Tower Semiconductor (NASDAQ:TSEM) Sets New 12-Month High – Here’s What Happened

Tower Semiconductor Ltd. (NASDAQ:TSEM)’s share price hit a new 52-week high during trading on Thursday . The company traded as high as $50.66 and last traded at $50.50, with a volume of 75594 shares traded. The stock had previously closed at $49.59.

Analysts Set New Price Targets

Several brokerages have weighed in on TSEM. Benchmark reiterated a “buy” rating and issued a $55.00 price objective on shares of Tower Semiconductor in a research report on Thursday, November 14th. Susquehanna upped their price target on shares of Tower Semiconductor from $55.00 to $60.00 and gave the company a “positive” rating in a report on Thursday, November 14th. Craig Hallum raised their price target on shares of Tower Semiconductor from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, StockNews.com cut shares of Tower Semiconductor from a “buy” rating to a “hold” rating in a research report on Tuesday, November 12th. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Tower Semiconductor has an average rating of “Moderate Buy” and an average target price of $58.33.

Tower Semiconductor Stock Up 1.2 %

The company has a debt-to-equity ratio of 0.05, a current ratio of 5.82 and a quick ratio of 4.89. The stock has a market capitalization of $5.56 billion, a PE ratio of 26.81 and a beta of 0.92. The company has a 50 day moving average price of $45.19 and a 200-day moving average price of $41.80.

Tower Semiconductor (NASDAQ:TSEM) last issued its quarterly earnings data on Wednesday, November 13th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.12. Tower Semiconductor had a net margin of 14.75% and a return on equity of 8.22%. The business had revenue of $370.50 million for the quarter, compared to the consensus estimate of $370.30 million. During the same period in the previous year, the firm earned $0.47 EPS. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. As a group, analysts forecast that Tower Semiconductor Ltd. will post 1.77 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in TSEM. Senvest Management LLC grew its position in shares of Tower Semiconductor by 1.7% in the 3rd quarter. Senvest Management LLC now owns 8,320,433 shares of the semiconductor company’s stock worth $368,262,000 after buying an additional 138,807 shares during the period. Harel Insurance Investments & Financial Services Ltd. increased its stake in shares of Tower Semiconductor by 3.4% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 3,763,097 shares of the semiconductor company’s stock valued at $147,927,000 after purchasing an additional 123,200 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its position in shares of Tower Semiconductor by 1.5% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,297,806 shares of the semiconductor company’s stock worth $145,961,000 after purchasing an additional 50,000 shares in the last quarter. Point72 Asset Management L.P. grew its stake in shares of Tower Semiconductor by 203.8% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,105,383 shares of the semiconductor company’s stock worth $137,444,000 after buying an additional 2,083,262 shares during the last quarter. Finally, Jennison Associates LLC grew its stake in shares of Tower Semiconductor by 1.5% in the 3rd quarter. Jennison Associates LLC now owns 2,790,991 shares of the semiconductor company’s stock worth $123,529,000 after buying an additional 40,038 shares during the last quarter. Hedge funds and other institutional investors own 70.51% of the company’s stock.

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.