Tower Semiconductor Ltd. (TSEM) Announces Earnings Results
Tower Semiconductor Ltd. (NASDAQ:TSEM) announced its quarterly earnings results on Tuesday. The company reported $0.58 EPS for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.17. The business had revenue of $326.20 million for the quarter, compared to analysts’ expectations of $325 million. Tower Semiconductor had a return on equity of 43.67% and a net margin of 12.95%. The firm’s revenue for the quarter was up 33.6% compared to the same quarter last year.
Shares of Tower Semiconductor (NASDAQ:TSEM) opened at 17.52 on Wednesday. The stock has a 50 day moving average price of $15.78 and a 200-day moving average price of $14.07. Tower Semiconductor has a 12 month low of $10.36 and a 12 month high of $17.76.
Institutional investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Tower Semiconductor by 5.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,932 shares of the company’s stock worth $120,000 after buying an additional 399 shares during the period. Cipher Capital LP acquired a new position in Tower Semiconductor during the second quarter worth $136,000. Sei Investments Co. acquired a new position in Tower Semiconductor during the third quarter worth $143,000. Societe Generale acquired a new position in Tower Semiconductor during the second quarter worth $164,000. Finally, SG Americas Securities LLC acquired a new position in Tower Semiconductor during the second quarter worth $164,000. 41.88% of the stock is owned by hedge funds and other institutional investors.
TSEM has been the topic of a number of analyst reports. Drexel Hamilton reaffirmed a “positive” rating and issued a $28.00 price target on shares of Tower Semiconductor in a research note on Friday, August 5th. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 price target on shares of Tower Semiconductor in a research note on Tuesday. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $24.25.
Tower Semiconductor Company Profile
Tower Semiconductor Ltd. operates as an independent semiconductor foundry focused primarily on specialty process technologies. The Company focuses on producing integrated circuits (ICs) based on the design specifications of its customers. It manufactures semiconductors for its customers primarily based on third-party designs.
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