BidaskClub cut shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) from a buy rating to a hold rating in a research report sent to investors on Friday morning.

A number of other equities research analysts also recently issued reports on TSEM. TheStreet downgraded shares of Tower Semiconductor from a b- rating to a c rating in a research report on Monday, April 17th. Needham & Company LLC restated a strong-buy rating and set a $35.00 target price (up previously from $30.00) on shares of Tower Semiconductor in a research note on Tuesday, May 9th. Finally, ValuEngine upgraded shares of Tower Semiconductor from a buy rating to a strong-buy rating in a research note on Friday, June 2nd. One analyst has rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of Buy and a consensus target price of $31.50.

Shares of Tower Semiconductor (TSEM) opened at 26.15 on Friday. The company has a 50 day moving average price of $25.17 and a 200-day moving average price of $23.40. Tower Semiconductor has a 12 month low of $13.38 and a 12 month high of $27.60. The stock has a market cap of $2.46 billion, a P/E ratio of 14.02 and a beta of 0.98.

Tower Semiconductor (NASDAQ:TSEM) last issued its quarterly earnings data on Monday, May 8th. The semiconductor company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.02. Tower Semiconductor had a net margin of 14.10% and a return on equity of 28.41%. The firm had revenue of $330.10 million during the quarter, compared to the consensus estimate of $330 million. During the same quarter in the previous year, the firm posted $0.34 EPS. The company’s revenue for the quarter was up 18.7% compared to the same quarter last year. On average, equities research analysts predict that Tower Semiconductor will post $2.03 earnings per share for the current year.

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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sei Investments Co. boosted its position in Tower Semiconductor by 12.7% in the first quarter. Sei Investments Co. now owns 10,593 shares of the semiconductor company’s stock worth $244,000 after buying an additional 1,190 shares during the period. Swiss National Bank boosted its position in Tower Semiconductor by 3.2% in the first quarter. Swiss National Bank now owns 137,766 shares of the semiconductor company’s stock worth $3,177,000 after buying an additional 4,270 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Tower Semiconductor by 53.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,202 shares of the semiconductor company’s stock worth $281,000 after buying an additional 4,270 shares during the period. American Century Companies Inc. purchased a new position in Tower Semiconductor during the first quarter worth $986,000. Finally, DUPONT CAPITAL MANAGEMENT Corp purchased a new position in Tower Semiconductor during the first quarter worth $115,000. Institutional investors own 48.23% of the company’s stock.

Tower Semiconductor Company Profile

Tower Semiconductor Ltd. operates as an independent semiconductor foundry focused primarily on specialty process technologies. The Company focuses on producing integrated circuits (ICs) based on the design specifications of its customers. The Company manufactures semiconductors for its customers primarily based on third-party designs.

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