Analysts Anticipate Tower Semiconductor Ltd. (NASDAQ:TSEM) Will Post Earnings of $0.53 Per Share
Analysts expect Tower Semiconductor Ltd. (NASDAQ:TSEM) to announce $0.53 earnings per share for the current quarter, according to Zacks. Two analysts have issued estimates for Tower Semiconductor’s earnings, with the highest EPS estimate coming in at $0.55 and the lowest estimate coming in at $0.51. Tower Semiconductor posted earnings of $0.50 per share during the same quarter last year, which would indicate a positive year-over-year growth rate of 6%. The company is scheduled to issue its next earnings report on Tuesday, November 21st.
According to Zacks, analysts expect that Tower Semiconductor will report full-year earnings of $1.99 per share for the current financial year, with EPS estimates ranging from $1.87 to $2.11. For the next fiscal year, analysts expect that the company will report earnings of $2.26 per share, with EPS estimates ranging from $2.07 to $2.44. Zacks’ EPS calculations are an average based on a survey of sell-side research firms that cover Tower Semiconductor.
Tower Semiconductor (NASDAQ:TSEM) last announced its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.03. The company had revenue of $345.10 million for the quarter, compared to the consensus estimate of $344.98 million. Tower Semiconductor had a return on equity of 28.28% and a net margin of 14.53%. The firm’s revenue was up 13.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.45 EPS.
TSEM has been the subject of a number of analyst reports. BidaskClub upgraded shares of Tower Semiconductor from a “hold” rating to a “buy” rating in a report on Sunday, July 16th. Needham & Company LLC reiterated a “buy” rating and set a $35.00 target price on shares of Tower Semiconductor in a report on Wednesday, June 21st. TheStreet upgraded shares of Tower Semiconductor from a “c” rating to a “b-” rating in a report on Monday, May 8th. Finally, ValuEngine upgraded shares of Tower Semiconductor from a “buy” rating to a “strong-buy” rating in a report on Friday, June 2nd. One investment analyst has rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $31.50.
A number of hedge funds have recently modified their holdings of the company. Acadian Asset Management LLC raised its stake in shares of Tower Semiconductor by 37.9% in the first quarter. Acadian Asset Management LLC now owns 1,546,513 shares of the semiconductor company’s stock valued at $35,647,000 after buying an additional 425,132 shares during the period. Bank of America Corp DE raised its stake in shares of Tower Semiconductor by 4.2% in the first quarter. Bank of America Corp DE now owns 360,835 shares of the semiconductor company’s stock valued at $8,318,000 after buying an additional 14,577 shares during the period. Norges Bank bought a new stake in shares of Tower Semiconductor during the fourth quarter valued at approximately $12,015,000. Cipher Capital LP raised its stake in shares of Tower Semiconductor by 74.1% in the first quarter. Cipher Capital LP now owns 193,631 shares of the semiconductor company’s stock valued at $4,464,000 after buying an additional 82,437 shares during the period. Finally, Wellington Management Group LLP raised its stake in shares of Tower Semiconductor by 34.8% in the first quarter. Wellington Management Group LLP now owns 4,450,943 shares of the semiconductor company’s stock valued at $102,595,000 after buying an additional 1,148,547 shares during the period. Institutional investors and hedge funds own 49.24% of the company’s stock.
Shares of Tower Semiconductor (NASDAQ:TSEM) traded up 0.20% on Friday, hitting $24.81. The stock had a trading volume of 538,707 shares. Tower Semiconductor has a 1-year low of $14.80 and a 1-year high of $27.60. The firm has a 50 day moving average of $25.44 and a 200-day moving average of $23.65. The firm has a market capitalization of $2.18 billion, a price-to-earnings ratio of 12.70 and a beta of 1.00.
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About Tower Semiconductor
Tower Semiconductor Ltd. operates as an independent semiconductor foundry focused primarily on specialty process technologies. The Company focuses on producing integrated circuits (ICs) based on the design specifications of its customers. The Company manufactures semiconductors for its customers primarily based on third-party designs.
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