Wedbush Reaffirms “Outperform” Rating for Tower Semiconductor (NASDAQ:TSEM)

Tower Semiconductor (NASDAQ:TSEM)‘s stock had its “outperform” rating reissued by research analysts at Wedbush in a research note issued to investors on Tuesday,RTT News reports. They currently have a $60.00 price objective on the semiconductor company’s stock. Wedbush’s target price points to a potential upside of 30.99% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Craig Hallum increased their price objective on shares of Tower Semiconductor from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. StockNews.com cut shares of Tower Semiconductor from a “buy” rating to a “hold” rating in a report on Tuesday, November 12th. Benchmark reissued a “buy” rating and set a $60.00 price objective on shares of Tower Semiconductor in a report on Tuesday. Finally, Susquehanna raised their target price on Tower Semiconductor from $55.00 to $60.00 and gave the stock a “positive” rating in a research note on Thursday, November 14th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Tower Semiconductor has an average rating of “Moderate Buy” and an average price target of $60.00.

Tower Semiconductor Stock Down 2.5 %

TSEM traded down $1.16 during trading on Tuesday, hitting $45.81. The stock had a trading volume of 544,350 shares, compared to its average volume of 838,647. The stock has a 50 day simple moving average of $50.74 and a two-hundred day simple moving average of $45.75. The company has a market capitalization of $5.08 billion, a PE ratio of 24.77 and a beta of 0.88. The company has a debt-to-equity ratio of 0.05, a quick ratio of 4.89 and a current ratio of 5.82. Tower Semiconductor has a twelve month low of $28.37 and a twelve month high of $55.31.

Tower Semiconductor (NASDAQ:TSEM) last announced its earnings results on Wednesday, November 13th. The semiconductor company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.12. Tower Semiconductor had a return on equity of 8.22% and a net margin of 14.75%. The firm had revenue of $370.50 million for the quarter, compared to the consensus estimate of $370.30 million. During the same period in the previous year, the business earned $0.47 EPS. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, research analysts predict that Tower Semiconductor will post 1.81 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Truist Financial Corp lifted its stake in shares of Tower Semiconductor by 3.8% in the 2nd quarter. Truist Financial Corp now owns 7,432 shares of the semiconductor company’s stock valued at $292,000 after purchasing an additional 273 shares during the period. Blue Trust Inc. boosted its stake in shares of Tower Semiconductor by 319.3% during the 3rd quarter. Blue Trust Inc. now owns 1,807 shares of the semiconductor company’s stock worth $80,000 after acquiring an additional 1,376 shares in the last quarter. Signaturefd LLC boosted its stake in shares of Tower Semiconductor by 21.1% during the 3rd quarter. Signaturefd LLC now owns 2,472 shares of the semiconductor company’s stock worth $109,000 after acquiring an additional 431 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Tower Semiconductor during the 3rd quarter valued at about $11,094,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in shares of Tower Semiconductor in the 3rd quarter valued at about $573,000. Hedge funds and other institutional investors own 70.51% of the company’s stock.

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.