Tower Semiconductor Ltd. (NASDAQ:TSEM) was the target of a significant drop in short interest in the month of July. As of July 31st, there was short interest totalling 1,977,946 shares, a drop of 41.8% from the July 14th total of 3,400,540 shares. Approximately 2.3% of the shares of the stock are sold short. Based on an average trading volume of 1,023,681 shares, the days-to-cover ratio is currently 1.9 days.

TSEM has been the topic of a number of recent analyst reports. TheStreet cut Tower Semiconductor from a “b-” rating to a “c” rating in a report on Monday, April 17th. Needham & Company LLC reaffirmed a “strong-buy” rating and issued a $35.00 target price (up from $30.00) on shares of Tower Semiconductor in a report on Tuesday, May 9th. ValuEngine raised Tower Semiconductor from a “buy” rating to a “strong-buy” rating in a report on Friday, June 2nd. Finally, BidaskClub raised Tower Semiconductor from a “hold” rating to a “buy” rating in a report on Sunday, July 16th. One 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’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $31.50.

A number of institutional investors have recently modified their holdings of the stock. Waters Parkerson & CO. LLC boosted its position in shares of Tower Semiconductor by 10.6% in the second quarter. Waters Parkerson & CO. LLC now owns 398,825 shares of the semiconductor company’s stock valued at $9,512,000 after buying an additional 38,360 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Tower Semiconductor by 4.7% in the second quarter. Dimensional Fund Advisors LP now owns 243,715 shares of the semiconductor company’s stock valued at $5,813,000 after buying an additional 10,885 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Tower Semiconductor by 8.1% in the second quarter. Renaissance Technologies LLC now owns 1,238,386 shares of the semiconductor company’s stock valued at $29,536,000 after buying an additional 93,200 shares in the last quarter. Parametric Portfolio Associates LLC boosted its position in shares of Tower Semiconductor by 9.3% in the second quarter. Parametric Portfolio Associates LLC now owns 10,304 shares of the semiconductor company’s stock valued at $246,000 after buying an additional 876 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Tower Semiconductor by 22.0% in the second quarter. Vanguard Group Inc. now owns 1,840,765 shares of the semiconductor company’s stock worth $43,902,000 after buying an additional 331,647 shares during the last quarter. 49.24% of the stock is owned by institutional investors.

Tower Semiconductor (TSEM) opened at 24.81 on Friday. The stock has a market cap of $2.39 billion, a price-to-earnings ratio of 12.70 and a beta of 1.00. The company has a 50-day moving average price of $25.44 and a 200 day moving average price of $23.65. Tower Semiconductor has a 52-week low of $14.83 and a 52-week high of $27.60.

Tower Semiconductor (NASDAQ:TSEM) last issued its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported $0.53 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.03. Tower Semiconductor had a net margin of 14.53% and a return on equity of 28.28%. The company had revenue of $345.10 million during the quarter, compared to analysts’ expectations of $344.98 million. During the same quarter last year, the company posted $0.45 EPS. The firm’s revenue was up 13.1% compared to the same quarter last year. On average, analysts expect that Tower Semiconductor will post $2.05 earnings per share for the current year.

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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.

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