Tower Semiconductor (NASDAQ:TSEM) Stock Gets Price Target Cut from Stifel Nicolaus

Tower Semiconductor (NASDAQ:TSEM) had its price target trimmed by Stifel Nicolaus from $270.00 to $235.00 in a research note published on Tuesday,Benzinga reports. The firm currently has a buy rating on the semiconductor company’s stock.

Other analysts have also recently issued reports about the company. Bank of America assumed coverage on Tower Semiconductor in a report on Friday, August 7th. They issued a “buy” rating and a $367.00 price target for the company. Barclays began coverage on Tower Semiconductor in a research note on Friday, September 18th. They issued an “overweight” rating and a $310.00 price target on the stock. Benchmark reaffirmed a “buy” rating on shares of Tower Semiconductor in a report on Wednesday, August 5th. Weiss Ratings cut Tower Semiconductor from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, August 18th. Finally, Mizuho started coverage on Tower Semiconductor in a report on Friday, September 25th. They issued an “outperform” rating and a $300.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $297.12.

Tower Semiconductor Trading Down 12.0%

Shares of Tower Semiconductor stock opened at $130.99 on Tuesday. The firm has a market cap of $14.73 billion, a price-to-earnings ratio of 47.85 and a beta of 0.95. Tower Semiconductor has a 52-week low of $80.63 and a 52-week high of $319.94. The company’s 50-day simple moving average is $207.26 and its 200-day simple moving average is $204.71. The company has a quick ratio of 4.31, a current ratio of 3.72 and a debt-to-equity ratio of 0.04.

Tower Semiconductor (NASDAQ:TSEM) last announced its quarterly earnings data on Monday, November 2nd. The semiconductor company reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). Tower Semiconductor had a net margin of 19.36% and a return on equity of 11.72%. The firm had revenue of $526.16 million during the quarter, compared to analyst estimates of $521.83 million. During the same quarter in the previous year, the business earned $0.47 EPS. Tower Semiconductor’s revenue for the quarter was up 32.8% on a year-over-year basis. As a group, equities research analysts anticipate that Tower Semiconductor will post 3.56 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Russell Ellwanger sold 104,226 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $248.34, for a total value of $25,883,484.84. Following the completion of the transaction, the chief executive officer directly owned 526,788 shares of the company’s stock, valued at $130,822,531.92. This trade represents a 16.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Yoav Chelouche sold 232 shares of the firm’s stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $215.06, for a total value of $49,893.92. Following the completion of the transaction, the director directly owned 33,734 shares of the company’s stock, valued at $7,254,834.04. The trade was a 0.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 181,767 shares of company stock worth $45,610,065. Insiders own 1.00% of the company’s stock.

Institutional Trading of Tower Semiconductor

Large investors have recently bought and sold shares of the company. Swiss National Bank increased its stake in Tower Semiconductor by 86.0% in the first quarter. Swiss National Bank now owns 414,850 shares of the semiconductor company’s stock valued at $70,625,000 after purchasing an additional 191,839 shares during the last quarter. Empowered Funds LLC acquired a new stake in Tower Semiconductor in the 1st quarter worth about $754,000. Public Employees Retirement System of Ohio acquired a new stake in Tower Semiconductor in the 2nd quarter worth about $2,044,000. Plato Investment Management Ltd purchased a new stake in Tower Semiconductor in the 2nd quarter valued at about $3,491,000. Finally, Altshuler Shaham Ltd grew its holdings in Tower Semiconductor by 1,175.6% in the 1st quarter. Altshuler Shaham Ltd now owns 340,108 shares of the semiconductor company’s stock valued at $58,025,000 after buying an additional 313,445 shares during the period. Institutional investors and hedge funds own 70.51% of the company’s stock.

Tower Semiconductor Company Profile

Tower Semiconductor Ltd. is an Israeli specialty semiconductor foundry that manufactures integrated circuits for fabless semiconductor companies, integrated device manufacturers and system companies. The company provides process technologies and production services rather than selling branded end-user electronics.

Its offerings include analog and mixed-signal technologies, radio-frequency and high-voltage circuits, power management solutions, image sensors, and specialty memory products.