Tower Semiconductor (NASDAQ:TSEM) Trading 8.2% Higher - Here's Why

Tower Semiconductor Ltd. (NASDAQ:TSEM - Get Free Report) shares rose 8.2% during mid-day trading on Thursday . The company traded as high as $48.90 and last traded at $49.38. Approximately 393,200 shares were traded during mid-day trading, a decline of 35% from the average daily volume of 606,065 shares. The stock had previously closed at $45.64.

Analysts Set New Price Targets

Separately, Benchmark reaffirmed a "buy" rating and issued a $60.00 price objective on shares of Tower Semiconductor in a research note on Thursday, May 15th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $60.00.

Tower Semiconductor Price Performance

The company has a market capitalization of $5.53 billion, a price-to-earnings ratio of 27.57 and a beta of 0.79. The company has a 50-day moving average price of $42.26 and a 200-day moving average price of $42.05. The company has a debt-to-equity ratio of 0.05, a quick ratio of 5.82 and a current ratio of 6.93.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last released its earnings results on Wednesday, May 14th. The semiconductor company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.01). Tower Semiconductor had a net margin of 13.86% and a return on equity of 7.73%. The firm had revenue of $358.17 million during the quarter, compared to the consensus estimate of $358.09 million. During the same quarter in the previous year, the firm posted $0.40 EPS. The company's revenue was up 9.4% on a year-over-year basis. On average, equities research analysts expect that Tower Semiconductor Ltd. will post 1.67 EPS for the current fiscal year.

Institutional Trading of Tower Semiconductor

Several large investors have recently modified their holdings of TSEM. Invesco Ltd. raised its position in Tower Semiconductor by 251.9% in the fourth quarter. Invesco Ltd. now owns 1,761,235 shares of the semiconductor company's stock valued at $90,721,000 after purchasing an additional 1,260,683 shares during the last quarter. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management acquired a new stake in shares of Tower Semiconductor in the first quarter valued at about $33,211,000. Point72 Asset Management L.P. increased its stake in shares of Tower Semiconductor by 21.0% in the fourth quarter. Point72 Asset Management L.P. now owns 3,758,574 shares of the semiconductor company's stock valued at $193,604,000 after buying an additional 653,191 shares during the period. Neumeier Poma Investment Counsel LLC acquired a new stake in shares of Tower Semiconductor in the fourth quarter valued at about $33,034,000. Finally, Menora Mivtachim Holdings LTD. increased its stake in shares of Tower Semiconductor by 39.7% in the first quarter. Menora Mivtachim Holdings LTD. now owns 1,879,207 shares of the semiconductor company's stock valued at $67,013,000 after buying an additional 533,700 shares during the period. 70.51% of the stock is owned by institutional investors and hedge funds.

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.