Tower Semiconductor Ltd. (NASDAQ:TSEM – Get Rating) was the target of a significant decrease in short interest during the month of July. As of July 31st, there was short interest totalling 1,130,000 shares, a decrease of 22.6% from the July 15th total of 1,460,000 shares. Based on an average daily volume of 662,600 shares, the days-to-cover ratio is presently 1.7 days.
Tower Semiconductor Stock Up 1.0 %
Shares of TSEM stock opened at $47.65 on Friday. Tower Semiconductor has a 52-week low of $26.59 and a 52-week high of $49.13. The company has a quick ratio of 3.09, a current ratio of 3.81 and a debt-to-equity ratio of 0.12. The firm's 50 day moving average price is $46.69 and its two-hundred day moving average price is $46.15.
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Tower Semiconductor (NASDAQ:TSEM – Get Rating) last announced its quarterly earnings data on Monday, May 16th. 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 12.33% and a return on equity of 12.57%. The firm had revenue of $421.13 million for the quarter, compared to analysts' expectations of $412.45 million. As a group, equities analysts forecast that Tower Semiconductor will post 2.14 EPS for the current year.
Hedge Funds Weigh In On Tower Semiconductor
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. boosted its stake in Tower Semiconductor by 91.7% in the second quarter. JPMorgan Chase & Co. now owns 3,865,878 shares of the semiconductor company's stock valued at $178,526,000 after acquiring an additional 1,848,839 shares during the last quarter. Vanguard Group Inc. raised its holdings in Tower Semiconductor by 2.1% in the first quarter. Vanguard Group Inc. now owns 3,239,808 shares of the semiconductor company's stock worth $156,807,000 after purchasing an additional 65,515 shares during the period. Clal Insurance Enterprises Holdings Ltd raised its holdings in Tower Semiconductor by 82.1% in the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 2,182,393 shares of the semiconductor company's stock worth $105,628,000 after purchasing an additional 983,880 shares during the period. Ion Asset Management Ltd. raised its holdings in Tower Semiconductor by 280.4% in the fourth quarter. Ion Asset Management Ltd. now owns 1,899,669 shares of the semiconductor company's stock worth $75,379,000 after purchasing an additional 1,400,326 shares during the period. Finally, Franklin Resources Inc. raised its holdings in Tower Semiconductor by 8.5% in the second quarter. Franklin Resources Inc. now owns 1,684,100 shares of the semiconductor company's stock worth $77,774,000 after purchasing an additional 131,296 shares during the period.
Analysts Set New Price Targets
Separately, StockNews.com raised shares of Tower Semiconductor from a "hold" rating to a "buy" rating in a research note on Friday, May 27th.
Tower Semiconductor Company Profile
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Tower Semiconductor Ltd., an independent semiconductor foundry, manufactures and markets analog intensive mixed-signal semiconductor devices in the United States, Japan, other Asia countries, 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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