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

Tower Semiconductor Ltd. (NASDAQ:TSEM) shares hit a new 52-week high during trading on Thursday . The company traded as high as $198.94 and last traded at $193.7380, with a volume of 1478478 shares trading hands. The stock had previously closed at $187.07.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on TSEM shares. Benchmark lifted their target price on shares of Tower Semiconductor from $165.00 to $230.00 and gave the company a “buy” rating in a research note on Thursday, March 26th. Barclays increased their price objective on Tower Semiconductor from $114.00 to $142.00 and gave the stock an “equal weight” rating in a report on Friday, February 13th. Susquehanna reissued a “positive” rating and set a $180.00 price objective on shares of Tower Semiconductor in a research report on Thursday, February 12th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Tower Semiconductor in a research report on Monday, December 29th. Finally, Wedbush raised their price target on Tower Semiconductor from $125.00 to $140.00 and gave the stock a “neutral” rating in a research note on Thursday, February 12th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $173.00.

Tower Semiconductor Trading Up 5.0%

The company has a market cap of $22.09 billion, a price-to-earnings ratio of 101.93 and a beta of 0.70. The company’s 50 day moving average price is $138.17 and its 200 day moving average price is $111.72. 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 released its quarterly earnings data on Wednesday, February 11th. The semiconductor company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.11. The business had revenue of $440.21 million during the quarter, compared to analyst estimates of $439.81 million. Tower Semiconductor had a net margin of 14.08% and a return on equity of 7.86%. Tower Semiconductor’s quarterly revenue was up 13.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.49 EPS. Research analysts anticipate that Tower Semiconductor Ltd. will post 1.67 EPS for the current year.

Institutional Trading of Tower Semiconductor

Several large investors have recently made changes to their positions in TSEM. Covestor Ltd lifted its holdings in shares of Tower Semiconductor by 10.8% during the fourth quarter. Covestor Ltd now owns 793 shares of the semiconductor company’s stock worth $93,000 after buying an additional 77 shares during the last quarter. Mackenzie Financial Corp grew its stake in shares of Tower Semiconductor by 2.6% in the third quarter. Mackenzie Financial Corp now owns 5,053 shares of the semiconductor company’s stock worth $359,000 after acquiring an additional 127 shares during the last quarter. Evergreen Capital Management LLC grew its stake in shares of Tower Semiconductor by 2.6% in the fourth quarter. Evergreen Capital Management LLC now owns 5,118 shares of the semiconductor company’s stock worth $601,000 after acquiring an additional 131 shares during the last quarter. Mariner LLC increased its position in Tower Semiconductor by 2.4% during the third quarter. Mariner LLC now owns 8,815 shares of the semiconductor company’s stock worth $637,000 after acquiring an additional 207 shares during the period. Finally, Wells Fargo & Company MN raised its stake in Tower Semiconductor by 2.9% during the 4th quarter. Wells Fargo & Company MN now owns 7,848 shares of the semiconductor company’s stock valued at $922,000 after purchasing an additional 218 shares during the last quarter. Institutional investors own 70.51% of the company’s stock.

About Tower Semiconductor

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.