Tower Semiconductor (NASDAQ:TSEM) Releases Earnings Results, Misses Estimates By $0.02 EPS

Tower Semiconductor (NASDAQ:TSEM) announced its quarterly earnings data on Monday. The semiconductor company reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02), Zacks reports. The firm had revenue of $526.16 million for the quarter, compared to analysts’ expectations of $521.83 million. Tower Semiconductor had a net margin of 16.94% and a return on equity of 9.83%. The business’s quarterly revenue was up 32.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.47 earnings per share.

Tower Semiconductor Price Performance

Shares of Tower Semiconductor stock opened at $166.48 on Monday. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.91 and a quick ratio of 4.31. Tower Semiconductor has a one year low of $80.63 and a one year high of $319.94. The business’s 50 day simple moving average is $212.65 and its two-hundred day simple moving average is $204.23. The stock has a market capitalization of $18.72 billion, a P/E ratio of 65.80 and a beta of 0.95.

Analyst Ratings Changes

Several research firms have commented on TSEM. National Bank Financial raised shares of Tower Semiconductor to a “buy” rating in a research note on Friday, August 7th. Benchmark reaffirmed a “buy” rating on shares of Tower Semiconductor in a research note on Wednesday, August 5th. UBS Group reaffirmed a “buy” rating on shares of Tower Semiconductor in a report on Wednesday, July 15th. Mizuho initiated 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 for the company. Finally, Barclays assumed coverage on shares of Tower Semiconductor in a research note on Friday, September 18th. They issued an “overweight” rating and a $310.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $316.00.

Insider Buying and Selling

In related news, CEO Russell Ellwanger sold 104,226 shares of Tower Semiconductor stock in a transaction 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 transaction, the chief executive officer directly owned 526,788 shares of the company’s stock, valued at $130,822,531.92. The trade was a 16.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Yoav Chelouche sold 232 shares of the company’s stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $215.06, for a total transaction of $49,893.92. Following the sale, the director owned 33,734 shares of the company’s stock, valued at $7,254,834.04. This represents a 0.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 181,767 shares of company stock valued at $45,610,065. 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.