Tower Semiconductor Ltd. Forecasted to Post Q3 2024 Earnings of $0.45 Per Share (NASDAQ:TSEM)

Tower Semiconductor Ltd. (NASDAQ:TSEM) – Stock analysts at Zacks Small Cap boosted their Q3 2024 earnings per share (EPS) estimates for Tower Semiconductor in a research note issued to investors on Wednesday, July 24th. Zacks Small Cap analyst L. Thompson now anticipates that the semiconductor company will post earnings per share of $0.45 for the quarter, up from their prior estimate of $0.39. The consensus estimate for Tower Semiconductor’s current full-year earnings is $1.67 per share. Zacks Small Cap also issued estimates for Tower Semiconductor’s Q4 2024 earnings at $0.50 EPS and FY2025 earnings at $1.86 EPS.

A number of other brokerages have also recently commented on TSEM. Benchmark restated a “buy” rating and set a $40.00 price target on shares of Tower Semiconductor in a research note on Friday, May 10th. Susquehanna upgraded Tower Semiconductor from a “neutral” rating to a “positive” rating and increased their target price for the stock from $36.00 to $55.00 in a research report on Friday, May 10th. StockNews.com cut Tower Semiconductor from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 19th. Finally, Craig Hallum raised their target price on Tower Semiconductor from $40.00 to $44.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Four research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $46.33.

Tower Semiconductor Price Performance

NASDAQ TSEM opened at $40.65 on Monday. The company has a quick ratio of 4.94, a current ratio of 5.90 and a debt-to-equity ratio of 0.05. The company has a market cap of $4.69 billion, a PE ratio of 9.22 and a beta of 0.90. Tower Semiconductor has a 52 week low of $21.43 and a 52 week high of $44.18. The firm’s 50-day simple moving average is $39.44 and its two-hundred day simple moving average is $34.81.

Tower Semiconductor (NASDAQ:TSEM) last posted its quarterly earnings results on Thursday, May 9th. The semiconductor company reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.08. The company had revenue of $327.24 million for the quarter, compared to analysts’ expectations of $325.00 million. Tower Semiconductor had a net margin of 35.58% and a return on equity of 8.33%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in TSEM. Quadrant Capital Group LLC raised its position in shares of Tower Semiconductor by 34.4% in the fourth quarter. Quadrant Capital Group LLC now owns 1,615 shares of the semiconductor company’s stock worth $49,000 after buying an additional 413 shares in the last quarter. Signaturefd LLC raised its holdings in shares of Tower Semiconductor by 189.8% in the 4th quarter. Signaturefd LLC now owns 2,017 shares of the semiconductor company’s stock valued at $62,000 after acquiring an additional 1,321 shares in the last quarter. Principal Securities Inc. purchased a new stake in shares of Tower Semiconductor in the 4th quarter valued at about $71,000. State Board of Administration of Florida Retirement System bought a new stake in shares of Tower Semiconductor during the 1st quarter valued at about $164,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Tower Semiconductor during the second quarter worth about $177,000. 70.51% of the stock is currently owned by hedge funds and other institutional investors.

About Tower Semiconductor

Tower Semiconductor Ltd., an independent semiconductor foundry, focus on specialty process technologies to manufacture analog intensive mixed-signal semiconductor devices in Israel, the United States, Japan, Europe, and internationally. It provides various customizable process technologies, including SiGe, BiCMOS, mixed signal/CMOS, RF CMOS, CMOS image sensor, integrated power management, and MEMS.