Tower Semiconductor Ltd. (NASDAQ:TSEM) announced its quarterly earnings results on Thursday. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.03, MarketWatch Earnings reports. Tower Semiconductor had a return on equity of 28.41% and a net margin of 14.10%. The business had revenue of $345.10 million during the quarter, compared to the consensus estimate of $344.98 million. During the same quarter in the prior year, the company posted $0.45 earnings per share. Tower Semiconductor’s revenue was up 13.1% compared to the same quarter last year.

Shares of Tower Semiconductor (NASDAQ:TSEM) traded up 0.16% on Friday, reaching $24.43. The company’s stock had a trading volume of 642,892 shares. Tower Semiconductor has a 52-week low of $13.50 and a 52-week high of $27.60. The company has a market cap of $2.29 billion, a price-to-earnings ratio of 13.10 and a beta of 1.00. The stock has a 50-day moving average of $25.22 and a 200 day moving average of $23.45.

A number of hedge funds and other institutional investors have recently made changes to their positions in TSEM. DUPONT CAPITAL MANAGEMENT Corp bought a new position in shares of Tower Semiconductor during the first quarter worth about $115,000. Dupont Capital Management Corp boosted its position in shares of Tower Semiconductor by 24.4% in the second quarter. Dupont Capital Management Corp now owns 6,219 shares of the semiconductor company’s stock worth $148,000 after buying an additional 1,219 shares during the last quarter. Parametric Portfolio Associates LLC bought a new position in shares of Tower Semiconductor during the first quarter worth about $217,000. First Dallas Securities Inc. bought a new position in shares of Tower Semiconductor during the first quarter worth about $225,000. Finally, JPMorgan Chase & Co. boosted its position in shares of Tower Semiconductor by 319.3% in the first quarter. JPMorgan Chase & Co. now owns 10,194 shares of the semiconductor company’s stock worth $235,000 after buying an additional 7,763 shares during the last quarter. Institutional investors and hedge funds own 48.23% of the company’s stock.

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TSEM has been the subject of several recent research reports. TheStreet upgraded Tower Semiconductor from a “c” rating to a “b-” rating in a report on Monday, May 8th. BidaskClub upgraded Tower Semiconductor from a “hold” rating to a “buy” rating in a report on Sunday, July 16th. Needham & Company LLC reiterated a “buy” rating and set a $35.00 price target on shares of Tower Semiconductor in a report on Wednesday, June 21st. Finally, ValuEngine upgraded Tower Semiconductor from a “buy” rating to a “strong-buy” rating in a report on Friday, June 2nd. One equities research analyst has rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $31.50.

Tower Semiconductor Company Profile

Tower Semiconductor Ltd. operates as an independent semiconductor foundry focused primarily on specialty process technologies. The Company focuses on producing integrated circuits (ICs) based on the design specifications of its customers. The Company manufactures semiconductors for its customers primarily based on third-party designs.

Earnings History for Tower Semiconductor (NASDAQ:TSEM)

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