Tower Semiconductor (NASDAQ:TSEM) Sees Large Volume Increase – Here’s What Happened

Shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) saw an uptick in trading volume on Friday . 2,239,422 shares changed hands during trading, an increase of 1% from the previous session’s volume of 2,227,769 shares.The stock last traded at $170.2560 and had previously closed at $166.08.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on TSEM shares. Susquehanna reissued a “positive” rating and issued a $180.00 price objective on shares of Tower Semiconductor in a report on Thursday, February 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of Tower Semiconductor in a research note on Monday, December 29th. Barclays increased their price target on Tower Semiconductor from $114.00 to $142.00 and gave the stock an “equal weight” rating in a research report on Friday, February 13th. Benchmark lifted their price objective on Tower Semiconductor from $150.00 to $165.00 and gave the company a “buy” rating in a report on Thursday, February 12th. Finally, Wedbush increased their target price on Tower Semiconductor from $125.00 to $140.00 and gave the stock a “neutral” rating in a report on Thursday, February 12th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Tower Semiconductor presently has a consensus rating of “Hold” and a consensus target price of $156.75.

Tower Semiconductor Stock Up 4.1%

The firm has a 50 day simple moving average of $129.41 and a two-hundred day simple moving average of $104.44. The stock has a market capitalization of $19.44 billion, a P/E ratio of 89.07 and a beta of 0.91. The company has a quick ratio of 5.51, a current ratio of 6.48 and a debt-to-equity ratio of 0.05.

Tower Semiconductor (NASDAQ:TSEM) last posted its quarterly earnings results on Wednesday, February 11th. The semiconductor company reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.11. Tower Semiconductor had a return on equity of 7.86% and a net margin of 14.08%.The company had revenue of $440.21 million during the quarter, compared to analysts’ expectations of $439.81 million. During the same quarter in the previous year, the firm earned $0.49 EPS. Tower Semiconductor’s revenue was up 13.7% on a year-over-year basis. On average, equities research analysts expect that Tower Semiconductor Ltd. will post 1.67 earnings per share for the current year.

Institutional Investors Weigh In On Tower Semiconductor

A number of hedge funds have recently made changes to their positions in the stock. Covestor Ltd lifted its stake in Tower Semiconductor by 10.8% in the 4th quarter. Covestor Ltd now owns 793 shares of the semiconductor company’s stock valued at $93,000 after purchasing an additional 77 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in shares of Tower Semiconductor by 2.6% during the 3rd quarter. Mackenzie Financial Corp now owns 5,053 shares of the semiconductor company’s stock valued at $359,000 after acquiring an additional 127 shares in the last quarter. Evergreen Capital Management LLC grew its position in Tower Semiconductor by 2.6% during the 4th quarter. Evergreen Capital Management LLC now owns 5,118 shares of the semiconductor company’s stock worth $601,000 after acquiring an additional 131 shares during the last quarter. Mariner LLC increased its holdings in Tower Semiconductor by 2.4% in the 3rd quarter. Mariner LLC now owns 8,815 shares of the semiconductor company’s stock worth $637,000 after purchasing an additional 207 shares in the last quarter. Finally, Wells Fargo & Company MN raised its position in Tower Semiconductor by 2.9% in the fourth quarter. Wells Fargo & Company MN now owns 7,848 shares of the semiconductor company’s stock valued at $922,000 after purchasing an additional 218 shares during the last quarter. 70.51% of the stock is currently owned by institutional investors and hedge funds.

About Tower Semiconductor

Tower Semiconductor, traded on NASDAQ under the symbol TSEM, is a specialty foundry company that provides analog and mixed-signal semiconductor manufacturing services to a broad array of customers worldwide. The company focuses on delivering tailored process technologies for high-growth markets, including radio frequency (RF), power management, imaging, automotive electronics, and Internet of Things (IoT) applications. By combining deep process know-how with flexible manufacturing capabilities, Tower Semiconductor supports the development and volume production of advanced semiconductor devices for fabless and integrated device manufacturer customers.

The company’s technology portfolio spans standard and specialty processes such as CMOS, BiCMOS, high-voltage, radio frequency, silicon photonics, micro-electromechanical systems (MEMS) and image sensor production.