Tower Semiconductor (NASDAQ:TSEM) Shares Down 5.8% – What’s Next?

Tower Semiconductor Ltd. (NASDAQ:TSEM) traded down 5.8% on Tuesday . The company traded as low as $206.40 and last traded at $220.6690. Approximately 1,651,132 shares were traded during mid-day trading, a decline of 30% from the average daily volume of 2,362,127 shares. The stock had previously closed at $234.32.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on TSEM shares. UBS Group reiterated a “buy” rating on shares of Tower Semiconductor in a research note on Wednesday, July 15th. Susquehanna upped their target price on shares of Tower Semiconductor from $180.00 to $330.00 and gave the company a “positive” rating in a research note on Thursday, May 14th. Wedbush raised their price target on shares of Tower Semiconductor from $140.00 to $300.00 and gave the company a “neutral” rating in a report on Thursday, May 14th. Finally, Benchmark reaffirmed a “buy” rating on shares of Tower Semiconductor in a research note on Wednesday. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $276.75.

Tower Semiconductor Trading Down 11.9%

The business has a 50 day simple moving average of $245.90 and a two-hundred day simple moving average of $199.81. The company has a current ratio of 5.63, a quick ratio of 4.92 and a debt-to-equity ratio of 0.04. The stock has a market cap of $23.74 billion, a price-to-earnings ratio of 83.45 and a beta of 0.90.

Tower Semiconductor (NASDAQ:TSEM) last announced its earnings results on Tuesday, August 4th. The semiconductor company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.12. The company had revenue of $460.08 million for the quarter, compared to analyst estimates of $454.68 million. Tower Semiconductor had a return on equity of 9.97% and a net margin of 16.94%.Tower Semiconductor’s quarterly revenue was up 23.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.41 EPS. As a group, equities analysts anticipate that Tower Semiconductor Ltd. will post 3.04 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in TSEM. CIBC Private Wealth Group LLC increased its position in shares of Tower Semiconductor by 254.2% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 418 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 300 shares during the last quarter. Advisory Services Network LLC bought a new position in shares of Tower Semiconductor during the third quarter worth about $48,000. Kestra Advisory Services LLC bought a new position in shares of Tower Semiconductor during the fourth quarter worth about $52,000. Hanson & Doremus Investment Management acquired a new position in Tower Semiconductor in the first quarter worth about $53,000. Finally, SBI Securities Co. Ltd. increased its holdings in Tower Semiconductor by 344.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 520 shares of the semiconductor company’s stock valued at $61,000 after buying an additional 403 shares during the last quarter. 70.51% of the stock is currently owned by institutional investors.

About Tower Semiconductor

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.