Tower Semiconductor (NASDAQ:TSEM) Stock Rating Upgraded by Barclays

Key Points

• Barclays upgraded Tower Semiconductor from “hold” to “strong buy,” while other analysts have largely issued positive ratings. MarketBeat reports a consensus “moderate buy” rating and an average price target of $294.80.
• Tower Semiconductor reported quarterly EPS of $0.88, beating estimates of $0.76, while revenue reached $460.08 million and rose 23.7% year over year.
• The stock opened at $223.78 and was down 1.2%; CEO Russell Craig Ellwanger sold 104,226 shares worth approximately $25.9 million, while institutional investors own 70.51% of the company.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) was upgraded by equities researchers at Barclays from a "hold" rating to a "strong-buy" rating in a research report issued on Thursday,Zacks.com reports.

Other analysts have also issued research reports about the stock. National Bank Financial upgraded shares of Tower Semiconductor to a "buy" rating in a research report on Friday, August 7th. Bank of America started coverage on shares of Tower Semiconductor in a research report on Friday, August 7th. They set a "buy" rating and a $367.00 price objective for the company. Benchmark reaffirmed a "buy" rating on shares of Tower Semiconductor in a report on Wednesday, August 5th. Weiss Ratings cut Tower Semiconductor from a "hold (c)" rating to a "hold (c-)" rating in a report on Tuesday. Finally, UBS Group restated a "buy" rating on shares of Tower Semiconductor in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $294.80.

Tower Semiconductor Trading Down 1.2%

TSEM opened at $223.78 on Thursday. Tower Semiconductor has a twelve month low of $48.90 and a twelve month high of $319.94. The company has a 50-day simple moving average of $244.46 and a 200 day simple moving average of $208.71. The company has a quick ratio of 4.31, a current ratio of 4.91 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $25.16 billion, a price-to-earnings ratio of 88.45 and a beta of 0.90.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $0.88 earnings per share (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 net margin of 16.94% and a return on equity of 9.83%. The business's revenue for the quarter was up 23.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.41 earnings per share. Analysts predict that Tower Semiconductor will post 3.57 EPS for the current fiscal year.

Insider Activity at Tower Semiconductor

In related news, CEO Russell Craig Ellwanger sold 104,226 shares of the firm's stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $248.34, for a total transaction of $25,883,484.84. Following the sale, the chief executive officer owned 526,788 shares of the company's stock, valued at $130,822,531.92. This trade represents a 16.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 1.00% of the company's stock.

Institutional Trading of Tower Semiconductor

Hedge funds and other institutional investors have recently made changes to their positions in the company. CIBC Private Wealth Group LLC raised its holdings in Tower Semiconductor by 254.2% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 418 shares of the semiconductor company's stock valued at $30,000 after buying an additional 300 shares during the last quarter. Advisory Services Network LLC acquired a new position in Tower Semiconductor during the 3rd quarter worth about $48,000. Kestra Advisory Services LLC acquired a new position in Tower Semiconductor during the 4th quarter worth about $52,000. Hanson & Doremus Investment Management bought a new stake in shares of Tower Semiconductor in the 1st quarter valued at about $53,000. Finally, SBI Securities Co. Ltd. grew its position in shares of Tower Semiconductor by 344.4% in the 4th quarter. SBI Securities Co. Ltd. now owns 520 shares of the semiconductor company's stock valued at $61,000 after buying an additional 403 shares during the last quarter. 70.51% of the stock is currently owned by institutional investors.

About Tower Semiconductor

Tower Semiconductor, traded on NASDAQ under the symbol TSEM, is a specialty foundry company that provides analog and mixed-signal semiconductor manufacturing services to a broad array of customers worldwide. The company focuses on delivering tailored process technologies for high-growth markets, including radio frequency (RF), power management, imaging, automotive electronics, and Internet of Things (IoT) applications. By combining deep process know-how with flexible manufacturing capabilities, Tower Semiconductor supports the development and volume production of advanced semiconductor devices for fabless and integrated device manufacturer customers.

The company's technology portfolio spans standard and specialty processes such as CMOS, BiCMOS, high-voltage, radio frequency, silicon photonics, micro-electromechanical systems (MEMS) and image sensor production.

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