Tower Semiconductor (NASDAQ:TSEM) Upgraded to Buy by BidaskClub

Tower Semiconductor (NASDAQ:TSEM) was upgraded by equities researchers at BidaskClub from a “hold” rating to a “buy” rating in a note issued to investors on Friday, BidAskClub reports.

A number of other equities research analysts have also recently commented on the stock. ValuEngine cut shares of Tower Semiconductor from a “buy” rating to a “hold” rating in a research report on Friday, September 27th. TheStreet cut shares of Tower Semiconductor from a “b-” rating to a “c” rating in a research report on Monday, July 29th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $22.34.

NASDAQ:TSEM traded up $0.41 during midday trading on Friday, reaching $20.44. 38,733 shares of the stock traded hands, compared to its average volume of 365,343. Tower Semiconductor has a 12-month low of $13.56 and a 12-month high of $21.83. The business has a 50-day moving average of $19.37 and a two-hundred day moving average of $17.60. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.99 and a current ratio of 4.82. The stock has a market capitalization of $1.95 billion, a PE ratio of 13.54, a price-to-earnings-growth ratio of 2.22 and a beta of 1.23.

Tower Semiconductor (NASDAQ:TSEM) last posted its earnings results on Monday, July 29th. The semiconductor company reported $0.24 EPS for the quarter, beating the Zacks’ 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 during the quarter, compared to analysts’ expectations of $303.15 million. During the same quarter in the prior year, the company posted $0.42 earnings per share. Tower Semiconductor’s revenue for the quarter was down 8.7% compared to the same quarter last year. Research analysts anticipate that Tower Semiconductor will post 0.89 earnings per share for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Nomura Asset Management Co. Ltd. acquired a new stake in shares of Tower Semiconductor in the second quarter valued at about $178,000. Aperio Group LLC bought a new stake in shares of Tower Semiconductor in the second quarter worth about $226,000. M&T Bank Corp grew its stake in shares of Tower Semiconductor by 34.9% in the second quarter. M&T Bank Corp now owns 14,873 shares of the semiconductor company’s stock worth $235,000 after purchasing an additional 3,848 shares during the last quarter. Paloma Partners Management Co bought a new stake in shares of Tower Semiconductor in the second quarter worth about $256,000. Finally, AlphaCrest Capital Management LLC bought a new stake in shares of Tower Semiconductor in the first quarter worth about $291,000. 51.09% of the stock is owned by institutional investors and hedge funds.

Tower Semiconductor Company Profile

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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Analyst Recommendations for Tower Semiconductor (NASDAQ:TSEM)

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