Tower Semiconductor Ltd. (TSEM) Earns “Buy” Rating from Needham & Company LLC
Needham & Company LLC reiterated their buy rating on shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) in a research note released on Tuesday morning. Needham & Company LLC currently has a $25.00 price objective on the stock.
Separately, Drexel Hamilton reiterated a buy rating on shares of Tower Semiconductor in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. The company presently has an average rating of Buy and an average target price of $24.25.
Shares of Tower Semiconductor (NASDAQ:TSEM) opened at 18.16 on Tuesday. The stock has a 50 day moving average price of $15.93 and a 200 day moving average price of $14.12. Tower Semiconductor has a 12-month low of $10.36 and a 12-month high of $18.45.
Tower Semiconductor (NASDAQ:TSEM) last released its quarterly earnings results on Tuesday, November 15th. The company reported $0.58 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.17. Tower Semiconductor had a return on equity of 35.29% and a net margin of 15.27%. The business had revenue of $326.20 million for the quarter. The company’s revenue for the quarter was up 33.6% compared to the same quarter last year. On average, equities research analysts anticipate that Tower Semiconductor will post $1.54 EPS for the current year.
Institutional investors have recently bought and sold shares of the stock. RS Investment Management Co. LLC raised its position in Tower Semiconductor by 1.1% in the second quarter. RS Investment Management Co. LLC now owns 5,724,941 shares of the company’s stock valued at $71,104,000 after buying an additional 64,264 shares during the period. Swiss National Bank raised its position in shares of Tower Semiconductor by 21.8% in the second quarter. Swiss National Bank now owns 137,851 shares of the company’s stock worth $1,650,000 after buying an additional 24,640 shares during the period. Societe Generale acquired a new position in shares of Tower Semiconductor during the second quarter worth about $164,000. SG Americas Securities LLC acquired a new position in shares of Tower Semiconductor during the second quarter worth about $164,000. Finally, Principal Financial Group Inc. raised its position 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 worth $5,104,000 after buying an additional 27,438 shares during the period. 41.88% of the stock is owned by institutional investors.
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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