Tower Semiconductor Ltd. (NASDAQ:TSEM) issued its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.03, MarketWatch Earnings reports. The firm had revenue of $345.10 million for the quarter, compared to analyst estimates of $344.98 million. Tower Semiconductor had a return on equity of 28.28% and a net margin of 14.53%. The business’s revenue was up 13.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.45 earnings per share.
Tower Semiconductor (NASDAQ TSEM) traded up 0.20% during midday trading on Friday, hitting $24.81. The company had a trading volume of 538,707 shares. Tower Semiconductor has a 52-week low of $14.80 and a 52-week high of $27.60. The firm has a market cap of $2.39 billion, a price-to-earnings ratio of 12.70 and a beta of 1.00. The stock has a 50 day moving average of $25.44 and a 200 day moving average of $23.65.
A number of analysts have recently issued reports on the company. BidaskClub raised Tower Semiconductor from a “hold” rating to a “buy” rating in a research note on Sunday, July 16th. TheStreet lowered Tower Semiconductor from a “b-” rating to a “c” rating in a research note on Monday, April 17th. ValuEngine raised Tower Semiconductor from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 2nd. Finally, Needham & Company LLC reaffirmed a “strong-buy” rating and issued a $35.00 price target (up previously from $30.00) on shares of Tower Semiconductor in a research note on Tuesday, May 9th. One investment analyst has rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Tower Semiconductor currently has a consensus rating of “Buy” and a consensus target price of $31.50.
Hedge funds have recently bought and sold shares of the company. First Dallas Securities Inc. bought a new stake in Tower Semiconductor during the first quarter valued at approximately $225,000. Sei Investments Co. boosted its stake in Tower Semiconductor by 12.7% in the first quarter. Sei Investments Co. now owns 10,593 shares of the semiconductor company’s stock valued at $244,000 after buying an additional 1,190 shares during the period. Swiss National Bank boosted its stake in Tower Semiconductor by 3.2% in the first quarter. Swiss National Bank now owns 137,766 shares of the semiconductor company’s stock valued at $3,177,000 after buying an additional 4,270 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Tower Semiconductor by 53.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,202 shares of the semiconductor company’s stock valued at $281,000 after buying an additional 4,270 shares during the period. Finally, American Century Companies Inc. bought a new stake in Tower Semiconductor during the first quarter valued at approximately $986,000. 49.24% of the stock is owned by institutional investors.
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Tower Semiconductor Company Profile
Tower Semiconductor Ltd. operates as an independent semiconductor foundry focused primarily on specialty process technologies. The Company focuses on producing integrated circuits (ICs) based on the design specifications of its customers. The Company manufactures semiconductors for its customers primarily based on third-party designs.
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