Tower Semiconductor Ltd. (NASDAQ:TSEM) Receives $294.80 Consensus Target Price from Brokerages

Shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) have been given a consensus recommendation of “Moderate Buy” by the eight ratings firms that are presently covering the stock, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $294.80.

TSEM has been the subject of several recent research reports. National Bank Financial raised Tower Semiconductor to a “buy” rating in a research note on Friday, August 7th. Susquehanna lifted their target price on shares of Tower Semiconductor from $180.00 to $330.00 and gave the stock a “positive” rating in a research report on Thursday, May 14th. UBS Group reissued a “buy” rating on shares of Tower Semiconductor in a report on Wednesday, July 15th. Bank of America assumed coverage on shares of Tower Semiconductor in a research report on Friday, August 7th. They issued a “buy” rating and a $367.00 price target for the company. Finally, Benchmark reaffirmed a “buy” rating on shares of Tower Semiconductor in a research note on Wednesday, August 5th.

Tower Semiconductor Trading Up 5.0%

Shares of TSEM stock opened at $265.48 on Friday. The firm has a market capitalization of $29.85 billion, a P/E ratio of 104.93 and a beta of 0.90. Tower Semiconductor has a twelve month low of $46.25 and a twelve month high of $319.94. The company has a quick ratio of 4.31, a current ratio of 4.91 and a debt-to-equity ratio of 0.04. The stock’s fifty day simple moving average is $244.61 and its 200 day simple moving average is $205.25.

Tower Semiconductor (NASDAQ:TSEM) last posted its earnings results on Wednesday, August 5th. The semiconductor company reported $0.88 EPS for the quarter, beating the consensus estimate of $0.76 by $0.12. Tower Semiconductor had a return on equity of 9.83% and a net margin of 16.94%.The firm had revenue of $460.08 million during the quarter, compared to the consensus estimate of $454.68 million. During the same period last year, the company earned $0.41 earnings per share. The business’s quarterly revenue was up 23.7% on a year-over-year basis. As a group, sell-side analysts predict that Tower Semiconductor will post 3.57 EPS for the current fiscal year.

Insider Buying and Selling at Tower Semiconductor

In related news, CEO Russell Craig Ellwanger sold 104,226 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $248.34, for a total value of $25,883,484.84. Following the completion of the sale, the chief executive officer directly owned 526,788 shares in the company, valued at $130,822,531.92. This represents a 16.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD increased its stake in shares of Tower Semiconductor by 3,222.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,682,152 shares of the semiconductor company’s stock valued at $549,779,000 after buying an additional 4,541,235 shares during the period. Vanguard Group Inc. raised its position in shares of Tower Semiconductor by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 4,338,080 shares of the semiconductor company’s stock worth $507,317,000 after acquiring an additional 53,112 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its stake in shares of Tower Semiconductor by 0.8% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,002,806 shares of the semiconductor company’s stock worth $352,589,000 after acquiring an additional 25,000 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Tower Semiconductor by 214.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,206,467 shares of the semiconductor company’s stock worth $259,083,000 after acquiring an additional 1,505,421 shares during the period. Finally, Wellington Management Group LLP boosted its holdings in Tower Semiconductor by 0.7% in the third quarter. Wellington Management Group LLP now owns 2,108,004 shares of the semiconductor company’s stock valued at $152,409,000 after acquiring an additional 15,461 shares during the last quarter. 70.51% of the stock is owned by institutional investors and hedge funds.

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.