Tower Semiconductor (NASDAQ:TSEM) Hits New 52-Week High – Should You Buy?

Tower Semiconductor Ltd. (NASDAQ:TSEM) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $86.40 and last traded at $86.01, with a volume of 595948 shares trading hands. The stock had previously closed at $82.45.

Analyst Upgrades and Downgrades

Several research firms have issued reports on TSEM. Wedbush set a $65.00 price target on shares of Tower Semiconductor and gave the company an “outperform” rating in a research report on Tuesday, August 5th. Weiss Ratings restated a “hold (c)” rating on shares of Tower Semiconductor in a research report on Wednesday, October 8th. Barclays began coverage on shares of Tower Semiconductor in a research report on Thursday, September 18th. They set an “equal weight” rating and a $74.00 price target for the company. Susquehanna set a $66.00 price target on shares of Tower Semiconductor and gave the company a “positive” rating in a research report on Tuesday, August 5th. Finally, Benchmark upped their price objective on shares of Tower Semiconductor from $66.00 to $73.00 and gave the company a “buy” rating in a research note on Monday, September 8th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $67.60.

Tower Semiconductor Stock Up 7.3%

The stock’s 50 day simple moving average is $70.94 and its two-hundred day simple moving average is $53.05. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.57 and a quick ratio of 5.50. The firm has a market cap of $9.81 billion, a P/E ratio of 50.86 and a beta of 0.87.

Tower Semiconductor (NASDAQ:TSEM) last posted its quarterly earnings results on Monday, August 4th. The semiconductor company reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.06). Tower Semiconductor had a net margin of 13.20% and a return on equity of 7.37%. The firm had revenue of $372.06 million for the quarter, compared to analysts’ expectations of $371.63 million. During the same quarter in the previous year, the company earned $0.53 EPS. The company’s quarterly revenue was up 6.0% compared to the same quarter last year. As a group, research analysts forecast that Tower Semiconductor Ltd. will post 1.67 earnings per share for the current year.

Institutional Investors Weigh In On Tower Semiconductor

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Westside Investment Management Inc. boosted its holdings in Tower Semiconductor by 100.0% in the third quarter. Westside Investment Management Inc. now owns 452 shares of the semiconductor company’s stock worth $34,000 after purchasing an additional 226 shares during the last quarter. TCTC Holdings LLC boosted its holdings in Tower Semiconductor by 117.9% in the first quarter. TCTC Holdings LLC now owns 706 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 382 shares during the last quarter. Covestor Ltd purchased a new stake in Tower Semiconductor in the third quarter worth approximately $52,000. Caitong International Asset Management Co. Ltd purchased a new stake in Tower Semiconductor in the first quarter worth approximately $39,000. Finally, E Fund Management Hong Kong Co. Ltd. purchased a new stake in Tower Semiconductor in the third quarter worth approximately $92,000. Hedge funds and other institutional investors own 70.51% of the company’s stock.

About Tower Semiconductor

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