Tower Semiconductor (NASDAQ:TSEM) Trading Down 5.8%

Shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) dropped 5.8% during mid-day trading on Monday . The company traded as low as $18.40 and last traded at $18.64, approximately 794,129 shares were traded during trading. An increase of 65% from the average daily volume of 480,663 shares. The stock had previously closed at $19.78.

Several equities analysts recently issued reports on the company. Credit Suisse Group downgraded Tower Semiconductor from an “outperform” rating to a “neutral” rating and set a $17.71 target price on the stock. in a research report on Wednesday, April 24th. BidaskClub raised Tower Semiconductor from a “sell” rating to a “hold” rating in a research report on Saturday, June 29th. TheStreet downgraded Tower Semiconductor from a “b-” rating to a “c” rating in a research report on Monday, July 29th. Finally, ValuEngine raised Tower Semiconductor from a “hold” rating to a “buy” rating in a research report on Wednesday, July 24th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Tower Semiconductor presently has an average rating of “Buy” and a consensus price target of $23.29.

The company has a quick ratio of 3.73, a current ratio of 4.82 and a debt-to-equity ratio of 0.21. The company’s 50-day simple moving average is $16.93. The stock has a market capitalization of $1.84 billion, a PE ratio of 12.34, a price-to-earnings-growth ratio of 2.22 and a beta of 1.31.

Tower Semiconductor (NASDAQ:TSEM) last posted its quarterly earnings results on Monday, July 29th. The semiconductor company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.19 by $0.05. Tower Semiconductor had a net margin of 9.34% and a return on equity of 11.19%. The company had revenue of $306.06 million for the quarter, compared to analyst estimates of $303.15 million. During the same period in the prior year, the company earned $0.42 earnings per share. The firm’s revenue was down 8.7% on a year-over-year basis. As a group, analysts anticipate that Tower Semiconductor Ltd. will post 0.89 EPS for the current fiscal year.

Large investors have recently bought and sold shares of the business. Penserra Capital Management LLC boosted its holdings in Tower Semiconductor by 72.1% in the first quarter. Penserra Capital Management LLC now owns 5,070 shares of the semiconductor company’s stock valued at $83,000 after purchasing an additional 2,124 shares during the last quarter. Bank Hapoalim BM purchased a new stake in shares of Tower Semiconductor during the 1st quarter worth about $234,000. Aperio Group LLC purchased a new stake in shares of Tower Semiconductor during the 2nd quarter worth about $226,000. AlphaCrest Capital Management LLC purchased a new stake in shares of Tower Semiconductor during the 1st quarter worth about $291,000. Finally, SG Americas Securities LLC boosted its stake in shares of Tower Semiconductor by 85.5% during the 1st quarter. SG Americas Securities LLC now owns 19,877 shares of the semiconductor company’s stock worth $329,000 after acquiring an additional 9,160 shares in the last quarter. 52.37% of the stock is currently owned by institutional investors.

About Tower Semiconductor (NASDAQ:TSEM)

Tower Semiconductor Ltd., an independent semiconductor foundry, manufactures and markets analog intensive mixed-signal semiconductor devices in the United States, Japan, Asia, and Europe. It provides various customizable process technologies, including SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, integrated power management, and MEMS.

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