Tower Semiconductor (TSEM) Downgraded by BidaskClub to Sell

BidaskClub downgraded shares of Tower Semiconductor (NASDAQ:TSEM) from a hold rating to a sell rating in a report released on Thursday.

Several other brokerages have also recently issued reports on TSEM. Loop Capital assumed coverage on Tower Semiconductor in a research report on Thursday, June 21st. They issued a buy rating and a $46.00 target price on the stock. Standpoint Research raised Tower Semiconductor from a hold rating to a buy rating and set a $18.00 target price on the stock in a research report on Tuesday, August 28th. Craig Hallum set a $29.00 target price on Tower Semiconductor and gave the stock a buy rating in a research report on Thursday, August 23rd. Jefferies Financial Group assumed coverage on Tower Semiconductor in a research report on Tuesday, October 9th. They issued a buy rating and a $30.00 target price on the stock. Finally, Credit Suisse Group dropped their target price on Tower Semiconductor from $31.50 to $28.50 and set an outperform rating on the stock in a research report on Friday, July 27th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $30.79.

NASDAQ:TSEM traded down $0.42 on Thursday, hitting $19.35. The stock had a trading volume of 19,478 shares, compared to its average volume of 471,870. The stock has a market capitalization of $1.98 billion, a price-to-earnings ratio of 9.00, a PEG ratio of 1.24 and a beta of 1.03. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.58 and a current ratio of 3.07. Tower Semiconductor has a 52-week low of $19.26 and a 52-week high of $36.69.

Tower Semiconductor (NASDAQ:TSEM) last announced its earnings results on Thursday, July 26th. The semiconductor company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.02). The firm had revenue of $335.10 million during the quarter, compared to analysts’ expectations of $335.00 million. Tower Semiconductor had a return on equity of 19.19% and a net margin of 19.58%. The company’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.49 earnings per share. As a group, equities analysts forecast that Tower Semiconductor will post 1.63 earnings per share for the current fiscal year.

A number of large investors have recently made changes to their positions in the business. Cornerstone Wealth Management LLC purchased a new position in shares of Tower Semiconductor during the 3rd quarter valued at about $504,000. Foundry Partners LLC purchased a new position in shares of Tower Semiconductor during the 3rd quarter valued at about $460,000. Taylor Frigon Capital Management LLC lifted its position in shares of Tower Semiconductor by 23.8% during the 3rd quarter. Taylor Frigon Capital Management LLC now owns 138,114 shares of the semiconductor company’s stock valued at $3,005,000 after buying an additional 26,562 shares in the last quarter. Bank of Montreal Can lifted its position in shares of Tower Semiconductor by 381.4% during the 3rd quarter. Bank of Montreal Can now owns 212,299 shares of the semiconductor company’s stock valued at $4,620,000 after buying an additional 168,200 shares in the last quarter. Finally, Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management lifted its position in shares of Tower Semiconductor by 40.6% during the 3rd quarter. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management now owns 692,211 shares of the semiconductor company’s stock valued at $15,063,000 after buying an additional 200,000 shares in the last quarter. 46.86% of the stock is currently 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. The company 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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