Tower Semiconductor (NASDAQ:TSEM) Reaches New 52-Week High – Here’s Why

Shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) reached a new 52-week high during trading on Monday . The company traded as high as $308.79 and last traded at $308.0470, with a volume of 1221917 shares traded. The stock had previously closed at $286.74.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Benchmark increased their target price on shares of Tower Semiconductor from $230.00 to $335.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. Wedbush upped their price objective on shares of Tower Semiconductor from $140.00 to $300.00 and gave the stock a “neutral” rating in a report on Thursday, May 14th. Finally, Susquehanna lifted their target price on Tower Semiconductor from $180.00 to $330.00 and gave the company a “positive” rating in a report on Thursday, May 14th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $276.75.

Tower Semiconductor Stock Up 10.5%

The stock has a market cap of $35.64 billion, a price-to-earnings ratio of 147.61 and a beta of 0.87. The firm’s 50 day moving average is $242.23 and its two-hundred day moving average is $172.40. The company has a current ratio of 5.63, a quick ratio of 4.92 and a debt-to-equity ratio of 0.04.

Tower Semiconductor (NASDAQ:TSEM) last posted its quarterly earnings results on Wednesday, May 13th. The semiconductor company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.56 by $0.09. Tower Semiconductor had a net margin of 15.13% and a return on equity of 8.54%. The firm had revenue of $413.63 million for the quarter, compared to analyst estimates of $410.72 million. During the same quarter last year, the firm posted $0.35 earnings per share. Tower Semiconductor’s revenue for the quarter was up 15.5% compared to the same quarter last year. On average, sell-side analysts predict that Tower Semiconductor Ltd. will post 2.84 EPS for the current year.

Institutional Investors Weigh In On Tower Semiconductor

A number of institutional investors have recently added to or reduced their stakes in TSEM. Price T Rowe Associates Inc. MD raised its holdings in shares of 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 purchasing an additional 4,541,235 shares in the last quarter. Capital International Investors bought a new stake in Tower Semiconductor in the fourth quarter valued at about $222,530,000. Goldman Sachs Group Inc. lifted its holdings in shares of Tower Semiconductor by 214.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,206,467 shares of the semiconductor company’s stock valued at $259,083,000 after acquiring an additional 1,505,421 shares during the period. Turiya Advisors Asia Ltd acquired a new position in shares of Tower Semiconductor in the 4th quarter worth approximately $172,848,000. Finally, Janus Henderson Group PLC increased its position in Tower Semiconductor by 293.8% in the 4th quarter. Janus Henderson Group PLC now owns 1,074,717 shares of the semiconductor company’s stock valued at $126,193,000 after acquiring an additional 801,820 shares in the last quarter. 70.51% of the stock is currently owned by institutional investors and hedge funds.

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.