Tower Semiconductor (NASDAQ:TSEM) Receives Outperform Rating from Wedbush

Tower Semiconductor (NASDAQ:TSEM)‘s stock had its “outperform” rating reissued by equities researchers at Wedbush in a report released on Tuesday,RTT News reports. They presently have a $60.00 price target on the semiconductor company’s stock. Wedbush’s price target points to a potential upside of 30.99% from the stock’s previous close.

Several other research analysts have also commented on TSEM. StockNews.com lowered Tower Semiconductor from a “buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Craig Hallum lifted their price objective on shares of Tower Semiconductor from $54.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Benchmark reaffirmed a “buy” rating and set a $60.00 target price on shares of Tower Semiconductor in a research note on Tuesday. Finally, Susquehanna raised their price target on shares of Tower Semiconductor from $55.00 to $60.00 and gave the company a “positive” rating in a research report on Thursday, November 14th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $60.00.

Tower Semiconductor Price Performance

Shares of Tower Semiconductor stock traded down $1.16 during mid-day trading on Tuesday, reaching $45.81. 544,350 shares of the stock traded hands, compared to its average volume of 838,647. The company has a quick ratio of 4.89, a current ratio of 5.82 and a debt-to-equity ratio of 0.05. The business has a 50-day moving average of $50.74 and a 200 day moving average of $45.75. The stock has a market capitalization of $5.08 billion, a PE ratio of 24.77 and a beta of 0.88. Tower Semiconductor has a fifty-two week low of $28.37 and a fifty-two week high of $55.31.

Tower Semiconductor (NASDAQ:TSEM) last released its earnings results on Wednesday, November 13th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.12. The business had revenue of $370.50 million during the quarter, compared to analyst estimates of $370.30 million. Tower Semiconductor had a net margin of 14.75% and a return on equity of 8.22%. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.47 earnings per share. On average, analysts predict that Tower Semiconductor will post 1.81 EPS for the current year.

Hedge Funds Weigh In On Tower Semiconductor

Institutional investors have recently bought and sold shares of the company. Transcendent Capital Group LLC purchased a new stake in shares of Tower Semiconductor in the third quarter valued at about $27,000. R Squared Ltd acquired a new stake in Tower Semiconductor in the fourth quarter valued at about $61,000. Blue Trust Inc. boosted its holdings in Tower Semiconductor by 319.3% in the 3rd quarter. Blue Trust Inc. now owns 1,807 shares of the semiconductor company’s stock valued at $80,000 after purchasing an additional 1,376 shares in the last quarter. Signaturefd LLC increased its position in Tower Semiconductor by 21.1% during the 3rd quarter. Signaturefd LLC now owns 2,472 shares of the semiconductor company’s stock worth $109,000 after purchasing an additional 431 shares during the period. Finally, Crews Bank & Trust purchased a new position in shares of Tower Semiconductor during the 4th quarter worth approximately $134,000. 70.51% of the stock is 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.