Tower Semiconductor (NASDAQ:TSEM) Shares Up 4.8% – Here’s What Happened

Tower Semiconductor Ltd. (NASDAQ:TSEM) shares shot up 4.8% during trading on Thursday . The stock traded as high as $53.15 and last traded at $53.15. 250,676 shares changed hands during mid-day trading, a decline of 51% from the average session volume of 512,156 shares. The stock had previously closed at $50.70.

Analysts Set New Price Targets

A number of brokerages recently weighed in on TSEM. Susquehanna upped their target price on shares of Tower Semiconductor from $55.00 to $60.00 and gave the stock a “positive” rating in a research note on Thursday, November 14th. Benchmark reaffirmed a “buy” rating and set a $55.00 price objective on shares of Tower Semiconductor in a research report on Thursday, November 14th. Craig Hallum lifted their target price on Tower Semiconductor from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Finally, StockNews.com downgraded Tower Semiconductor from a “buy” rating to a “hold” rating in a research report on Tuesday, November 12th. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.33.

Tower Semiconductor Stock Up 0.7 %

The firm has a market capitalization of $5.83 billion, a P/E ratio of 28.42 and a beta of 0.89. The firm’s 50 day moving average is $49.73 and its two-hundred day moving average is $44.67. The company has a debt-to-equity ratio of 0.05, a current ratio of 5.82 and a quick ratio of 4.89.

Tower Semiconductor (NASDAQ:TSEM) last released its quarterly earnings data on Wednesday, November 13th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.12. Tower Semiconductor had a return on equity of 8.22% and a net margin of 14.75%. The firm had revenue of $370.50 million for the quarter, compared to analyst estimates of $370.30 million. During the same quarter in the prior year, the company earned $0.47 earnings per share. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. Research analysts predict that Tower Semiconductor Ltd. will post 1.77 EPS for the current year.

Institutional Investors Weigh In On Tower Semiconductor

Hedge funds have recently bought and sold shares of the stock. Transcendent Capital Group LLC bought a new position in shares of Tower Semiconductor during the third quarter worth approximately $27,000. USA Financial Formulas bought a new position in Tower Semiconductor during the 3rd quarter worth $38,000. Blue Trust Inc. lifted its holdings in shares of Tower Semiconductor by 319.3% during the third quarter. Blue Trust Inc. now owns 1,807 shares of the semiconductor company’s stock worth $80,000 after buying an additional 1,376 shares in the last quarter. Signaturefd LLC boosted its position in shares of Tower Semiconductor by 21.1% in the third quarter. Signaturefd LLC now owns 2,472 shares of the semiconductor company’s stock valued at $109,000 after acquiring an additional 431 shares during the period. Finally, Scientech Research LLC bought a new stake in shares of Tower Semiconductor in the second quarter valued at about $200,000. 70.51% of the stock is currently owned by institutional investors and hedge funds.

About Tower Semiconductor

Tower Semiconductor Ltd., an independent semiconductor foundry, focus on specialty process technologies to manufacture analog intensive mixed-signal semiconductor devices in Israel, the United States, Japan, Europe, and internationally. It provides various customizable process technologies, including SiGe, BiCMOS, mixed signal/CMOS, RF CMOS, CMOS image sensor, integrated power management, and MEMS.