Tower Semiconductor (TSEM) Lowered to “Sell” at ValuEngine

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ValuEngine downgraded shares of Tower Semiconductor (NASDAQ:TSEM) from a hold rating to a sell rating in a research note published on Monday.

A number of other research analysts have also commented on the stock. Needham & Company LLC restated a buy rating and set a $28.00 price target on shares of Tower Semiconductor in a research report on Monday, October 22nd. BidaskClub lowered shares of Tower Semiconductor from a hold rating to a sell rating in a research report on Thursday, October 18th. Jefferies Financial Group began coverage on shares of Tower Semiconductor in a research report on Tuesday, October 9th. They set a buy rating and a $30.00 price target for the company. Standpoint Research upgraded shares of Tower Semiconductor from a hold rating to a buy rating and set a $18.00 price target for the company in a research report on Tuesday, August 28th. Finally, Craig Hallum set a $29.00 price target on shares of Tower Semiconductor and gave the company a buy rating in a research report on Thursday, August 23rd. Two investment analysts have rated the stock with a sell rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $28.50.

Tower Semiconductor stock opened at $14.22 on Monday. Tower Semiconductor has a 1-year low of $13.87 and a 1-year high of $36.69. The company has a market capitalization of $1.75 billion, a P/E ratio of 6.43, a price-to-earnings-growth ratio of 1.09 and a beta of 1.03. The company has a quick ratio of 2.58, a current ratio of 3.07 and a debt-to-equity ratio of 0.11.

Tower Semiconductor (NASDAQ:TSEM) last released its quarterly earnings data on Monday, October 29th. The semiconductor company reported $0.37 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.03). Tower Semiconductor had a net margin of 19.58% and a return on equity of 19.19%. The business had revenue of $322.60 million during the quarter, compared to analysts’ expectations of $335.05 million. During the same quarter in the prior year, the firm posted $0.59 earnings per share. The firm’s quarterly revenue was down 9.0% on a year-over-year basis. Sell-side analysts forecast that Tower Semiconductor will post 1.63 EPS for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Harel Insurance Investments & Financial Services Ltd. grew 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. Menora Mivtachim Holdings LTD. lifted its holdings in shares of Tower Semiconductor by 31.1% during the 2nd quarter. Menora Mivtachim Holdings LTD. now owns 1,263,313 shares of the semiconductor company’s stock worth $27,806,000 after acquiring an additional 300,000 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Tower Semiconductor by 4.5% during the 2nd quarter. Victory Capital Management Inc. now owns 1,222,324 shares of the semiconductor company’s stock worth $26,904,000 after acquiring an additional 52,490 shares during the last quarter. Bank Hapoalim BM lifted its holdings in shares of Tower Semiconductor by 1.7% during the 2nd quarter. Bank Hapoalim BM now owns 978,077 shares of the semiconductor company’s stock worth $21,527,000 after acquiring an additional 16,395 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Tower Semiconductor by 10.9% during the 2nd quarter. Bank of America Corp DE now owns 955,557 shares of the semiconductor company’s stock worth $21,031,000 after acquiring an additional 94,288 shares during the last quarter. Hedge funds and other institutional investors own 47.14% 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.

Further Reading: Book Value Per Share – BVPS

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Analyst Recommendations for Tower Semiconductor (NASDAQ:TSEM)

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