Tower Semiconductor Ltd. (TSEM) Receives Average Rating of “Buy” from Brokerages

Tower Semiconductor Ltd. (NASDAQ:TSEM) has been assigned a consensus recommendation of “Buy” from the seven ratings firms that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and two have given a strong buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $43.75.

A number of analysts have recently weighed in on the company. ValuEngine raised Tower Semiconductor from a “buy” rating to a “strong-buy” rating in a research note on Sunday. Credit Suisse Group began coverage on Tower Semiconductor in a report on Tuesday, September 26th. They set an “outperform” rating and a $36.00 target price for the company. Drexel Hamilton upped their target price on Tower Semiconductor from $36.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, November 8th. Craig Hallum reiterated a “buy” rating and issued a $39.00 price objective (up previously from $32.00) on shares of Tower Semiconductor in a report on Wednesday, November 8th. Finally, BidaskClub downgraded Tower Semiconductor from a “buy” rating to a “hold” rating in a report on Tuesday, December 5th.

Hedge funds have recently bought and sold shares of the company. Clal Insurance Enterprises Holdings Ltd bought a new stake in Tower Semiconductor in the 3rd quarter worth approximately $18,035,000. Monarch Partners Asset Management LLC purchased a new position in shares of Tower Semiconductor in the 3rd quarter worth approximately $15,362,000. Bank of Nova Scotia purchased a new position in shares of Tower Semiconductor in the 2nd quarter worth approximately $9,068,000. Vanguard Group Inc. boosted its holdings in shares of Tower Semiconductor by 22.0% in the 2nd quarter. Vanguard Group Inc. now owns 1,840,765 shares of the semiconductor company’s stock worth $43,902,000 after purchasing an additional 331,647 shares during the period. Finally, Ion Asset Management Ltd. boosted its holdings in Tower Semiconductor by 60.8% during the 2nd quarter. Ion Asset Management Ltd. now owns 833,530 shares of the semiconductor company’s stock valued at $19,880,000 after acquiring an additional 315,247 shares during the period. 43.97% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Tower Semiconductor (NASDAQ TSEM) opened at $35.28 on Thursday. The stock has a market capitalization of $3,260.00, a P/E ratio of 19.38, a price-to-earnings-growth ratio of 0.92 and a beta of 0.96. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.44 and a quick ratio of 2.85. Tower Semiconductor has a 52 week low of $19.17 and a 52 week high of $36.69.

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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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