Tower Semiconductor (NASDAQ:TSEM) Now Covered by Bank of America

Bank of America began coverage on shares of Tower Semiconductor (NASDAQ:TSEM) in a research report report published on Friday morning, Marketbeat reports. The firm issued a buy rating and a $367.00 price target on the semiconductor company’s stock.

A number of other research firms have also recently issued reports on TSEM. National Bank Financial raised Tower Semiconductor to a “buy” rating in a research note on Friday. Benchmark reiterated a “buy” rating on shares of Tower Semiconductor in a report on Wednesday. Wedbush increased their target price on Tower Semiconductor from $140.00 to $300.00 and gave the stock a “neutral” rating in a research note on Thursday, May 14th. UBS Group restated a “buy” rating on shares of Tower Semiconductor in a report on Wednesday, July 15th. Finally, Susquehanna upped their price target on shares of Tower Semiconductor from $180.00 to $330.00 and gave the company a “positive” rating in a report on Thursday, May 14th. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $294.80.

Tower Semiconductor Trading Up 12.4%

Shares of NASDAQ TSEM opened at $252.49 on Friday. The company’s fifty day moving average is $244.83 and its 200-day moving average is $200.85. The stock has a market cap of $28.39 billion, a price-to-earnings ratio of 99.80 and a beta of 0.90. Tower Semiconductor has a twelve month low of $45.51 and a twelve month high of $319.94. The company has a quick ratio of 4.92, a current ratio of 4.91 and a debt-to-equity ratio of 0.04.

Tower Semiconductor (NASDAQ:TSEM) last announced its quarterly earnings results on Tuesday, August 4th. The semiconductor company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.12. Tower Semiconductor had a net margin of 16.94% and a return on equity of 9.83%. The company had revenue of $460.08 million during the quarter, compared to analyst estimates of $454.68 million. During the same quarter in the previous year, the business earned $0.41 EPS. The firm’s revenue was up 23.7% on a year-over-year basis. Equities research analysts predict that Tower Semiconductor will post 3.04 EPS for the current year.

Hedge Funds Weigh In On Tower Semiconductor

Several hedge funds have recently made changes to their positions in TSEM. Price T Rowe Associates Inc. MD lifted its position in Tower Semiconductor by 3,222.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,682,152 shares of the semiconductor company’s stock worth $549,779,000 after buying an additional 4,541,235 shares in the last quarter. Capital International Investors bought a new position in shares of Tower Semiconductor in the 4th quarter valued at about $222,530,000. Goldman Sachs Group Inc. increased its position in shares of Tower Semiconductor by 214.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,206,467 shares of the semiconductor company’s stock valued at $259,083,000 after acquiring an additional 1,505,421 shares during the last quarter. Turiya Advisors Asia Ltd acquired a new stake in shares of Tower Semiconductor in the fourth quarter valued at about $172,848,000. Finally, Janus Henderson Group PLC raised its holdings in Tower Semiconductor by 293.8% during the fourth quarter. Janus Henderson Group PLC now owns 1,074,717 shares of the semiconductor company’s stock worth $126,193,000 after acquiring an additional 801,820 shares in the last quarter. 70.51% of the stock is owned by institutional investors.

About Tower Semiconductor

Tower Semiconductor, traded on NASDAQ under the symbol TSEM, is a specialty foundry company that provides analog and mixed-signal semiconductor manufacturing services to a broad array of customers worldwide. The company focuses on delivering tailored process technologies for high-growth markets, including radio frequency (RF), power management, imaging, automotive electronics, and Internet of Things (IoT) applications. By combining deep process know-how with flexible manufacturing capabilities, Tower Semiconductor supports the development and volume production of advanced semiconductor devices for fabless and integrated device manufacturer customers.

The company’s technology portfolio spans standard and specialty processes such as CMOS, BiCMOS, high-voltage, radio frequency, silicon photonics, micro-electromechanical systems (MEMS) and image sensor production.