Tower Semiconductor Ltd. (NASDAQ: TSEM – Get Rating) benefited from a significant increase in short-term interest during the month of March. As of March 31, there was short interest totaling 1,540,000 shares, an increase of 38.7% from the March 15 total of 1,110,000 shares. Currently, 1.5% of the company’s shares are sold short. Based on an average daily trading volume of 1,430,000 shares, the days-to-cover ratio is currently 1.1 days.
Shares of TSEM opened at $48.13 on Friday. The company has a debt ratio of 0.14, a quick ratio of 3.48 and a current ratio of 4.33. The company has a 50-day moving average of $46.45 and a two-hundred-day moving average of $39.24. Tower Semiconductor has a 52-week low of $24.81 and a 52-week high of $49.09.
Tower Semiconductor (NASDAQ:TSEM – Get Rating) last released quarterly earnings data on Thursday, February 17. The semiconductor company reported earnings per share (EPS) of $0.47 for the quarter, beating Thomson Reuters consensus estimate of $0.44 by $0.03. The company posted revenue of $412.10 million in the quarter, versus a consensus estimate of $410.13 million. Tower Semiconductor had a return on equity of 9.85% and a net margin of 9.95%. The company’s revenue increased 19.4% year over year. During the same period a year earlier, the company posted earnings per share of $0.28. On average, research analysts expect Tower Semiconductor to post EPS of 1.98 for the current year.
Hedge funds and other institutional investors have recently changed their holdings in the company. Wellington Management Group LLP increased its position in Tower Semiconductor shares by 11.5% during the third quarter. Wellington Management Group LLP now owns 11,113,730 shares of the semiconductor company worth $332,301,000 after purchasing an additional 1,148,130 shares during the period. Noked Israel Ltd acquired a new position in shares of Tower Semiconductor during the third quarter for a value of approximately $9,829,000. Jennison Associates LLC increased its position in Tower Semiconductor shares by 0.4% during the third quarter. Jennison Associates LLC now owns 1,794,230 shares of the semiconductor company worth $53,647,000 after purchasing an additional 6,732 shares during the period. William Blair Investment Management LLC increased its position in Tower Semiconductor shares by 49,614.9% during the third quarter. William Blair Investment Management LLC now owns 1,737,535 shares of the semiconductor company worth $51,952,000 after purchasing an additional 1,734,040 shares during the period. Finally, First Republic Investment Management Inc. increased its position in Tower Semiconductor shares by 4.2% during the third quarter. First Republic Investment Management Inc. now owns 34,072 shares of the semiconductor company worth $1,028,000 after purchasing an additional 1,362 shares during the period. Institutional investors and hedge funds own 72.37% of the company’s shares.
TSEM has been the subject of several research analyst reports. Needham & Company LLC reissued a “hold” rating and issued a $45.00 price target on Tower Semiconductor stock in a Tuesday, February 15 report. StockNews.com downgraded Tower Semiconductor from a “buy” rating to a “hold” rating in a research rating on Thursday. Jefferies Financial Group downgraded Tower Semiconductor from a “buy” rating to a “hold” rating in a Tuesday, Feb. 15 research note. Finally, Craig Hallum downgraded Tower Semiconductor from a “buy” rating to a “hold” rating in a Tuesday, February 15 research note.
Tower Semiconductor Company Profile (Get a rating)
Tower Semiconductor Ltd., an independent semiconductor foundry, manufactures and markets mixed-signal intensive analog semiconductors in the United States, Japan, Asia and Europe. It provides various customizable process technologies, including SiGe, BiCMOS, mixed signal/CMOS, RF CMOS, CMOS image sensor, integrated power management, and MEMS.
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