Wall Street brokerages expect Tower Semiconductor Ltd. (NASDAQ:TSEM) to post $360.00 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Tower Semiconductor's earnings. Tower Semiconductor reported sales of $310.09 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 16.1%. The firm is scheduled to announce its next earnings report before the market opens on Monday, August 2nd.
According to Zacks, analysts expect that Tower Semiconductor will report full-year sales of $1.45 billion for the current year. For the next financial year, analysts forecast that the company will report sales of $1.53 billion, with estimates ranging from $1.52 billion to $1.54 billion. Zacks Investment Research's sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Tower Semiconductor.
Tower Semiconductor (NASDAQ:TSEM) last announced its quarterly earnings results on Wednesday, May 12th. The semiconductor company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.04. The company had revenue of $347.20 million for the quarter, compared to analyst estimates of $345.09 million. Tower Semiconductor had a net margin of 7.13% and a return on equity of 6.65%. The firm's revenue was up 15.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.20 EPS.
Separately, Needham & Company LLC assumed coverage on shares of Tower Semiconductor in a report on Wednesday, June 30th. They set a "buy" rating and a $37.00 price target on the stock.
Shares of Tower Semiconductor stock opened at $27.37 on Thursday. The company has a market cap of $2.92 billion, a price-to-earnings ratio of 31.83 and a beta of 1.38. The company has a quick ratio of 3.30, a current ratio of 4.02 and a debt-to-equity ratio of 0.16. The firm's 50 day moving average is $27.44. Tower Semiconductor has a 1 year low of $17.61 and a 1 year high of $34.45.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC grew its holdings in Tower Semiconductor by 0.5% during the 1st quarter. Geode Capital Management LLC now owns 85,670 shares of the semiconductor company's stock worth $2,402,000 after acquiring an additional 465 shares during the last quarter. Rockefeller Capital Management L.P. lifted its position in shares of Tower Semiconductor by 144.2% in the 1st quarter. Rockefeller Capital Management L.P. now owns 1,282 shares of the semiconductor company's stock worth $35,000 after purchasing an additional 757 shares during the period. LPL Financial LLC lifted its position in shares of Tower Semiconductor by 2.1% in the 4th quarter. LPL Financial LLC now owns 38,662 shares of the semiconductor company's stock worth $998,000 after purchasing an additional 798 shares during the period. Lazard Asset Management LLC acquired a new position in shares of Tower Semiconductor in the 1st quarter worth approximately $36,000. Finally, Swiss National Bank lifted its position in shares of Tower Semiconductor by 0.6% in the 1st quarter. Swiss National Bank now owns 233,602 shares of the semiconductor company's stock worth $6,508,000 after purchasing an additional 1,495 shares during the period. 55.20% of the stock is currently owned by hedge funds and other institutional investors.
About Tower Semiconductor
Tower Semiconductor Ltd., an independent semiconductor foundry, manufactures and markets analog intensive mixed-signal semiconductor devices in the United States, Japan, Asia, and Europe. 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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