Tower Semiconductor Ltd. (TSEM) Announces Earnings Results, Beats Expectations By $0.01 EPS
Tower Semiconductor Ltd. (NASDAQ:TSEM) released its earnings results on Tuesday. The semiconductor company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01, Briefing.com reports. Tower Semiconductor had a net margin of 14.53% and a return on equity of 28.28%. The firm had revenue of $354.60 million during the quarter, compared to the consensus estimate of $355.13 million. During the same period in the previous year, the firm earned $0.58 earnings per share. Tower Semiconductor’s revenue was up 8.7% compared to the same quarter last year.
Tower Semiconductor (NASDAQ:TSEM) traded down $0.96 on Tuesday, reaching $32.19. 1,169,823 shares of the company’s stock traded hands, compared to its average volume of 571,145. The company has a current ratio of 3.18, a quick ratio of 2.63 and a debt-to-equity ratio of 0.37. Tower Semiconductor has a 12 month low of $15.30 and a 12 month high of $33.36. The stock has a market capitalization of $3,040.00, a P/E ratio of 15.91, a P/E/G ratio of 1.10 and a beta of 0.96.
A number of research firms recently issued reports on TSEM. BidaskClub downgraded shares of Tower Semiconductor from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Credit Suisse Group began coverage on shares of Tower Semiconductor in a report on Tuesday, September 26th. They issued an “outperform” rating and a $36.00 target price for the company. Finally, ValuEngine upgraded shares of Tower Semiconductor from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $33.00.
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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. The Company manufactures semiconductors for its customers primarily based on third-party designs.
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