Key Points
- Tower Semiconductor director Yoav Chelouche sold 232 shares at an average price of $215.06, generating $49,893.92. He retains 33,734 shares, with the sale reducing his ownership by 0.68%.
- The company reported strong quarterly results, with earnings per share of $0.88 versus the $0.76 consensus estimate and revenue of $460.08 million, up 23.7% year over year.
- Analyst sentiment remains positive: Tower Semiconductor has a “Moderate Buy” consensus rating and a $290.67 average price target, while institutional investors own 70.51% of its shares.
Tower Semiconductor Ltd. (NASDAQ:TSEM - Get Free Report) Director Yoav Chelouche sold 232 shares of Tower Semiconductor stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $215.06, for a total transaction of $49,893.92. Following the transaction, the director directly owned 33,734 shares of the company's stock, valued at $7,254,834.04. This represents a 0.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Tower Semiconductor Price Performance
NASDAQ:TSEM opened at $191.12 on Tuesday. The company has a quick ratio of 4.31, a current ratio of 4.91 and a debt-to-equity ratio of 0.04. The firm has a market cap of $21.49 billion, a PE ratio of 75.54 and a beta of 0.88. Tower Semiconductor Ltd. has a 12 month low of $64.83 and a 12 month high of $319.94. The company's 50-day moving average price is $227.11 and its two-hundred day moving average price is $218.35.
Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The semiconductor company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.12. Tower Semiconductor had a net margin of 16.94% and a return on equity of 9.83%. The company had revenue of $460.08 million during the quarter, compared to analyst estimates of $454.68 million. During the same quarter last year, the business posted $0.41 earnings per share. The company's revenue was up 23.7% on a year-over-year basis. On average, equities analysts anticipate that Tower Semiconductor Ltd. will post 3.58 EPS for the current fiscal year.
Analysts Set New Price Targets
TSEM has been the subject of several research analyst reports. National Bank Financial upgraded Tower Semiconductor to a "buy" rating in a research report on Friday, August 7th. Bank of America assumed coverage on Tower Semiconductor in a report on Friday, August 7th. They set a "buy" rating and a $367.00 target price on the stock. Stifel Nicolaus initiated coverage on Tower Semiconductor in a research note on Tuesday, September 1st. They issued a "buy" rating and a $270.00 target price for the company. Weiss Ratings cut Tower Semiconductor from a "hold (c)" rating to a "hold (c-)" rating in a report on Tuesday, August 18th. Finally, UBS Group reiterated a "buy" rating on shares of Tower Semiconductor in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $290.67.
Read Our Latest Research Report on TSEM
Institutional Trading of Tower Semiconductor
Hedge funds and other institutional investors have recently modified their holdings of the stock. Swiss National Bank raised its position in Tower Semiconductor by 86.0% in the 1st quarter. Swiss National Bank now owns 414,850 shares of the semiconductor company's stock worth $70,625,000 after purchasing an additional 191,839 shares during the last quarter. Empowered Funds LLC bought a new position in Tower Semiconductor in the 1st quarter valued at $754,000. Plato Investment Management Ltd acquired a new stake in shares of Tower Semiconductor in the 2nd quarter valued at $3,491,000. Altshuler Shaham Ltd increased its stake in shares of 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. Finally, Assenagon Asset Management S.A. raised its position in shares of Tower Semiconductor by 4.4% during the second quarter. Assenagon Asset Management S.A. now owns 118,406 shares of the semiconductor company's stock worth $30,378,000 after acquiring an additional 4,965 shares during the last quarter. Institutional investors and hedge funds own 70.51% of the company's stock.
About Tower Semiconductor
(
Get Free Report)
Tower Semiconductor Ltd. (NASDAQ:TSEM) is a specialty semiconductor foundry that manufactures integrated circuits for fabless chip companies, integrated device manufacturers and original equipment manufacturers. The company focuses on analog and mixed-signal technologies rather than high-volume digital logic, providing process development, wafer manufacturing, design enablement and other foundry services.
Its technology portfolio includes radio-frequency and high-performance analog circuits, power management, CMOS image sensors, medical and industrial sensors, silicon photonics, microelectromechanical systems (MEMS), and automotive and industrial semiconductor solutions.
Further Reading
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