Taiwan Semiconductor Mfg. (TSM) Shares Gap Down Following Weak Earnings

Shares of Taiwan Semiconductor Mfg. Co. Ltd. (NYSE:TSM) gapped down before the market opened on Friday following a weaker than expected earnings announcement. The stock had previously closed at $39.13, but opened at $39.53. Taiwan Semiconductor Mfg. shares last traded at $38.98, with a volume of 8409554 shares trading hands.

The semiconductor company reported $0.59 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by ($0.01). Taiwan Semiconductor Mfg. had a net margin of 34.83% and a return on equity of 24.34%. The company had revenue of $248.08 billion during the quarter, compared to analyst estimates of $250.89 billion. During the same quarter last year, the business earned $3.38 EPS. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year.

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Several research firms have recently weighed in on TSM. ValuEngine downgraded shares of Taiwan Semiconductor Mfg. from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Goldman Sachs raised shares of Taiwan Semiconductor Mfg. from a “neutral” rating to a “buy” rating in a research note on Monday, January 22nd. HSBC raised shares of Taiwan Semiconductor Mfg. from a “hold” rating to a “buy” rating in a research note on Tuesday, January 16th. Zacks Investment Research raised shares of Taiwan Semiconductor Mfg. from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a research note on Thursday, January 11th. Finally, Sanford C. Bernstein reissued a “market perform” rating and issued a $42.00 price target (up from $40.00) on shares of Taiwan Semiconductor Mfg. in a research note on Tuesday, February 13th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $46.00.

Large investors have recently bought and sold shares of the company. Atlantic Trust Group LLC purchased a new position in shares of Taiwan Semiconductor Mfg. in the third quarter worth about $2,995,000. Diversified Trust Co raised its stake in Taiwan Semiconductor Mfg. by 18.7% during the fourth quarter. Diversified Trust Co now owns 78,981 shares of the semiconductor company’s stock worth $3,132,000 after purchasing an additional 12,430 shares during the period. Thomas White International Ltd. raised its stake in Taiwan Semiconductor Mfg. by 5.2% during the fourth quarter. Thomas White International Ltd. now owns 519,573 shares of the semiconductor company’s stock worth $20,601,000 after purchasing an additional 25,528 shares during the period. Maverick Capital Ltd. raised its stake in Taiwan Semiconductor Mfg. by 82.3% during the fourth quarter. Maverick Capital Ltd. now owns 165,220 shares of the semiconductor company’s stock worth $6,551,000 after purchasing an additional 74,580 shares during the period. Finally, NINE MASTS CAPITAL Ltd purchased a new position in Taiwan Semiconductor Mfg. during the fourth quarter worth about $3,907,000. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.18 and a current ratio of 2.39. The company has a market capitalization of $205,002.58, a P/E ratio of 17.95, a PEG ratio of 1.06 and a beta of 0.90.

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Taiwan Semiconductor Mfg. Company Profile

Taiwan Semiconductor Manufacturing Company Limited., together with its subsidiaries, engages in the computer-aided design, manufacture, packaging, testing, sale, and marketing of integrated circuits, color filters, and other semiconductor devices primarily in Taiwan. It manufactures masks and electronic parts; sells solar related products; wholesales and retails electronic materials; and researches, develops, and tests RFID systems.

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