Tower Semiconductor (NASDAQ:TSEM) Earns Buy Rating from Benchmark

Benchmark reaffirmed their buy rating on shares of Tower Semiconductor (NASDAQ:TSEM) in a report published on Tuesday morning,Benzinga reports. The brokerage currently has a $60.00 target price on the semiconductor company’s stock.

TSEM has been the topic of several other reports. Wedbush reiterated an “outperform” rating and issued a $60.00 price objective on shares of Tower Semiconductor in a report on Monday, February 3rd. Susquehanna upped their price objective on shares of Tower Semiconductor from $55.00 to $60.00 and gave the company a “positive” rating in a report on Thursday, November 14th. StockNews.com downgraded shares of Tower Semiconductor from a “buy” rating to a “hold” rating in a report on Tuesday, November 12th. Finally, 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 note on Thursday, November 14th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $60.00.

Tower Semiconductor Price Performance

NASDAQ:TSEM opened at $48.21 on Tuesday. Tower Semiconductor has a one year low of $29.62 and a one year high of $55.31. The company has a market cap of $5.34 billion, a P/E ratio of 26.06 and a beta of 0.88. The firm’s fifty day moving average price is $50.60 and its two-hundred day moving average price is $45.76. 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 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $370.30 million. During the same period in the previous year, the company earned $0.47 earnings per share. The company’s quarterly revenue was up 3.4% on a year-over-year basis. Equities analysts expect that Tower Semiconductor will post 1.81 earnings per share for the current year.

Hedge Funds Weigh In On Tower Semiconductor

Several institutional investors and hedge funds have recently modified their holdings of the business. Blue Trust Inc. grew its stake in shares of Tower Semiconductor by 12.7% in the fourth quarter. Blue Trust Inc. now owns 2,037 shares of the semiconductor company’s stock valued at $105,000 after acquiring an additional 230 shares in the last quarter. Truist Financial Corp grew its stake in Tower Semiconductor by 3.8% during the second quarter. Truist Financial Corp now owns 7,432 shares of the semiconductor company’s stock worth $292,000 after buying an additional 273 shares in the last quarter. Signaturefd LLC grew its stake in Tower Semiconductor by 21.1% during the third quarter. Signaturefd LLC now owns 2,472 shares of the semiconductor company’s stock worth $109,000 after buying an additional 431 shares in the last quarter. Van ECK Associates Corp grew its stake in Tower Semiconductor by 1.6% during the third quarter. Van ECK Associates Corp now owns 33,680 shares of the semiconductor company’s stock worth $1,484,000 after buying an additional 522 shares in the last quarter. Finally, Mariner LLC grew its stake in Tower Semiconductor by 6.7% during the fourth quarter. Mariner LLC now owns 8,485 shares of the semiconductor company’s stock worth $437,000 after buying an additional 533 shares in the last quarter. 70.51% of the stock is currently owned by institutional investors and hedge funds.

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.