Tower Semiconductor (TSEM) Rating Lowered to Sell at BidaskClub

Tower Semiconductor (NASDAQ:TSEM) was downgraded by stock analysts at BidaskClub from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.

A number of other brokerages have also issued reports on TSEM. ValuEngine lowered Tower Semiconductor from a “hold” rating to a “sell” rating in a research report on Monday, October 29th. Jefferies Financial Group dropped their price objective on Tower Semiconductor from $30.00 to $24.00 and set a “buy” rating for the company in a report on Tuesday, October 30th. TheStreet cut Tower Semiconductor from a “b-” rating to a “c+” rating in a report on Tuesday, October 30th. Loop Capital lowered their target price on Tower Semiconductor to $28.00 and set a “buy” rating for the company in a report on Tuesday, October 30th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 target price on shares of Tower Semiconductor in a report on Tuesday, October 30th. Two equities research analysts have rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $26.50.

Tower Semiconductor stock traded up $0.03 during trading hours on Wednesday, reaching $14.84. 1,817 shares of the company were exchanged, compared to its average volume of 594,714. Tower Semiconductor has a 12 month low of $13.56 and a 12 month high of $35.40. The stock has a market capitalization of $1.44 billion, a P/E ratio of 6.70, a PEG ratio of 0.77 and a beta of 1.32. The company has a quick ratio of 3.27, a current ratio of 3.93 and a debt-to-equity ratio of 0.21.

Tower Semiconductor (NASDAQ:TSEM) last released its quarterly earnings data on Monday, October 29th. The semiconductor company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.03). The company had revenue of $322.60 million for the quarter, compared to analyst estimates of $335.05 million. Tower Semiconductor had a return on equity of 15.82% and a net margin of 18.43%. The business’s revenue was down 9.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.59 earnings per share. Sell-side analysts anticipate that Tower Semiconductor will post 1.45 earnings per share for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TSEM. Epoch Investment Partners Inc. bought a new stake in shares of Tower Semiconductor in the 3rd quarter valued at about $31,850,000. Clearbridge Investments LLC boosted its position in shares of Tower Semiconductor by 948,247.6% during the 3rd quarter. Clearbridge Investments LLC now owns 995,765 shares of the semiconductor company’s stock valued at $21,668,000 after purchasing an additional 995,660 shares in the last quarter. FMR LLC boosted its position in shares of Tower Semiconductor by 197.1% during the 3rd quarter. FMR LLC now owns 529,400 shares of the semiconductor company’s stock valued at $11,520,000 after purchasing an additional 351,200 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. boosted its position in shares of Tower Semiconductor by 23.4% during the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,389,886 shares of the semiconductor company’s stock valued at $30,244,000 after purchasing an additional 263,833 shares in the last quarter. Finally, Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management boosted 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 purchasing an additional 200,000 shares in the last quarter. Hedge funds and other institutional investors own 47.47% of the company’s stock.

About Tower Semiconductor

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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