Tower Semiconductor (NASDAQ:TSEM) Hits New 1-Year High – Here’s Why

Shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $227.99 and last traded at $227.6810, with a volume of 1201703 shares trading hands. The stock had previously closed at $226.45.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on TSEM shares. Benchmark increased their price objective on shares of Tower Semiconductor from $165.00 to $230.00 and gave the stock a “buy” rating in a research note on Thursday, March 26th. Wedbush upped 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. Susquehanna reissued a “positive” rating and set a $180.00 price target on shares of Tower Semiconductor in a research report on Thursday, February 12th. Barclays raised their price target on Tower Semiconductor from $114.00 to $142.00 and gave the company an “equal weight” rating in a research note on Friday, February 13th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Tower Semiconductor in a research report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $173.00.

Tower Semiconductor Price Performance

The business has a fifty day moving average of $158.89 and a 200 day moving average of $125.63. The firm has a market cap of $23.16 billion, a P/E ratio of 106.73 and a beta of 0.71. 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 released its quarterly earnings data on Wednesday, February 11th. The semiconductor company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.11. Tower Semiconductor had a return on equity of 7.86% and a net margin of 14.08%.The firm had revenue of $440.21 million for the quarter, compared to analyst estimates of $439.81 million. During the same quarter in the prior year, the company earned $0.49 earnings per share. The business’s revenue for the quarter was up 13.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Tower Semiconductor Ltd. will post 2.64 earnings per share for the current year.

Institutional Investors Weigh In On Tower Semiconductor

Several hedge funds have recently bought and sold shares of the stock. Covestor Ltd grew its position in shares of Tower Semiconductor by 10.8% in the fourth 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 stake in Tower Semiconductor by 2.6% in the 3rd quarter. Mackenzie Financial Corp now owns 5,053 shares of the semiconductor company’s stock valued at $359,000 after purchasing an additional 127 shares during the period. Evergreen Capital Management LLC boosted its stake in Tower Semiconductor by 2.6% in the 4th quarter. Evergreen Capital Management LLC now owns 5,118 shares of the semiconductor company’s stock valued at $601,000 after purchasing an additional 131 shares during the period. Mariner LLC grew 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 valued at $637,000 after buying an additional 207 shares in the last quarter. Finally, Wells Fargo & Company MN grew its holdings in Tower Semiconductor by 2.9% in the 4th quarter. Wells Fargo & Company MN now owns 7,848 shares of the semiconductor company’s stock valued at $922,000 after buying an additional 218 shares in 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.