Tower Semiconductor (NASDAQ:TSEM) Stock Gets Price Target Cut from Susquehanna

Tower Semiconductor (NASDAQ:TSEM) had its price objective lowered by Susquehanna from $355.00 to $305.00 in a research note released on Tuesday,Benzinga reports. The firm currently has a positive rating on the semiconductor company’s stock.

A number of other analysts have also recently issued reports on the stock. Benchmark restated a “buy” rating on shares of Tower Semiconductor in a research note on Wednesday, August 5th. 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 target on the stock. Wedbush lowered their price target on shares of Tower Semiconductor from $300.00 to $190.00 and set a “neutral” rating on the stock in a report on Tuesday. Barclays started coverage on shares of Tower Semiconductor in a report on Friday, September 18th. They issued an “overweight” rating and a $310.00 price target on the stock. Finally, Weiss Ratings downgraded shares of Tower Semiconductor from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $297.12.

Tower Semiconductor Trading Down 12.0%

Shares of Tower Semiconductor stock opened at $130.99 on Tuesday. The business has a fifty day simple moving average of $207.26 and a two-hundred day simple moving average of $204.71. Tower Semiconductor has a 1 year low of $80.63 and a 1 year high of $319.94. The company has a market capitalization of $14.73 billion, a price-to-earnings ratio of 47.85 and a beta of 0.95. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.72 and a quick ratio of 4.31.

Tower Semiconductor (NASDAQ:TSEM) last released its quarterly earnings data on Monday, November 2nd. The semiconductor company reported $1.05 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.02). Tower Semiconductor had a net margin of 19.36% and a return on equity of 11.72%. The company had revenue of $526.16 million during the quarter, compared to analyst estimates of $521.83 million. During the same quarter in the prior year, the firm earned $0.47 earnings per share. Tower Semiconductor’s revenue for the quarter was up 32.8% on a year-over-year basis. Research analysts forecast that Tower Semiconductor will post 3.56 EPS for the current year.

Insider Buying and Selling at Tower Semiconductor

In other news, CEO Russell Ellwanger sold 104,226 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $130,822,531.92. The trade was a 16.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Yoav Chelouche sold 232 shares of the business’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $215.06, for a total transaction of $49,893.92. Following the completion of the sale, the director directly owned 33,734 shares of the company’s stock, valued at approximately $7,254,834.04. The trade was a 0.68% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 181,767 shares of company stock worth $45,610,065 in the last quarter. Company insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Tower Semiconductor

A number of hedge funds have recently bought and sold shares of the business. Janus Henderson Group PLC boosted its holdings in Tower Semiconductor by 0.6% in the 1st quarter. Janus Henderson Group PLC now owns 1,081,175 shares of the semiconductor company’s stock valued at $189,723,000 after purchasing an additional 6,458 shares during the period. E20 Capital Ltd acquired a new position in shares of Tower Semiconductor during the 1st quarter worth approximately $107,708,000. Swiss National Bank grew its position in shares of Tower Semiconductor by 86.0% during the 1st quarter. Swiss National Bank now owns 414,850 shares of the semiconductor company’s stock worth $70,625,000 after purchasing an additional 191,839 shares in the last quarter. Altshuler Shaham Ltd increased its holdings in shares of Tower Semiconductor by 1,175.6% during the first quarter. Altshuler Shaham Ltd now owns 340,108 shares of the semiconductor company’s stock worth $58,025,000 after purchasing an additional 313,445 shares during the period. Finally, Renaissance Technologies LLC increased its holdings in shares of Tower Semiconductor by 9.7% during the first quarter. Renaissance Technologies LLC now owns 274,749 shares of the semiconductor company’s stock worth $48,213,000 after purchasing an additional 24,200 shares during the period. 70.51% of the stock is owned by institutional investors.

About Tower Semiconductor

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.