Tower Semiconductor (NASDAQ:TSEM) Trading Up 7.2% – Here’s Why

Tower Semiconductor Ltd. (NASDAQ:TSEM) shot up 7.2% during trading on Friday . The company traded as high as $128.98 and last traded at $127.09. 787,684 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 2,042,749 shares. The stock had previously closed at $118.54.

Wall Street Analyst Weigh In

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

Tower Semiconductor Trading Up 6.7%

The company has a quick ratio of 5.51, a current ratio of 6.48 and a debt-to-equity ratio of 0.05. The company’s 50-day moving average is $127.29 and its 200-day moving average is $101.57. The stock has a market capitalization of $14.22 billion, a price-to-earnings ratio of 65.35 and a beta of 0.91.

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

Institutional Investors Weigh In On Tower Semiconductor

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Senvest Management LLC raised its position in Tower Semiconductor by 0.9% in the second 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 grew 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. grew 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. increased its position in shares of Tower Semiconductor by 0.8% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,002,806 shares of the semiconductor company’s stock worth $352,589,000 after purchasing an additional 25,000 shares during the last quarter. Finally, Jennison Associates LLC raised its holdings in Tower Semiconductor by 18.8% in the 3rd 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 period. Institutional investors and hedge funds 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.