Benchmark Reaffirms "Buy" Rating for Tower Semiconductor (NASDAQ:TSEM)

Key Points

• Benchmark has raised its price target for Tower Semiconductor (NASDAQ:TSEM) from $60.00 to $66.00, which indicates a potential upside of 29.46%.
• Tower Semiconductor's stock increased by 14.1% during trading, reaching $50.98 after the announcement.
• Institutional investors own 70.51% of Tower Semiconductor's stock, with notable increases in holdings from firms like Norges Bank and Pictet Asset Management.

Benchmark reaffirmed their buy rating on shares of Tower Semiconductor (NASDAQ:TSEM - Free Report) in a report released on Monday, Marketbeat Ratings reports. Benchmark currently has a $66.00 price target on the semiconductor company's stock, up from their previous price target of $60.00.

Tower Semiconductor Stock Performance

Shares of NASDAQ:TSEM traded down $0.06 during trading on Monday, hitting $48.79. 186,139 shares of the stock were exchanged, compared to its average volume of 719,059. Tower Semiconductor has a 1-year low of $28.64 and a 1-year high of $55.31. The company has a market capitalization of $5.41 billion, a price-to-earnings ratio of 28.04 and a beta of 0.77. The company's fifty day simple moving average is $44.24 and its 200-day simple moving average is $41.83. The company has a debt-to-equity ratio of 0.05, a quick ratio of 5.82 and a current ratio of 6.57.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The semiconductor company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.06). The firm had revenue of $372.06 million for the quarter, compared to analyst estimates of $371.63 million. Tower Semiconductor had a return on equity of 7.37% and a net margin of 13.20%. Tower Semiconductor's revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.53 EPS. Sell-side analysts expect that Tower Semiconductor will post 1.67 EPS for the current fiscal year.

Institutional Investors Weigh In On Tower Semiconductor

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Tower Semiconductor by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 4,087,155 shares of the semiconductor company's stock valued at $145,106,000 after buying an additional 93,868 shares during the period. Point72 Asset Management L.P. increased its stake in shares of Tower Semiconductor by 21.0% in the 4th quarter. Point72 Asset Management L.P. now owns 3,758,574 shares of the semiconductor company's stock valued at $193,604,000 after buying an additional 653,191 shares during the period. Jennison Associates LLC grew its stake in shares of Tower Semiconductor by 2.3% during the first quarter. Jennison Associates LLC now owns 2,546,357 shares of the semiconductor company's stock worth $90,803,000 after purchasing an additional 57,544 shares during the period. Meitav Investment House Ltd. grew its stake in shares of Tower Semiconductor by 1.0% during the second quarter. Meitav Investment House Ltd. now owns 2,242,514 shares of the semiconductor company's stock worth $97,247,000 after purchasing an additional 22,873 shares during the period. Finally, Wellington Management Group LLP grew its stake in shares of Tower Semiconductor by 12.2% during the first quarter. Wellington Management Group LLP now owns 2,240,229 shares of the semiconductor company's stock worth $79,887,000 after purchasing an additional 243,267 shares during the period. 70.51% of the stock is 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.