Tower Semiconductor Ltd. (NASDAQ:TSEM) Expected to Post Quarterly Sales of $312.00 Million

Wall Street brokerages predict that Tower Semiconductor Ltd. (NASDAQ:TSEM) will report $312.00 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Tower Semiconductor’s earnings. Tower Semiconductor posted sales of $322.60 million during the same quarter last year, which suggests a negative year-over-year growth rate of 3.3%. The firm is scheduled to issue its next earnings report on Monday, November 4th.

According to Zacks, analysts expect that Tower Semiconductor will report full-year sales of $1.25 billion for the current year, with estimates ranging from $1.24 billion to $1.25 billion. For the next year, analysts expect that the company will post sales of $1.35 billion, with estimates ranging from $1.31 billion to $1.38 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that cover Tower Semiconductor.

Tower Semiconductor (NASDAQ:TSEM) last announced its earnings results on Monday, July 29th. The semiconductor company reported $0.24 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.05. Tower Semiconductor had a return on equity of 11.19% and a net margin of 9.34%. The business had revenue of $306.06 million for the quarter, compared to analyst estimates of $303.15 million. During the same quarter last year, the firm earned $0.42 EPS. Tower Semiconductor’s revenue for the quarter was down 8.7% compared to the same quarter last year.

A number of research analysts have weighed in on TSEM shares. TheStreet downgraded Tower Semiconductor from a “b-” rating to a “c” rating in a research note on Monday, July 29th. BidaskClub upgraded Tower Semiconductor from a “buy” rating to a “strong-buy” rating in a research note on Friday. Finally, ValuEngine downgraded Tower Semiconductor from a “buy” rating to a “hold” rating in a research note on Monday, October 7th. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $22.34.

A number of hedge funds have recently bought and sold shares of the business. AlphaCrest Capital Management LLC acquired a new position in Tower Semiconductor during the 1st quarter worth approximately $291,000. Clearbridge Investments LLC raised its holdings in shares of Tower Semiconductor by 3.4% during the first quarter. Clearbridge Investments LLC now owns 1,202,823 shares of the semiconductor company’s stock worth $19,919,000 after purchasing an additional 39,661 shares during the last quarter. FMR LLC purchased a new position in shares of Tower Semiconductor during the first quarter worth $6,253,000. Cortina Asset Management LLC raised its holdings in shares of Tower Semiconductor by 5.2% during the second quarter. Cortina Asset Management LLC now owns 419,884 shares of the semiconductor company’s stock worth $6,622,000 after purchasing an additional 20,784 shares during the last quarter. Finally, Taylor Frigon Capital Management LLC raised its holdings in shares of Tower Semiconductor by 19.8% during the second quarter. Taylor Frigon Capital Management LLC now owns 165,561 shares of the semiconductor company’s stock worth $2,610,000 after purchasing an additional 27,316 shares during the last quarter. Hedge funds and other institutional investors own 51.09% of the company’s stock.

TSEM stock traded down $0.14 during mid-day trading on Monday, reaching $22.29. The company had a trading volume of 498,730 shares, compared to its average volume of 436,825. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.82 and a quick ratio of 3.99. The stock has a 50 day simple moving average of $19.97 and a two-hundred day simple moving average of $17.92. The company has a market capitalization of $2.19 billion, a price-to-earnings ratio of 14.76, a PEG ratio of 2.52 and a beta of 1.23. Tower Semiconductor has a 52 week low of $13.56 and a 52 week high of $22.61.

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.

Further Reading: What is a Leveraged Buyout (LBO)?

Get a free copy of the Zacks research report on Tower Semiconductor (TSEM)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Tower Semiconductor (NASDAQ:TSEM)

Receive News & Ratings for Tower Semiconductor Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tower Semiconductor and related companies with MarketBeat.com's FREE daily email newsletter.