Tower Semiconductor Ltd. (NASDAQ:TSEM) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Tower Semiconductor Ltd. (NASDAQ:TSEM) has been assigned an average recommendation of “Moderate Buy” from the ten ratings firms that are currently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $316.00.

Several brokerages recently weighed in on TSEM. Benchmark reiterated a “buy” rating on shares of Tower Semiconductor in a research report on Wednesday, August 5th. Weiss Ratings downgraded Tower Semiconductor from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, August 18th. Stifel Nicolaus assumed coverage on shares of Tower Semiconductor in a research report on Tuesday, September 1st. They issued a “buy” rating and a $270.00 target price on the stock. Barclays began coverage on shares of Tower Semiconductor in a research note on Friday, September 18th. They set an “overweight” rating and a $310.00 target price for the company. Finally, National Bank Financial raised shares of Tower Semiconductor to a “buy” rating in a research note on Friday, August 7th.

Insiders Place Their Bets

In related news, CEO Russell Ellwanger sold 104,226 shares of the stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $248.34, for a total transaction of $25,883,484.84. Following the transaction, the chief executive officer owned 526,788 shares of the company’s stock, valued at approximately $130,822,531.92. This represents a 16.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Yoav Chelouche sold 232 shares of the firm’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $215.06, for a total value of $49,893.92. Following the transaction, the director owned 33,734 shares of the company’s stock, valued at $7,254,834.04. This trade represents a 0.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 181,767 shares of company stock worth $45,610,065 over the last 90 days. 1.00% of the stock is owned by insiders.

Institutional Trading of Tower Semiconductor

Several hedge funds have recently made changes to their positions in the business. Hanson & Doremus Investment Management acquired a new position in shares of Tower Semiconductor in the first quarter valued at approximately $53,000. Versant Capital Management Inc grew its holdings in Tower Semiconductor by 20.8% during the 3rd quarter. Versant Capital Management Inc now owns 319 shares of the semiconductor company’s stock worth $73,000 after acquiring an additional 55 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Tower Semiconductor in the 4th quarter valued at approximately $76,000. TD Waterhouse Canada Inc. lifted its holdings in Tower Semiconductor by 230.7% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 334 shares of the semiconductor company’s stock worth $82,000 after buying an additional 233 shares during the last quarter. Finally, Pinpoint Asset Management Singapore Pte. Ltd. lifted its holdings in Tower Semiconductor by 53,200.0% during the 4th quarter. Pinpoint Asset Management Singapore Pte. Ltd. now owns 1,066 shares of the semiconductor company’s stock worth $125,000 after buying an additional 1,064 shares during the last quarter. Institutional investors and hedge funds own 70.51% of the company’s stock.

Tower Semiconductor Trading Down 0.2%

Shares of Tower Semiconductor stock opened at $240.86 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. The stock’s 50 day simple moving average is $224.13 and its 200-day simple moving average is $227.81. The stock has a market cap of $27.08 billion, a P/E ratio of 95.20 and a beta of 0.89. Tower Semiconductor has a 1-year low of $70.90 and a 1-year high of $319.94.

Tower Semiconductor (NASDAQ:TSEM) last announced its quarterly earnings results on Tuesday, August 4th. The semiconductor company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.12. Tower Semiconductor had a net margin of 16.94% and a return on equity of 9.83%. The firm had revenue of $460.08 million for the quarter, compared to analysts’ expectations of $454.68 million. During the same quarter in the previous year, the company posted $0.41 EPS. The company’s revenue was up 23.7% compared to the same quarter last year. Analysts predict that Tower Semiconductor will post 3.56 EPS for the current fiscal year.

Tower Semiconductor Company Profile

Tower Semiconductor Ltd. is an Israel-based specialty semiconductor foundry that manufactures integrated circuits for fabless semiconductor companies, integrated device manufacturers and other technology companies. Rather than selling products under a broad consumer brand, Tower provides wafer fabrication, process technology and manufacturing services tailored to customers’ chip designs.

The company specializes in analog and mixed-signal semiconductors, radio-frequency components, power-management devices, CMOS image sensors and other specialty technologies.