Tower Semiconductor’s (TSEM) “Buy” Rating Reiterated at Benchmark

Benchmark reiterated their buy rating on shares of Tower Semiconductor (NASDAQ:TSEM) in a report issued on Thursday morning,Benzinga reports. The brokerage currently has a $60.00 price objective on the semiconductor company’s stock.

Separately, Wedbush reissued an “outperform” rating and set a $60.00 target price on shares of Tower Semiconductor in a research note on Tuesday, February 11th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Tower Semiconductor has a consensus rating of “Moderate Buy” and an average target price of $60.00.

Tower Semiconductor Price Performance

TSEM opened at $41.11 on Thursday. The stock’s 50-day moving average price is $36.49 and its 200 day moving average price is $43.91. Tower Semiconductor has a 12-month low of $28.64 and a 12-month high of $55.31. The company has a current ratio of 6.18, a quick ratio of 5.23 and a debt-to-equity ratio of 0.05. The firm has a market cap of $4.56 billion, a price-to-earnings ratio of 22.10 and a beta of 0.75.

Tower Semiconductor (NASDAQ:TSEM) last posted its earnings results on Wednesday, May 14th. The semiconductor company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.01). Tower Semiconductor had a return on equity of 8.11% and a net margin of 14.47%. The firm had revenue of $358.17 million for the quarter, compared to analyst estimates of $358.09 million. As a group, sell-side analysts expect that Tower Semiconductor will post 1.67 earnings per share for the current year.

Institutional Investors Weigh In On Tower Semiconductor

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in Tower Semiconductor by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 4,087,155 shares of the semiconductor company’s stock worth $145,106,000 after purchasing an additional 93,868 shares during the period. Point72 Asset Management L.P. increased its holdings in Tower Semiconductor by 21.0% during the 4th quarter. Point72 Asset Management L.P. now owns 3,758,574 shares of the semiconductor company’s stock worth $193,604,000 after purchasing an additional 653,191 shares during the period. Jennison Associates LLC increased its holdings in shares of Tower Semiconductor by 2.3% in the 1st quarter. Jennison Associates LLC now owns 2,546,357 shares of the semiconductor company’s stock valued at $90,803,000 after acquiring an additional 57,544 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Tower Semiconductor by 12.2% in the 1st quarter. Wellington Management Group LLP now owns 2,240,229 shares of the semiconductor company’s stock valued at $79,887,000 after acquiring an additional 243,267 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Tower Semiconductor by 14.2% in the 1st quarter. Invesco Ltd. now owns 2,010,856 shares of the semiconductor company’s stock valued at $71,707,000 after acquiring an additional 249,621 shares during the last quarter. Hedge funds and other institutional investors own 70.51% of the company’s stock.

About Tower Semiconductor

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.