Brokerages Set Tower Semiconductor Ltd. (NASDAQ:TSEM) Target Price at $58.75

Tower Semiconductor Ltd. (NASDAQ:TSEM) has earned an average rating of “Buy” from the four ratings firms that are covering the firm, MarketBeat.com reports. Four equities research analysts have rated the stock with a buy rating. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $58.75.

A number of equities research analysts have recently commented on TSEM shares. StockNews.com downgraded shares of Tower Semiconductor from a “buy” rating to a “hold” rating in a report on Tuesday, November 12th. Benchmark reaffirmed a “buy” rating and issued a $55.00 target price on shares of Tower Semiconductor in a research note on Thursday, November 14th. Craig Hallum increased their price target on Tower Semiconductor from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Wedbush reaffirmed an “outperform” rating and issued a $60.00 price objective on shares of Tower Semiconductor in a research report on Monday, February 3rd. Finally, Susquehanna increased their target price on Tower Semiconductor from $55.00 to $60.00 and gave the stock a “positive” rating in a research report on Thursday, November 14th.

Tower Semiconductor Stock Down 2.2 %

Tower Semiconductor stock opened at $48.64 on Monday. Tower Semiconductor has a fifty-two week low of $28.37 and a fifty-two week high of $55.31. The firm has a market capitalization of $5.39 billion, a price-to-earnings ratio of 26.29 and a beta of 0.88. The stock’s fifty day moving average is $50.73 and its two-hundred day moving average is $45.61. The company has a debt-to-equity ratio of 0.05, a quick ratio of 4.89 and a current ratio of 5.82.

Tower Semiconductor (NASDAQ:TSEM) last announced its quarterly earnings results on Wednesday, November 13th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.12. Tower Semiconductor had a net margin of 14.75% and a return on equity of 8.22%. The company had revenue of $370.50 million for the quarter, compared to the consensus estimate of $370.30 million. During the same quarter in the prior year, the firm earned $0.47 earnings per share. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. Analysts predict that Tower Semiconductor will post 1.77 EPS for the current fiscal year.

Hedge Funds Weigh In On Tower Semiconductor

Institutional investors and hedge funds have recently made changes to their positions in the business. Sei Investments Co. bought a new stake in shares of Tower Semiconductor in the second quarter worth $1,148,000. Truist Financial Corp increased its position in shares of Tower Semiconductor by 3.8% in the 2nd quarter. Truist Financial Corp now owns 7,432 shares of the semiconductor company’s stock worth $292,000 after purchasing an additional 273 shares during the last quarter. USA Financial Formulas acquired a new stake in shares of Tower Semiconductor in the 3rd quarter valued at about $38,000. Essex Investment Management Co. LLC lifted its position in shares of Tower Semiconductor by 7.5% during the third quarter. Essex Investment Management Co. LLC now owns 179,579 shares of the semiconductor company’s stock worth $7,948,000 after purchasing an additional 12,551 shares during the last quarter. Finally, Oliver Luxxe Assets LLC grew its stake in Tower Semiconductor by 79.2% in the third quarter. Oliver Luxxe Assets LLC now owns 42,056 shares of the semiconductor company’s stock worth $1,862,000 after purchasing an additional 18,586 shares in the last quarter. 70.51% of the stock is currently owned by hedge funds and other institutional investors.

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.