Tower Semiconductor Ltd. (TSEM) Shares Gap Up on Better-Than-Expected Earnings
Shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $17.84, but opened at $17.52. Tower Semiconductor shares last traded at $17.55, with a volume of 555,971 shares trading hands.
The company reported $0.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.17. The firm earned $326.20 million during the quarter. Tower Semiconductor had a net margin of 12.95% and a return on equity of 43.67%. The firm’s revenue was up 33.6% on a year-over-year basis.
A number of research firms have recently commented on TSEM. Drexel Hamilton restated a “buy” rating on shares of Tower Semiconductor in a research note on Tuesday. Needham & Company LLC restated a “buy” rating and set a $25.00 price objective on shares of Tower Semiconductor in a research note on Tuesday. One investment 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 a consensus price target of $24.25.
Several large investors have recently modified their holdings of TSEM. Cipher Capital LP purchased a new stake in shares of Tower Semiconductor during the second quarter worth about $136,000. AXA purchased a new stake in shares of Tower Semiconductor during the second quarter worth about $730,000. Marathon Capital Management boosted 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 worth $1,965,000 after buying an additional 22,750 shares during the last quarter. Vanguard Group Inc. boosted 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 worth $16,945,000 after buying an additional 246,589 shares during the last quarter. Finally, Principal Financial Group Inc. boosted 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 worth $5,104,000 after buying an additional 27,438 shares during the last quarter. 41.88% of the stock is currently owned by institutional investors.
The stock’s 50 day moving average price is $15.93 and its 200 day moving average price is $14.12.
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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