Insider Selling: Tower Semiconductor (NASDAQ:TSEM) Director Sells $49,893.92 in Stock

Tower Semiconductor Ltd. (NASDAQ:TSEM) Director Yoav Chelouche sold 232 shares of the stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $215.06, for a total transaction of $49,893.92. Following the sale, the director directly owned 33,734 shares of the company’s stock, valued at $7,254,834.04. This represents a 0.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Tower Semiconductor Stock Up 3.6%

Tower Semiconductor stock opened at $202.20 on Thursday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.31 and a current ratio of 4.91. Tower Semiconductor Ltd. has a 52-week low of $64.83 and a 52-week high of $319.94. The firm has a 50 day moving average price of $226.48 and a two-hundred day moving average price of $219.39. The firm has a market cap of $22.74 billion, a price-to-earnings ratio of 79.92 and a beta of 0.88.

Tower Semiconductor (NASDAQ:TSEM) last posted its quarterly earnings data on Tuesday, August 4th. The semiconductor company reported $0.88 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $454.68 million. During the same period in the prior year, the firm posted $0.41 EPS. The company’s quarterly revenue was up 23.7% on a year-over-year basis. Equities analysts predict that Tower Semiconductor Ltd. will post 3.58 EPS for the current year.

Institutional Trading of Tower Semiconductor

Institutional investors have recently added to or reduced their stakes in the stock. Covestor Ltd boosted its holdings in Tower Semiconductor by 10.8% in the 4th quarter. Covestor Ltd now owns 793 shares of the semiconductor company’s stock valued at $93,000 after purchasing an additional 77 shares during the last quarter. Silverleafe Capital Partners LLC increased its holdings in shares of Tower Semiconductor by 3.0% during the 2nd quarter. Silverleafe Capital Partners LLC now owns 2,860 shares of the semiconductor company’s stock worth $745,000 after buying an additional 84 shares during the last quarter. Integrated Wealth Concepts LLC raised its position in shares of Tower Semiconductor by 8.1% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 1,428 shares of the semiconductor company’s stock valued at $372,000 after buying an additional 107 shares during the period. TD Waterhouse Canada Inc. raised its position in shares of Tower Semiconductor by 230.7% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 334 shares of the semiconductor company’s stock valued at $82,000 after buying an additional 233 shares during the period. Finally, Hanson & Doremus Investment Management acquired a new position in Tower Semiconductor in the first quarter valued at approximately $53,000. Hedge funds and other institutional investors own 70.51% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on TSEM shares. National Bank Financial upgraded Tower Semiconductor to a “buy” rating in a report on Friday, August 7th. Bank of America started coverage on Tower Semiconductor in a research note on Friday, August 7th. They set a “buy” rating and a $367.00 target price on the stock. Stifel Nicolaus initiated coverage on shares of Tower Semiconductor in a report on Tuesday, September 1st. They issued a “buy” rating and a $270.00 price target on the stock. UBS Group restated a “buy” rating on shares of Tower Semiconductor in a research report on Wednesday, July 15th. Finally, Weiss Ratings downgraded shares of Tower Semiconductor from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $290.67.

About Tower Semiconductor

Tower Semiconductor Ltd. (NASDAQ:TSEM) is a specialty semiconductor foundry that manufactures integrated circuits for fabless chip companies, integrated device manufacturers and original equipment manufacturers. The company focuses on analog and mixed-signal technologies rather than high-volume digital logic, providing process development, wafer manufacturing, design enablement and other foundry services.

Its technology portfolio includes radio-frequency and high-performance analog circuits, power management, CMOS image sensors, medical and industrial sensors, silicon photonics, microelectromechanical systems (MEMS), and automotive and industrial semiconductor solutions.