Tower Semiconductor (NASDAQ:TSEM) Reaches New 1-Year High – Here’s What Happened

Tower Semiconductor Ltd. (NASDAQ:TSEM) hit a new 52-week high on Thursday . The company traded as high as $153.41 and last traded at $153.6780, with a volume of 2099133 shares traded. The stock had previously closed at $141.96.

Analyst Ratings Changes

TSEM has been the subject of a number of research analyst reports. Barclays lifted their target price on Tower Semiconductor from $114.00 to $142.00 and gave the stock an “equal weight” rating in a report on Friday, February 13th. Wedbush lifted their price target on shares of Tower Semiconductor from $125.00 to $140.00 and gave the stock a “neutral” rating in a research note on Thursday, February 12th. Benchmark raised their price objective on Tower Semiconductor from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Thursday, February 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of Tower Semiconductor in a report on Monday, December 29th. Finally, Susquehanna reissued a “positive” rating and set a $180.00 target price on shares of Tower Semiconductor in a research report on Thursday, February 12th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Tower Semiconductor currently has an average rating of “Hold” and a consensus price target of $156.75.

Tower Semiconductor Trading Up 9.7%

The firm has a market cap of $17.50 billion, a PE ratio of 80.87 and a beta of 0.91. The company has a 50 day simple moving average of $128.44 and a two-hundred day simple moving average of $104.01. The company has a debt-to-equity ratio of 0.05, a quick ratio of 5.51 and a current ratio of 6.48.

Tower Semiconductor (NASDAQ:TSEM) last posted its quarterly earnings data on Wednesday, February 11th. The semiconductor company reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.11. Tower Semiconductor had a net margin of 14.08% and a return on equity of 7.86%. The company had revenue of $440.21 million during the quarter, compared to analysts’ expectations of $439.81 million. During the same period in the prior year, the business posted $0.49 earnings per share. The firm’s revenue for the quarter was up 13.7% on a year-over-year basis. Analysts expect that Tower Semiconductor Ltd. will post 1.67 EPS for the current fiscal year.

Institutional Trading of Tower Semiconductor

Hedge funds and other institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD boosted its holdings in Tower Semiconductor by 3,222.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,682,152 shares of the semiconductor company’s stock valued at $549,779,000 after acquiring an additional 4,541,235 shares during the period. Vanguard Group Inc. increased its position in Tower Semiconductor by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 4,338,080 shares of the semiconductor company’s stock valued at $507,317,000 after acquiring an additional 53,112 shares during the period. Migdal Insurance & Financial Holdings Ltd. lifted its position in Tower Semiconductor by 0.8% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,002,806 shares of the semiconductor company’s stock worth $352,589,000 after acquiring an additional 25,000 shares during the period. Jennison Associates LLC grew its stake in shares of Tower Semiconductor by 18.8% in the 3rd quarter. Jennison Associates LLC now owns 2,331,831 shares of the semiconductor company’s stock valued at $168,591,000 after purchasing an additional 369,600 shares during the last quarter. Finally, Meitav Investment House Ltd. increased its holdings in shares of Tower Semiconductor by 1.2% in the third quarter. Meitav Investment House Ltd. now owns 2,268,503 shares of the semiconductor company’s stock valued at $162,870,000 after purchasing an additional 25,989 shares during the period. 70.51% of the stock is owned by institutional investors and hedge funds.

Tower Semiconductor Company Profile

Tower Semiconductor, traded on NASDAQ under the symbol TSEM, is a specialty foundry company that provides analog and mixed-signal semiconductor manufacturing services to a broad array of customers worldwide. The company focuses on delivering tailored process technologies for high-growth markets, including radio frequency (RF), power management, imaging, automotive electronics, and Internet of Things (IoT) applications. By combining deep process know-how with flexible manufacturing capabilities, Tower Semiconductor supports the development and volume production of advanced semiconductor devices for fabless and integrated device manufacturer customers.

The company’s technology portfolio spans standard and specialty processes such as CMOS, BiCMOS, high-voltage, radio frequency, silicon photonics, micro-electromechanical systems (MEMS) and image sensor production.