimate of $0.76 by $0.12. The firm had revenue of $460.08 million for the quarter, compared to analyst estimates of $454.68 million. Tower Semiconductor had a return on equity of 9.83% and a net margin of 16.94%. Tower Semiconductor’s revenue for the quarter was up 23.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.41 EPS. As a group, research analysts expect that Tower Semiconductor Ltd. will post 3.56 EPS for the current fiscal year.
Insider Buying and Selling
In other news, CEO Russell Ellwanger sold 104,226 shares of the business’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $248.34, for a total transaction of $25,883,484.84. Following the transaction, the chief executive officer directly owned 526,788 shares of the company’s stock, valued at approximately $130,822,531.92. The trade was a 16.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Yoav Chelouche sold 232 shares of the company’s stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $215.06, for a total transaction of $49,893.92. Following the completion of the transaction, the director owned 33,734 shares of the company’s stock, valued at $7,254,834.04. This trade represents a 0.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 181,767 shares of company stock worth $45,610,065 in the last quarter. Insiders own 1.00% of the company’s stock.
Institutional Investors Weigh In On Tower Semiconductor
Large investors have recently added to or reduced their stakes in the company. QRG Capital Management Inc. grew its position in Tower Semiconductor by 4.1% in the second quarter. QRG Capital Management Inc. now owns 1,295 shares of the semiconductor company’s stock worth $338,000 after buying an additional 51 shares during the last quarter. Versant Capital Management Inc grew its holdings in shares of Tower Semiconductor by 20.8% in the 3rd quarter. Versant Capital Management Inc now owns 319 shares of the semiconductor company’s stock worth $73,000 after acquiring an additional 55 shares during the last quarter. Silverleafe Capital Partners LLC lifted its holdings in shares of Tower Semiconductor by 3.0% during the second quarter. Silverleafe Capital Partners LLC now owns 2,860 shares of the semiconductor company’s stock valued at $745,000 after purchasing an additional 84 shares during the last quarter. Integrated Wealth Concepts LLC increased its stake in Tower Semiconductor by 8.1% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 1,428 shares of the semiconductor company’s stock worth $372,000 after purchasing an additional 107 shares in the last quarter. Finally, TD Waterhouse Canada Inc. raised its holdings in Tower Semiconductor by 230.7% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 334 shares of the semiconductor company’s stock worth $82,000 after buying an additional 233 shares during the period. 70.51% of the stock is owned by institutional investors and hedge funds.
About Tower Semiconductor
Tower Semiconductor Ltd. is an Israel-based specialty semiconductor foundry that manufactures integrated circuits for fabless semiconductor companies, integrated device manufacturers and other technology companies. Rather than selling products under a broad consumer brand, Tower provides wafer fabrication, process technology and manufacturing services tailored to customers’ chip designs.
The company specializes in analog and mixed-signal semiconductors, radio-frequency components, power-management devices, CMOS image sensors and other specialty technologies.
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