Tower Semiconductor Ltd. (NASDAQ:TSEM) saw a large growth in short interest during the month of September. As of September 14th, there was short interest totalling 1,253,627 shares, a growth of 54.0% from the August 31st total of 813,861 shares. Based on an average daily trading volume, of 458,850 shares, the short-interest ratio is presently 2.7 days.
A number of large investors have recently bought and sold shares of the business. Bank of Montreal Can grew its position in shares of Tower Semiconductor by 7,262.1% during the second quarter. Bank of Montreal Can now owns 44,099 shares of the semiconductor company’s stock valued at $970,000 after purchasing an additional 43,500 shares in the last quarter. Mork Capital Management LLC grew its position in shares of Tower Semiconductor by 168.0% during the second quarter. Mork Capital Management LLC now owns 53,600 shares of the semiconductor company’s stock valued at $1,180,000 after purchasing an additional 33,600 shares in the last quarter. Brinker Capital Inc. grew its position in shares of Tower Semiconductor by 54.7% during the first quarter. Brinker Capital Inc. now owns 14,296 shares of the semiconductor company’s stock valued at $385,000 after purchasing an additional 5,052 shares in the last quarter. Bank of America Corp DE grew its position in shares of Tower Semiconductor by 10.9% during the second quarter. Bank of America Corp DE now owns 955,557 shares of the semiconductor company’s stock valued at $21,031,000 after purchasing an additional 94,288 shares in the last quarter. Finally, OppenheimerFunds Inc. grew its position in shares of Tower Semiconductor by 11.1% during the second quarter. OppenheimerFunds Inc. now owns 228,347 shares of the semiconductor company’s stock valued at $5,026,000 after purchasing an additional 22,879 shares in the last quarter. 46.66% of the stock is currently owned by institutional investors and hedge funds.
Tower Semiconductor stock remained flat at $$20.40 during trading on Friday. The company had a trading volume of 404,765 shares, compared to its average volume of 670,949. Tower Semiconductor has a one year low of $19.26 and a one year high of $36.69. The company has a market cap of $2.14 billion, a PE ratio of 9.23 and a beta of 1.03. The company has a current ratio of 3.07, a quick ratio of 2.58 and a debt-to-equity ratio of 0.11.
Tower Semiconductor (NASDAQ:TSEM) last announced its earnings results on Thursday, July 26th. The semiconductor company reported $0.42 EPS for the quarter, missing the Zacks’ consensus estimate of $0.44 by ($0.02). The company had revenue of $335.10 million during the quarter, compared to the consensus estimate of $335.00 million. Tower Semiconductor had a return on equity of 19.19% and a net margin of 19.58%. Tower Semiconductor’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.49 earnings per share. As a group, equities research analysts anticipate that Tower Semiconductor will post 1.63 EPS for the current fiscal year.
Several analysts recently weighed in on the company. BidaskClub upgraded Tower Semiconductor from a “strong sell” rating to a “sell” rating in a research note on Thursday, July 19th. Loop Capital began coverage on Tower Semiconductor in a research note on Thursday, June 21st. They set a “buy” rating and a $46.00 target price on the stock. Standpoint Research upgraded Tower Semiconductor from a “hold” rating to a “buy” rating and set a $18.00 target price on the stock in a research note on Tuesday, August 28th. Craig Hallum set a $29.00 target price on Tower Semiconductor and gave the company a “buy” rating in a research note on Thursday, August 23rd. Finally, Jefferies Financial Group started coverage on Tower Semiconductor in a research note on Tuesday. They issued a “buy” rating and a $30.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $30.79.
Tower Semiconductor Company Profile
Tower Semiconductor Ltd. engages in the manufacture of integrated circuits. Its products include semiconductors and integrated circuits used in consumer electronics, personal computers, communications, automotive, industrial, and medical device products. The company was founded in 1993 and is headquartered in Migdal Haemek, Israel.
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