Tower Semiconductor (NASDAQ:TSEM) Trading Up 4.8% - Here's Why

Tower Semiconductor Ltd. (NASDAQ:TSEM - Get Free Report)'s share price rose 4.8% on Thursday . The stock traded as high as $53.15 and last traded at $53.15. Approximately 250,676 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 512,156 shares. The stock had previously closed at $50.70.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Benchmark reaffirmed a "buy" rating and set a $55.00 target price on shares of Tower Semiconductor in a report on Thursday, November 14th. Craig Hallum upped their price target on shares of Tower Semiconductor from $54.00 to $60.00 and gave the company a "buy" rating in a research report on Thursday, November 14th. Susquehanna lifted their price objective on shares of Tower Semiconductor from $55.00 to $60.00 and gave the stock a "positive" rating in a research report on Thursday, November 14th. Finally, StockNews.com cut Tower Semiconductor from a "buy" rating to a "hold" rating in a research report on Tuesday, November 12th. One analyst has rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $58.33.

Tower Semiconductor Stock Performance

The firm has a 50-day simple moving average of $49.42 and a two-hundred day simple moving average of $44.53. The company has a current ratio of 5.82, a quick ratio of 4.89 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $5.80 billion, a price-to-earnings ratio of 28.31 and a beta of 0.89.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last issued its quarterly earnings data 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. Tower Semiconductor had a net margin of 14.75% and a return on equity of 8.22%. The firm had revenue of $370.50 million during the quarter, compared to analysts' expectations of $370.30 million. During the same period in the prior year, the company posted $0.47 earnings per share. Tower Semiconductor's revenue for the quarter was up 3.4% on a year-over-year basis. As a group, sell-side analysts forecast that Tower Semiconductor Ltd. will post 1.77 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Tower Semiconductor

A number of hedge funds have recently bought and sold shares of TSEM. Transcendent Capital Group LLC acquired a new position in Tower Semiconductor during the 3rd quarter valued at $27,000. USA Financial Formulas bought a new stake in shares of Tower Semiconductor in the 3rd quarter worth approximately $38,000. Blue Trust Inc. increased its position 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 valued at $80,000 after purchasing an additional 1,376 shares during the period. Signaturefd LLC raised its stake 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 purchasing an additional 431 shares in the last quarter. Finally, Scientech Research LLC acquired a new stake in Tower Semiconductor during the second quarter worth $200,000. 70.51% of the stock is currently owned by institutional investors.

Tower Semiconductor Company Profile

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.

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