Tower Semiconductor (NASDAQ:TSEM) Shares Down 9.3% – Here’s What Happened

Tower Semiconductor Ltd. (NASDAQ:TSEM) shares were down 9.3% on Monday . The stock traded as low as $250.07 and last traded at $248.5110. Approximately 892,590 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 2,600,414 shares. The stock had previously closed at $273.98.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on TSEM shares. Barclays lifted their price target on shares of Tower Semiconductor from $114.00 to $142.00 and gave the company an “equal weight” rating in a research note on Friday, February 13th. Susquehanna boosted their price objective on Tower Semiconductor from $180.00 to $330.00 and gave the company a “positive” rating in a report on Thursday. Wedbush boosted their price objective on Tower Semiconductor from $140.00 to $300.00 and gave the company a “neutral” rating in a report on Thursday. Finally, Benchmark boosted their price objective on Tower Semiconductor from $230.00 to $335.00 and gave the company a “buy” rating in a report on Thursday. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $276.75.

Tower Semiconductor Trading Down 11.9%

The company has a quick ratio of 4.92, a current ratio of 5.63 and a debt-to-equity ratio of 0.04. The firm’s 50-day moving average price is $189.11 and its 200 day moving average price is $142.36. The company has a market capitalization of $27.15 billion, a P/E ratio of 112.24 and a beta of 0.85.

Tower Semiconductor (NASDAQ:TSEM) last issued its quarterly earnings data on Wednesday, May 13th. The semiconductor company reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.09. Tower Semiconductor had a net margin of 15.13% and a return on equity of 8.54%. The business had revenue of $413.63 million during the quarter, compared to the consensus estimate of $410.72 million. During the same period in the prior year, the firm posted $0.35 EPS. The firm’s quarterly revenue was up 15.5% compared to the same quarter last year. As a group, equities research analysts predict that Tower Semiconductor Ltd. will post 2.64 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Empowered Funds LLC bought a new position in shares of Tower Semiconductor during the 1st quarter valued at approximately $754,000. Quantinno Capital Management LP boosted its holdings in Tower Semiconductor by 25.7% in the 1st quarter. Quantinno Capital Management LP now owns 10,222 shares of the semiconductor company’s stock valued at $1,794,000 after purchasing an additional 2,090 shares during the period. Castleark Management LLC bought a new position in Tower Semiconductor in the 1st quarter valued at $9,343,000. Absolute Gestao de Investimentos Ltda. purchased a new position in shares of Tower Semiconductor in the first quarter valued at about $225,000. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in Tower Semiconductor in the first quarter worth approximately $12,968,000. 70.51% of the stock is owned by institutional investors.

Tower Semiconductor Company Profile

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.