Tower Semiconductor (NASDAQ:TSEM) Hits New 12-Month High – Time to Buy?

Shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) hit a new 52-week high during trading on Monday . The stock traded as high as $51.31 and last traded at $50.95, with a volume of 236527 shares changing hands. The stock had previously closed at $49.97.

Analysts Set New Price Targets

Several research analysts have commented on the stock. StockNews.com cut shares of Tower Semiconductor from a “buy” rating to a “hold” rating in a report on Tuesday, November 12th. Craig Hallum lifted their price objective on shares of Tower Semiconductor from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Benchmark reiterated a “buy” rating and issued a $55.00 price objective on shares of Tower Semiconductor in a research report on Thursday, November 14th. Finally, Susquehanna increased their target price on Tower Semiconductor from $55.00 to $60.00 and gave the stock a “positive” rating in a research note on Thursday, November 14th. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $58.33.

Tower Semiconductor Trading Up 0.5 %

The stock has a market cap of $5.81 billion, a price-to-earnings ratio of 28.35 and a beta of 0.92. The company has a current ratio of 5.82, a quick ratio of 4.89 and a debt-to-equity ratio of 0.05. The business has a 50 day simple moving average of $46.29 and a two-hundred day simple moving average of $42.64.

Tower Semiconductor (NASDAQ:TSEM) last released its earnings results on Wednesday, November 13th. The semiconductor company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.12. The firm had revenue of $370.50 million during the quarter, compared to analyst estimates of $370.30 million. Tower Semiconductor had a net margin of 14.75% and a return on equity of 8.22%. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.47 earnings per share. As a group, equities analysts anticipate that Tower Semiconductor Ltd. will post 1.77 EPS for the current year.

Hedge Funds Weigh In On Tower Semiconductor

Several institutional investors and hedge funds have recently added to or reduced their stakes in TSEM. Transcendent Capital Group LLC bought a new position in shares of Tower Semiconductor during the 3rd quarter valued at $27,000. USA Financial Formulas bought a new stake in Tower Semiconductor in the third quarter valued at about $38,000. Blue Trust Inc. raised its holdings in shares of Tower Semiconductor by 319.3% in the 3rd quarter. Blue Trust Inc. now owns 1,807 shares of the semiconductor company’s stock worth $80,000 after buying an additional 1,376 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of Tower Semiconductor by 21.1% during the third quarter. Signaturefd LLC now owns 2,472 shares of the semiconductor company’s stock valued at $109,000 after acquiring an additional 431 shares during the period. Finally, Scientech Research LLC acquired a new stake in shares of Tower Semiconductor during the second quarter worth approximately $200,000. 70.51% of the stock is currently owned by hedge funds and other institutional investors.

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.