Tower Semiconductor (NASDAQ:TSEM) Posts Earnings Results, Beats Expectations By $0.08 EPS

Tower Semiconductor (NASDAQ:TSEM) released its quarterly earnings data on Monday. The semiconductor company reported $1.15 EPS for the quarter, topping the consensus estimate of $1.07 by $0.08, FiscalAI reports. The firm had revenue of $526.16 million for the quarter, compared to the consensus estimate of $521.83 million. Tower Semiconductor had a return on equity of 9.83% and a net margin of 16.94%.

Tower Semiconductor Stock Performance

Shares of TSEM stock opened at $166.48 on Monday. The business has a fifty day moving average of $212.65 and a 200 day moving average of $204.23. Tower Semiconductor has a 1 year low of $80.63 and a 1 year high of $319.94. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.91 and a quick ratio of 4.31. The firm has a market capitalization of $18.72 billion, a price-to-earnings ratio of 65.80 and a beta of 0.95.

Analysts Set New Price Targets

TSEM has been the topic of several research analyst reports. UBS Group reiterated a “buy” rating on shares of Tower Semiconductor in a research report on Wednesday, July 15th. National Bank Financial raised Tower Semiconductor to a “buy” rating in a research note on Friday, August 7th. Mizuho started coverage on shares of Tower Semiconductor in a research note on Friday, September 25th. They issued an “outperform” rating and a $300.00 price objective for the company. Barclays started coverage on shares of Tower Semiconductor in a report on Friday, September 18th. They set an “overweight” rating and a $310.00 price objective for the company. Finally, Bank of America initiated coverage on shares of Tower Semiconductor in a report on Friday, August 7th. They set a “buy” rating and a $367.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $316.00.

Insider Transactions at Tower Semiconductor

In other news, Director Yoav Chelouche sold 232 shares of the firm’s stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $215.06, for a total value of $49,893.92. Following the completion of the transaction, the director directly owned 33,734 shares in the company, valued at $7,254,834.04. This trade represents a 0.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Russell Ellwanger sold 104,226 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $248.34, for a total value of $25,883,484.84. Following the completion of the sale, the chief executive officer owned 526,788 shares in the company, valued at approximately $130,822,531.92. This represents a 16.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 181,767 shares of company stock worth $45,610,065 over the last three months. Corporate insiders own 1.00% of the company’s stock.

Tower Semiconductor Company Profile

Tower Semiconductor Ltd. is an Israeli specialty semiconductor foundry that manufactures integrated circuits for fabless semiconductor companies, integrated device manufacturers and system companies. The company provides process technologies and production services rather than selling branded end-user electronics.

Its offerings include analog and mixed-signal technologies, radio-frequency and high-voltage circuits, power management solutions, image sensors, and specialty memory products.