Tower Semiconductor (NASDAQ:TSEM) Shares Gap Up – Time to Buy?

Tower Semiconductor Ltd. (NASDAQ:TSEM)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $124.71, but opened at $133.66. Tower Semiconductor shares last traded at $136.54, with a volume of 882,997 shares.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Barclays increased their price objective on Tower Semiconductor from $114.00 to $142.00 and gave the company an “equal weight” rating in a report on Friday, February 13th. Benchmark upped their target price on Tower Semiconductor from $150.00 to $165.00 and gave the stock a “buy” rating in a research report on Thursday, February 12th. Susquehanna reiterated a “positive” rating and set a $180.00 price target on shares of Tower Semiconductor in a report on Thursday, February 12th. Wedbush increased their price target on Tower Semiconductor from $125.00 to $140.00 and gave the company a “neutral” rating in a report on Thursday, February 12th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Tower Semiconductor in a research note on Monday, December 29th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $156.75.

Tower Semiconductor Stock Performance

The stock has a market cap of $15.73 billion, a P/E ratio of 72.29 and a beta of 0.91. The firm has a 50 day moving average of $127.35 and a two-hundred day moving average of $102.64. The company has a debt-to-equity ratio of 0.05, a quick ratio of 5.51 and a current ratio of 6.48.

Tower Semiconductor (NASDAQ:TSEM) last issued its quarterly earnings results on Wednesday, February 11th. The semiconductor company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.67 by $0.11. Tower Semiconductor had a return on equity of 7.86% and a net margin of 14.08%.The company had revenue of $440.21 million for the quarter, compared to the consensus estimate of $439.81 million. During the same period in the previous year, the business posted $0.49 EPS. The company’s revenue for the quarter was up 13.7% on a year-over-year basis. On average, research analysts predict that Tower Semiconductor Ltd. will post 1.67 EPS for the current fiscal year.

Hedge Funds Weigh In On Tower Semiconductor

Institutional investors and hedge funds have recently bought and sold shares of the stock. Senvest Management LLC boosted its holdings in Tower Semiconductor by 0.9% in the 2nd quarter. Senvest Management LLC now owns 8,128,614 shares of the semiconductor company’s stock valued at $352,375,000 after purchasing an additional 69,207 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Tower Semiconductor by 3,222.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,682,152 shares of the semiconductor company’s stock worth $549,779,000 after purchasing an additional 4,541,235 shares during the period. Vanguard Group Inc. increased its holdings in shares of Tower Semiconductor by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 4,338,080 shares of the semiconductor company’s stock worth $507,317,000 after purchasing an additional 53,112 shares during the period. Migdal Insurance & Financial Holdings Ltd. raised its position in shares of Tower Semiconductor by 0.8% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,002,806 shares of the semiconductor company’s stock valued at $352,589,000 after buying an additional 25,000 shares during the last quarter. Finally, Jennison Associates LLC raised its position in shares of Tower Semiconductor by 18.8% during the third quarter. Jennison Associates LLC now owns 2,331,831 shares of the semiconductor company’s stock valued at $168,591,000 after buying an additional 369,600 shares during the last quarter. 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.