Tower Semiconductor (NASDAQ:TSEM) Director Sells $49,893.92 in Stock

Key Points

• Director sale: Tower Semiconductor director Yoav Chelouche sold 232 shares for approximately $49,894, reducing his stake by 0.68% to 33,734 shares.
• Financial performance: The company reported quarterly EPS of $0.88, exceeding estimates of $0.76, while revenue rose 23.7% year over year to $460.08 million.
• Market outlook: Shares recently traded at $196.81, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $290.67; institutional investors own 70.51% of the stock.

Tower Semiconductor Ltd. (NASDAQ:TSEM - Get Free Report) Director Yoav Chelouche sold 232 shares of Tower Semiconductor stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $215.06, for a total transaction of $49,893.92. Following the completion of the sale, the director owned 33,734 shares in the company, valued at approximately $7,254,834.04. This trade represents a 0.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Tower Semiconductor Price Performance

Shares of NASDAQ TSEM traded down $14.71 during mid-day trading on Monday, reaching $196.81. The company's stock had a trading volume of 520,585 shares, compared to its average volume of 2,245,109. The stock has a market capitalization of $22.13 billion, a P/E ratio of 77.80 and a beta of 0.88. Tower Semiconductor Ltd. has a 1-year low of $64.83 and a 1-year high of $319.94. The stock has a 50-day moving average of $227.66 and a two-hundred day moving average of $217.89. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.31 and a current ratio of 4.91.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The semiconductor company reported $0.88 EPS for the quarter, topping analysts' consensus estimates of $0.76 by $0.12. The firm had revenue of $460.08 million for the quarter, compared to the consensus estimate of $454.68 million. Tower Semiconductor had a return on equity of 9.83% and a net margin of 16.94%.The firm's revenue was up 23.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.41 earnings per share. On average, equities research analysts anticipate that Tower Semiconductor Ltd. will post 3.58 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of TSEM. WINTON GROUP Ltd acquired a new stake in shares of Tower Semiconductor during the 2nd quarter worth about $9,592,000. Engineers Gate Manager LP grew its stake in Tower Semiconductor by 1,039.1% in the 2nd quarter. Engineers Gate Manager LP now owns 23,921 shares of the semiconductor company's stock worth $6,235,000 after acquiring an additional 21,821 shares during the period. Integrated Wealth Concepts LLC raised its holdings in Tower Semiconductor by 8.1% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 1,428 shares of the semiconductor company's stock valued at $372,000 after acquiring an additional 107 shares during the last quarter. TD Waterhouse Canada Inc. raised its holdings in Tower Semiconductor by 230.7% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 334 shares of the semiconductor company's stock valued at $82,000 after acquiring an additional 233 shares during the last quarter. Finally, Nwam LLC purchased a new position in shares of Tower Semiconductor during the 2nd quarter worth $212,000. 70.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Weiss Ratings lowered shares of Tower Semiconductor from a "hold (c)" rating to a "hold (c-)" rating in a research note on Tuesday, August 18th. National Bank Financial raised shares of Tower Semiconductor to a "buy" rating in a research report on Friday, August 7th. UBS Group reaffirmed a "buy" rating on shares of Tower Semiconductor in a research report on Wednesday, July 15th. Benchmark reiterated a "buy" rating on shares of Tower Semiconductor in a report on Wednesday, August 5th. Finally, Barclays upgraded Tower Semiconductor from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Tower Semiconductor has a consensus rating of "Moderate Buy" and a consensus price target of $290.67.

Tower Semiconductor Company Profile

Tower Semiconductor Ltd. NASDAQ: TSEM is a specialty semiconductor foundry that manufactures integrated circuits for fabless chip companies, integrated device manufacturers and original equipment manufacturers. The company focuses on analog and mixed-signal technologies rather than high-volume digital logic, providing process development, wafer manufacturing, design enablement and other foundry services.

Its technology portfolio includes radio-frequency and high-performance analog circuits, power management, CMOS image sensors, medical and industrial sensors, silicon photonics, microelectromechanical systems (MEMS), and automotive and industrial semiconductor solutions.

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