Tower Semiconductor Ltd. (TSEM) Shares Up 5.7% After Better-Than-Expected Earnings
Tower Semiconductor Ltd. (NASDAQ:TSEM) shot up 5.7% on Tuesday following a better than expected earnings announcement. The company traded as high as $17.76 and last traded at $17.52, with a volume of 2,389,064 shares changing hands. The stock had previously closed at $16.57.
The company reported $0.58 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.17. Tower Semiconductor had a net margin of 12.95% and a return on equity of 43.67%. The firm earned $326.20 million during the quarter, compared to analysts’ expectations of $325 million. The business’s revenue for the quarter was up 33.6% on a year-over-year basis.
Several analysts recently commented on the stock. Needham & Company LLC restated a “strong-buy” rating and set a $20.00 price target (up previously from $18.00) on shares of Tower Semiconductor in a research report on Friday, August 5th. Drexel Hamilton restated a “positive” rating and set a $28.00 price target on shares of Tower Semiconductor in a research report on Friday, August 5th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $24.25.
Hedge funds have recently made changes to their positions in the stock. Cipher Capital LP bought a new stake in shares of Tower Semiconductor during the second quarter valued at about $136,000. AXA bought a new stake in shares of Tower Semiconductor during the second quarter valued at about $730,000. Marathon Capital Management raised its stake in shares of Tower Semiconductor by 16.8% in the second quarter. Marathon Capital Management now owns 158,125 shares of the company’s stock valued at $1,965,000 after buying an additional 22,750 shares during the period. Vanguard Group Inc. raised its stake in shares of Tower Semiconductor by 22.1% in the second quarter. Vanguard Group Inc. now owns 1,364,371 shares of the company’s stock valued at $16,945,000 after buying an additional 246,589 shares during the period. Finally, Principal Financial Group Inc. raised its stake in shares of Tower Semiconductor by 7.2% in the second quarter. Principal Financial Group Inc. now owns 410,966 shares of the company’s stock valued at $5,104,000 after buying an additional 27,438 shares during the period. Institutional investors and hedge funds own 41.88% of the company’s stock.
The stock’s 50 day moving average is $15.78 and its 200 day moving average is $14.07.
About Tower Semiconductor
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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