Tower Semiconductor (NASDAQ:TSEM) Hits New 1-Year High – What’s Next?

Tower Semiconductor Ltd. (NASDAQ:TSEM) reached a new 52-week high during trading on Wednesday . The company traded as high as $86.40 and last traded at $86.01, with a volume of 595948 shares trading hands. The stock had previously closed at $82.45.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on TSEM shares. Barclays began coverage on Tower Semiconductor in a research note on Thursday, September 18th. They issued an “equal weight” rating and a $74.00 price target for the company. Susquehanna set a $66.00 target price on shares of Tower Semiconductor and gave the company a “positive” rating in a research report on Tuesday, August 5th. Benchmark raised their price target on shares of Tower Semiconductor from $66.00 to $73.00 and gave the stock a “buy” rating in a report on Monday, September 8th. Wedbush set a $65.00 price target on shares of Tower Semiconductor and gave the stock an “outperform” rating in a research report on Tuesday, August 5th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Tower Semiconductor in a research note on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $67.60.

Tower Semiconductor Stock Performance

The stock has a market capitalization of $9.32 billion, a price-to-earnings ratio of 48.32 and a beta of 0.94. The company has a 50 day simple moving average of $72.48 and a 200-day simple moving average of $53.84. The company has a quick ratio of 5.50, a current ratio of 6.57 and a debt-to-equity ratio of 0.05.

Tower Semiconductor (NASDAQ:TSEM) last announced its quarterly earnings data on Monday, August 4th. The semiconductor company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.06). Tower Semiconductor had a return on equity of 7.37% and a net margin of 13.20%.The company had revenue of $372.06 million for the quarter, compared to analyst estimates of $371.63 million. During the same period last year, the business earned $0.53 EPS. The business’s quarterly revenue was up 6.0% compared to the same quarter last year. As a group, equities research analysts expect that Tower Semiconductor Ltd. will post 1.67 EPS for the current fiscal year.

Hedge Funds Weigh In On Tower Semiconductor

Several institutional investors have recently made changes to their positions in the stock. TCTC Holdings LLC increased its position in Tower Semiconductor by 117.9% in the 1st quarter. TCTC Holdings LLC now owns 706 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 382 shares in the last quarter. Westside Investment Management Inc. grew its stake in Tower Semiconductor by 100.0% in the third quarter. Westside Investment Management Inc. now owns 452 shares of the semiconductor company’s stock valued at $34,000 after acquiring an additional 226 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in shares of Tower Semiconductor during the first quarter valued at approximately $39,000. Covestor Ltd bought a new stake in shares of Tower Semiconductor during the third quarter valued at approximately $52,000. Finally, Headlands Technologies LLC acquired a new position in shares of Tower Semiconductor during the first quarter worth approximately $75,000. Institutional investors and hedge funds own 70.51% of the company’s stock.

About Tower Semiconductor

Tower Semiconductor Ltd., an independent semiconductor foundry, focus on specialty process technologies to manufacture analog intensive mixed-signal semiconductor devices in Israel, the United States, Japan, Europe, and internationally. It provides various customizable process technologies, including SiGe, BiCMOS, mixed signal/CMOS, RF CMOS, CMOS image sensor, integrated power management, and MEMS.