Tower Semiconductor (NASDAQ:TSEM) Stock Price Down 9.3% - What's Next?

Key Points

• Tower Semiconductor shares fell 9.3% in Friday’s midday trading to $143.17, while trading volume was 77% below its average.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $297.12; ratings include one Strong Buy, seven Buys, and two Holds.
• Quarterly results were mixed: earnings per share of $1.05 slightly missed estimates, but revenue of $526.16 million topped expectations and rose 32.8% year over year.

Tower Semiconductor Ltd. (NASDAQ:TSEM - Get Free Report)'s stock price was down 9.3% during mid-day trading on Friday. The stock traded as low as $142.88 and last traded at $143.17. 552,170 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 2,351,162 shares. The stock had previously closed at $157.86.

Analyst Ratings Changes

A number of research firms have weighed in on TSEM. DA Davidson set a $335.00 price target on Tower Semiconductor in a research report on Tuesday, November 3rd. Barclays initiated coverage on Tower Semiconductor in a report on Friday, September 18th. They issued an "overweight" rating and a $310.00 price objective for the company. Bank of America started coverage on Tower Semiconductor in a research report on Friday, August 7th. They set a "buy" rating and a $367.00 price objective on the stock. Susquehanna cut their target price on Tower Semiconductor from $355.00 to $305.00 and set a "positive" rating for the company in a research note on Tuesday, November 3rd. Finally, National Bank Financial upgraded shares of Tower Semiconductor to a "buy" rating in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, Tower Semiconductor has a consensus rating of "Moderate Buy" and a consensus target price of $297.12.

Tower Semiconductor Stock Down 8.2%

The stock has a 50 day moving average price of $201.56 and a 200-day moving average price of $205.24. The stock has a market capitalization of $16.30 billion, a P/E ratio of 46.71 and a beta of 0.95. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.72 and a quick ratio of 3.23.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last released its quarterly earnings data on Monday, November 2nd. The semiconductor company reported $1.05 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.02). Tower Semiconductor had a return on equity of 11.72% and a net margin of 19.36%. The company had revenue of $526.16 million during the quarter, compared to analysts' expectations of $521.83 million. During the same quarter in the prior year, the firm posted $0.47 EPS. The firm's quarterly revenue was up 32.8% on a year-over-year basis. As a group, research analysts expect that Tower Semiconductor Ltd. will post 3.56 EPS for the current fiscal year.

Insider Buying and Selling

In other Tower Semiconductor news, Director Yoav Chelouche sold 232 shares of the stock in a transaction on 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 of the company's stock, valued at $7,254,834.04. This represents a 0.68% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.00% of the stock is owned by corporate insiders.

Institutional Trading of Tower Semiconductor

Several large investors have recently modified their holdings of the business. Berkshire Capital Holdings Inc. raised its position in Tower Semiconductor by 674,100.0% during the 3rd quarter. Berkshire Capital Holdings Inc. now owns 67,420 shares of the semiconductor company's stock valued at $15,333,000 after purchasing an additional 67,410 shares during the last quarter. E Fund Management Hong Kong Co. Ltd. increased its stake in shares of Tower Semiconductor by 4,692.8% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 5,320 shares of the semiconductor company's stock valued at $1,210,000 after buying an additional 5,209 shares during the period. Clal Insurance Enterprises Holdings Ltd raised its holdings in shares of Tower Semiconductor by 21.1% during the third quarter. Clal Insurance Enterprises Holdings Ltd now owns 5,634,758 shares of the semiconductor company's stock valued at $1,299,282,000 after acquiring an additional 980,910 shares in the last quarter. TIAA CREF Individual & Institutional Services LLC bought a new position in shares of Tower Semiconductor during the third quarter valued at approximately $350,000. Finally, Private Advisor Group LLC bought a new position in shares of Tower Semiconductor during the third quarter valued at approximately $224,000. 70.51% of the stock is owned by institutional investors.

About Tower Semiconductor

Tower Semiconductor Ltd. is an Israel-based specialty semiconductor foundry that manufactures chips for companies that design and market their own products. Its services include wafer fabrication, process development and engineering support, helping customers bring semiconductor designs from development into production. The company focuses on analog and mixed-signal technologies used in areas such as radio-frequency communications, power management, image sensing, automotive electronics and silicon photonics.

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