Tower Semiconductor (NASDAQ:TSEM) Receives Outperform Rating from Wedbush

Wedbush reaffirmed their outperform rating on shares of Tower Semiconductor (NASDAQ:TSEM) in a research report released on Monday morning, MarketBeat Ratings reports. The firm currently has a $60.00 price objective on the semiconductor company’s stock.

Other research analysts also recently issued reports about the company. StockNews.com downgraded Tower Semiconductor from a “buy” rating to a “hold” rating in a research note on Tuesday, November 12th. Benchmark reissued a “buy” rating and issued a $55.00 price target on shares of Tower Semiconductor in a research note on Thursday, November 14th. Craig Hallum upped their price objective on shares of Tower Semiconductor from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, Susquehanna raised their target price on shares of Tower Semiconductor from $55.00 to $60.00 and gave the stock a “positive” rating in a research note on Thursday, November 14th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $58.75.

Tower Semiconductor Price Performance

Tower Semiconductor stock opened at $49.40 on Monday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 4.89 and a current ratio of 5.82. The company’s fifty day moving average price is $50.56 and its 200 day moving average price is $45.42. The stock has a market capitalization of $5.47 billion, a P/E ratio of 26.70 and a beta of 0.88. Tower Semiconductor has a 1 year low of $28.11 and a 1 year high of $55.31.

Tower Semiconductor (NASDAQ:TSEM) last posted its quarterly earnings data on Wednesday, November 13th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.12. Tower Semiconductor had a return on equity of 8.22% and a net margin of 14.75%. The company had revenue of $370.50 million for the quarter, compared to analysts’ expectations of $370.30 million. During the same period in the previous year, the firm posted $0.47 EPS. Tower Semiconductor’s revenue was up 3.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Tower Semiconductor will post 1.77 earnings per share for the current fiscal year.

Institutional Trading of Tower Semiconductor

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Senvest Management LLC grew its position in Tower Semiconductor by 1.7% in the third quarter. Senvest Management LLC now owns 8,320,433 shares of the semiconductor company’s stock worth $368,262,000 after acquiring an additional 138,807 shares during the period. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in shares of Tower Semiconductor by 1.5% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,297,806 shares of the semiconductor company’s stock worth $145,961,000 after acquiring an additional 50,000 shares during the last quarter. Point72 Asset Management L.P. boosted its position in shares of Tower Semiconductor by 203.8% during the 3rd quarter. Point72 Asset Management L.P. now owns 3,105,383 shares of the semiconductor company’s stock worth $137,444,000 after purchasing an additional 2,083,262 shares during the period. Jennison Associates LLC increased its holdings in Tower Semiconductor by 1.5% in the 3rd quarter. Jennison Associates LLC now owns 2,790,991 shares of the semiconductor company’s stock valued at $123,529,000 after purchasing an additional 40,038 shares during the last quarter. Finally, Meitav Investment House Ltd. raised its position in Tower Semiconductor by 5.1% in the third quarter. Meitav Investment House Ltd. now owns 2,555,530 shares of the semiconductor company’s stock valued at $113,220,000 after purchasing an additional 123,713 shares during the period. Institutional investors and hedge funds own 70.51% of the company’s stock.

Tower Semiconductor Company Profile

Tower Semiconductor Ltd., an independent semiconductor foundry, focus on specialty process technologies to manufacture analog intensive mixed-signal semiconductor devices in Israel, the United States, Japan, Europe, and internationally. It provides various customizable process technologies, including SiGe, BiCMOS, mixed signal/CMOS, RF CMOS, CMOS image sensor, integrated power management, and MEMS.