Tower Semiconductor (NASDAQ:TSEM) Hits New 1-Year High - Here's Why

Tower Semiconductor Ltd. (NASDAQ:TSEM - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $45.23 and last traded at $45.18, with a volume of 69455 shares trading hands. The stock had previously closed at $44.68.

Wall Street Analysts Forecast Growth

TSEM has been the topic of several analyst reports. StockNews.com cut shares of Tower Semiconductor from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 19th. Benchmark restated a "buy" rating and set a $55.00 price objective on shares of Tower Semiconductor in a report on Monday, September 9th. Four research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Tower Semiconductor has an average rating of "Buy" and a consensus target price of $51.33.

Tower Semiconductor Price Performance

The stock has a market capitalization of $5.01 billion, a price-to-earnings ratio of 10.29 and a beta of 0.90. The company has a fifty day simple moving average of $41.38 and a two-hundred day simple moving average of $38.39. The company has a debt-to-equity ratio of 0.05, a quick ratio of 4.94 and a current ratio of 5.90.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last posted its quarterly earnings results on Wednesday, July 24th. The semiconductor company reported $0.46 EPS for the quarter, topping analysts' consensus estimates of $0.41 by $0.05. The company had revenue of $351.18 million during the quarter, compared to analysts' expectations of $350.00 million. Tower Semiconductor had a return on equity of 8.33% and a net margin of 35.58%. As a group, equities research analysts expect that Tower Semiconductor Ltd. will post 1.82 earnings per share for the current fiscal year.

Institutional Trading of Tower Semiconductor

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Truist Financial Corp raised its holdings in Tower Semiconductor by 3.8% in the 2nd quarter. Truist Financial Corp now owns 7,432 shares of the semiconductor company's stock valued at $292,000 after buying an additional 273 shares during the last quarter. TD Asset Management Inc grew its position in Tower Semiconductor by 3.2% in the 2nd quarter. TD Asset Management Inc now owns 16,156 shares of the semiconductor company's stock valued at $623,000 after purchasing an additional 506 shares during the period. DGS Capital Management LLC grew its holdings in shares of Tower Semiconductor by 5.5% during the first quarter. DGS Capital Management LLC now owns 15,246 shares of the semiconductor company's stock valued at $510,000 after buying an additional 789 shares during the last quarter. USA Financial Formulas bought a new stake in Tower Semiconductor during the 3rd quarter worth approximately $38,000. Finally, Swiss National Bank grew its holdings in Tower Semiconductor by 1.0% during the first quarter. Swiss National Bank now owns 220,171 shares of the semiconductor company's stock worth $7,209,000 after buying an additional 2,189 shares in the last quarter. Institutional investors own 70.51% of the company's stock.

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.