Tower Semiconductor (NASDAQ:TSEM) Stock Jumps 7.1% – What’s Next?

Tower Semiconductor Ltd. (NASDAQ:TSEM)’s share price rose 7.1% during trading on Monday. The stock traded as high as $174.92 and last traded at $179.4960. 939,573 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 2,259,686 shares. The stock had previously closed at $167.56.

Analysts Set New Price Targets

TSEM has been the topic of a number of analyst reports. Barclays assumed coverage on shares of Tower Semiconductor in a report on Friday, September 18th. They set an “overweight” rating and a $310.00 price objective on the stock. UBS Group reiterated a “buy” rating on shares of Tower Semiconductor in a report on Wednesday, July 15th. Weiss Ratings cut Tower Semiconductor from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, August 18th. Stifel Nicolaus assumed coverage on Tower Semiconductor in a research note on Tuesday, September 1st. They set a “buy” rating and a $270.00 target price on the stock. Finally, Mizuho initiated coverage on shares of Tower Semiconductor in a research report on Friday, September 25th. They issued an “outperform” rating and a $300.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $316.00.

Tower Semiconductor Price Performance

The stock has a market cap of $21.70 billion, a PE ratio of 76.33 and a beta of 0.89. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.91 and a quick ratio of 4.31. The firm’s 50 day moving average price is $215.51 and its two-hundred day moving average price is $203.28.

Tower Semiconductor (NASDAQ:TSEM) last posted its quarterly earnings results on Tuesday, August 4th. The semiconductor company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $454.68 million. During the same period last year, the company earned $0.41 earnings per share. The business’s revenue for the quarter was up 23.7% on a year-over-year basis. On average, research analysts expect that Tower Semiconductor Ltd. will post 3.56 earnings per share for the current year.

Insider Buying and Selling at Tower Semiconductor

In related news, CEO Russell Ellwanger sold 104,226 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $248.34, for a total value of $25,883,484.84. Following the transaction, the chief executive officer directly owned 526,788 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Yoav Chelouche sold 232 shares of Tower Semiconductor stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $215.06, for a total transaction of $49,893.92. Following the sale, the director owned 33,734 shares of the company’s stock, valued at approximately $7,254,834.04. The trade was a 0.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 181,767 shares of company stock valued at $45,610,065 in the last three months. 1.00% of the stock is owned by corporate insiders.

Institutional Trading of Tower Semiconductor

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Pinnacle Wealth Planning Services Inc. increased its holdings in shares of Tower Semiconductor by 83.2% in the third quarter. Pinnacle Wealth Planning Services Inc. now owns 339 shares of the semiconductor company’s stock worth $77,000 after buying an additional 154 shares during the period. NTV Asset Management LLC bought a new stake in shares of Tower Semiconductor in the 3rd quarter valued at about $654,000. Sterling Capital Management LLC purchased a new stake in Tower Semiconductor during the 3rd quarter valued at about $75,000. Five Oceans Advisors purchased a new stake in Tower Semiconductor during the 3rd quarter valued at about $214,000. Finally, SBI Securities Co. Ltd. boosted its holdings in Tower Semiconductor by 1.8% during the 3rd quarter. SBI Securities Co. Ltd. now owns 5,111 shares of the semiconductor company’s stock valued at $1,162,000 after acquiring an additional 92 shares during the period. Hedge funds and other institutional investors own 70.51% of the company’s stock.

Tower Semiconductor Company Profile

Tower Semiconductor Ltd. is an Israeli specialty semiconductor foundry that manufactures integrated circuits for fabless semiconductor companies, integrated device manufacturers and system companies. The company provides process technologies and production services rather than selling branded end-user electronics.

Its offerings include analog and mixed-signal technologies, radio-frequency and high-voltage circuits, power management solutions, image sensors, and specialty memory products.