Tower Semiconductor Ltd. (NASDAQ:TSEM) Expected to Post Earnings of $0.38 Per Share

Equities research analysts predict that Tower Semiconductor Ltd. (NASDAQ:TSEM) will report $0.38 earnings per share for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Tower Semiconductor’s earnings. The highest EPS estimate is $0.38 and the lowest is $0.37. Tower Semiconductor posted earnings of $0.18 per share during the same quarter last year, which suggests a positive year-over-year growth rate of 111.1%. The company is expected to announce its next earnings report on Thursday, November 11th.

On average, analysts expect that Tower Semiconductor will report full-year earnings of $1.43 per share for the current year. For the next financial year, analysts forecast that the company will report earnings of $1.82 per share, with EPS estimates ranging from $1.81 to $1.82. Zacks Investment Research’s EPS averages are an average based on a survey of research firms that that provide coverage for Tower Semiconductor.

Tower Semiconductor (NASDAQ:TSEM) last posted its earnings results on Monday, August 2nd. The semiconductor company reported $0.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.01. Tower Semiconductor had a net margin of 7.72% and a return on equity of 7.32%. The firm had revenue of $362.10 million during the quarter, compared to analyst estimates of $359.88 million. The company’s revenue was up 16.8% on a year-over-year basis.

Separately, Needham & Company LLC began coverage on shares of Tower Semiconductor in a report on Wednesday, June 30th. They issued a “buy” rating and a $37.00 price target on the stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TSEM. BlackRock Inc. lifted its holdings in Tower Semiconductor by 1,762.3% during the second quarter. BlackRock Inc. now owns 1,160,528 shares of the semiconductor company’s stock valued at $34,154,000 after purchasing an additional 1,098,211 shares during the last quarter. Meitav Dash Investments Ltd. increased its position in shares of Tower Semiconductor by 142.4% during the second quarter. Meitav Dash Investments Ltd. now owns 1,709,696 shares of the semiconductor company’s stock valued at $50,417,000 after buying an additional 1,004,519 shares during the period. Neuberger Berman Group LLC bought a new stake in shares of Tower Semiconductor during the first quarter valued at about $18,436,000. Senvest Management LLC increased its position in shares of Tower Semiconductor by 7.9% during the second quarter. Senvest Management LLC now owns 8,205,346 shares of the semiconductor company’s stock valued at $241,483,000 after buying an additional 600,400 shares during the period. Finally, Principal Financial Group Inc. increased its position in shares of Tower Semiconductor by 104.8% during the second quarter. Principal Financial Group Inc. now owns 1,067,148 shares of the semiconductor company’s stock valued at $31,406,000 after buying an additional 546,097 shares during the period. 55.66% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ:TSEM traded down $0.18 during midday trading on Thursday, reaching $29.83. The company had a trading volume of 1,766 shares, compared to its average volume of 426,589. The company’s 50 day moving average price is $28.49 and its 200 day moving average price is $28.29. The company has a current ratio of 3.71, a quick ratio of 3.02 and a debt-to-equity ratio of 0.15. The stock has a market cap of $3.19 billion, a P/E ratio of 31.26 and a beta of 1.38. Tower Semiconductor has a 52-week low of $17.61 and a 52-week high of $34.45.

About Tower Semiconductor

Tower Semiconductor Ltd. engages in the development and manufacture of semiconductors for the electronics industry. It caters to the consumer, industrial, automotive, mobile, infrastructure, medical, and aerospace and defense markets. The company was founded in 1993 and is headquartered in Migdal Haemek, Israel.

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Earnings History and Estimates for Tower Semiconductor (NASDAQ:TSEM)

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