Tower Semiconductor Ltd. (TSEM) Coverage Initiated at Credit Suisse Group
Credit Suisse Group initiated coverage on shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) in a report released on Tuesday morning, MarketBeat.com reports. The firm issued an outperform rating and a $36.00 price objective on the semiconductor company’s stock.
Other research analysts have also issued reports about the company. ValuEngine raised Tower Semiconductor from a buy rating to a strong-buy rating in a report on Friday, September 1st. BidaskClub raised Tower Semiconductor from a hold rating to a buy rating in a report on Sunday, July 16th. Finally, Needham & Company LLC reaffirmed a buy rating and set a $35.00 target price on shares of Tower Semiconductor in a report on Wednesday, June 21st. Four analysts have rated the stock with 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 price target of $33.00.
Tower Semiconductor (NASDAQ:TSEM) traded down 0.06% during midday trading on Tuesday, hitting $30.75. 329,170 shares of the company traded hands. Tower Semiconductor has a 12-month low of $14.85 and a 12-month high of $30.84. The stock has a market cap of $3.01 billion, a P/E ratio of 15.75 and a beta of 1.02. The stock has a 50 day moving average of $27.45 and a 200 day moving average of $24.82.
Tower Semiconductor (NASDAQ:TSEM) last released its earnings results on Thursday, August 3rd. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.03. The firm had revenue of $345.10 million for the quarter, compared to analyst estimates of $344.98 million. Tower Semiconductor had a return on equity of 28.28% and a net margin of 14.53%. Tower Semiconductor’s revenue was up 13.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.45 earnings per share. Equities research analysts predict that Tower Semiconductor will post $2.06 EPS for the current fiscal year.
Large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE boosted its position in shares of Tower Semiconductor by 4.2% in the 1st quarter. Bank of America Corp DE now owns 360,835 shares of the semiconductor company’s stock valued at $8,318,000 after purchasing an additional 14,577 shares during the period. Dupont Capital Management Corp boosted its position in Tower Semiconductor by 24.4% during the 2nd quarter. Dupont Capital Management Corp now owns 6,219 shares of the semiconductor company’s stock worth $148,000 after acquiring an additional 1,219 shares during the period. HighVista Strategies LLC acquired a new stake in Tower Semiconductor during the 2nd quarter worth about $3,043,000. Wellington Management Group LLP boosted its position in Tower Semiconductor by 34.8% during the 1st quarter. Wellington Management Group LLP now owns 4,450,943 shares of the semiconductor company’s stock worth $102,595,000 after acquiring an additional 1,148,547 shares during the period. Finally, Edmond DE Rothschild Holding S.A. boosted its position in Tower Semiconductor by 19.1% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 48,148 shares of the semiconductor company’s stock worth $1,114,000 after acquiring an additional 7,725 shares during the period. Institutional investors and hedge funds own 49.19% of the company’s stock.
About Tower Semiconductor
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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