Benchmark Issues Positive Forecast for Tower Semiconductor (NASDAQ:TSEM) Stock Price

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.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) had its price target lifted by investment analysts at Benchmark from $60.00 to $66.00 in a report issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the semiconductor company's stock. Benchmark's price target points to a potential upside of 29.46% from the company's previous close.

Tower Semiconductor Stock Up 14.1%

Shares of NASDAQ TSEM traded up $6.31 during midday trading on Monday, hitting $50.98. 2,277,516 shares of the company's stock were exchanged, compared to its average volume of 714,917. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.93 and a quick ratio of 5.82. Tower Semiconductor has a twelve month low of $28.64 and a twelve month high of $55.31. The company has a market cap of $5.65 billion, a PE ratio of 28.17 and a beta of 0.77. The firm's fifty day simple moving average is $43.55 and its 200-day simple moving average is $41.76.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last issued its earnings results 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). Tower Semiconductor had a return on equity of 7.73% and a net margin of 13.86%. The business had revenue of $372.06 million for the quarter, compared to analyst estimates of $371.63 million. During the same period last year, the business posted $0.53 EPS. Tower Semiconductor's revenue was up 6.0% on a year-over-year basis. Research analysts predict that Tower Semiconductor will post 1.67 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Tower Semiconductor in the 4th quarter valued at approximately $11,126,000. Pictet Asset Management Holding SA grew its stake in shares of Tower Semiconductor by 9.2% in the 4th quarter. Pictet Asset Management Holding SA now owns 17,159 shares of the semiconductor company's stock valued at $890,000 after purchasing an additional 1,449 shares during the last quarter. Alliancebernstein L.P. grew its stake in shares of Tower Semiconductor by 9.7% in the 4th quarter. Alliancebernstein L.P. now owns 19,482 shares of the semiconductor company's stock valued at $1,004,000 after purchasing an additional 1,729 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Tower Semiconductor by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 94,666 shares of the semiconductor company's stock valued at $4,876,000 after purchasing an additional 819 shares during the last quarter. Finally, Trexquant Investment LP purchased a new position in shares of Tower Semiconductor in the 4th quarter valued at approximately $2,914,000. Institutional investors and hedge funds own 70.51% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.