Zacks: Analysts Expect Tower Semiconductor Ltd. (TSEM) Will Post Earnings of $0.53 Per Share
Wall Street brokerages expect that Tower Semiconductor Ltd. (NASDAQ:TSEM) will post $0.53 earnings per share for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Tower Semiconductor’s earnings, with the lowest EPS estimate coming in at $0.51 and the highest estimate coming in at $0.54. Tower Semiconductor posted earnings of $0.51 per share in the same quarter last year, which would suggest a positive year over year growth rate of 3.9%. The business is scheduled to issue its next quarterly earnings report on Tuesday, November 21st.
According to Zacks, analysts expect that Tower Semiconductor will report full year earnings of $2.01 per share for the current fiscal year, with EPS estimates ranging from $1.91 to $2.10. For the next financial year, analysts forecast that the business will report earnings of $2.19 per share, with EPS estimates ranging from $2.07 to $2.31. Zacks’ earnings per share averages are an average based on a survey of research analysts that cover Tower Semiconductor.
Tower Semiconductor (NASDAQ:TSEM) last issued its earnings results on Thursday, August 3rd. The semiconductor company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.03. The business had revenue of $345.10 million during the quarter, compared to analyst estimates of $344.98 million. Tower Semiconductor had a return on equity of 28.28% and a net margin of 14.53%. The firm’s revenue was up 13.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.45 EPS.
TSEM has been the subject of several analyst reports. Needham & Company LLC reissued a “buy” rating and set a $35.00 price target on shares of Tower Semiconductor in a research report on Friday, June 9th. BidaskClub downgraded shares of Tower Semiconductor from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Finally, ValuEngine raised shares of Tower Semiconductor from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 2nd. Three analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $31.50.
Several institutional investors and hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP increased its position in shares of Tower Semiconductor by 34.8% during the first quarter. Wellington Management Group LLP now owns 4,450,943 shares of the semiconductor company’s stock valued at $102,595,000 after acquiring an additional 1,148,547 shares in the last quarter. Vanguard Group Inc. grew its position in Tower Semiconductor by 22.0% in the 2nd quarter. Vanguard Group Inc. now owns 1,840,765 shares of the semiconductor company’s stock worth $43,902,000 after purchasing an additional 331,647 shares during the period. Macquarie Group Ltd. grew its position in Tower Semiconductor by 3.1% in the 2nd quarter. Macquarie Group Ltd. now owns 1,646,168 shares of the semiconductor company’s stock worth $39,261,000 after purchasing an additional 49,460 shares during the period. Hodges Capital Management Inc. grew its position in Tower Semiconductor by 15.3% in the 2nd quarter. Hodges Capital Management Inc. now owns 1,327,830 shares of the semiconductor company’s stock worth $31,669,000 after purchasing an additional 175,855 shares during the period. Finally, Renaissance Technologies LLC grew its position in Tower Semiconductor by 8.1% in the 2nd quarter. Renaissance Technologies LLC now owns 1,238,386 shares of the semiconductor company’s stock worth $29,536,000 after purchasing an additional 93,200 shares during the period. 49.19% of the stock is owned by institutional investors.
Shares of Tower Semiconductor (NASDAQ:TSEM) opened at 29.77 on Tuesday. The firm’s 50-day moving average price is $27.45 and its 200-day moving average price is $24.82. Tower Semiconductor has a one year low of $14.85 and a one year high of $30.54. The company has a market capitalization of $2.91 billion, a price-to-earnings ratio of 15.24 and a beta of 1.02.
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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