Wall Street brokerages forecast that Tower Semiconductor Ltd. (NASDAQ:TSEM) will report sales of $302.44 million for the current quarter, according to Zacks. Two analysts have provided estimates for Tower Semiconductor’s earnings, with estimates ranging from $299.88 million to $305.00 million. Tower Semiconductor reported sales of $335.14 million during the same quarter last year, which indicates a negative year-over-year growth rate of 9.8%. The firm is expected to report its next quarterly earnings results before the market opens on Monday, July 29th.
According to Zacks, analysts expect that Tower Semiconductor will report full-year sales of $1.24 billion for the current year, with estimates ranging from $1.22 billion to $1.26 billion. For the next financial year, analysts anticipate that the company will post sales of $1.33 billion, with estimates ranging from $1.32 billion to $1.35 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Tower Semiconductor.
Tower Semiconductor (NASDAQ:TSEM) last released its quarterly earnings results on Wednesday, May 15th. The semiconductor company reported $0.29 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by ($0.01). The firm had revenue of $310.11 million during the quarter, compared to the consensus estimate of $309.67 million. Tower Semiconductor had a net margin of 10.43% and a return on equity of 13.06%. The business’s revenue for the quarter was down .8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.31 earnings per share.
Several research firms recently issued reports on TSEM. BidaskClub upgraded Xilinx from a “hold” rating to a “buy” rating in a research note on Saturday, June 29th. TheStreet upgraded Exantas Capital from a “d+” rating to a “c” rating in a research note on Thursday, May 2nd. Needham & Company LLC restated a “buy” rating and issued a $120.00 price target (up from $115.00) on shares of Synopsys in a research note on Thursday, March 28th. Finally, Credit Suisse Group upgraded United Microelectronics from an “underperform” rating to a “neutral” rating in a research note on Wednesday, April 24th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Tower Semiconductor has a consensus rating of “Buy” and an average price target of $23.29.
Hedge funds have recently made changes to their positions in the stock. Penserra Capital Management LLC lifted its position in shares of Tower Semiconductor by 72.1% during the 1st quarter. Penserra Capital Management LLC now owns 5,070 shares of the semiconductor company’s stock worth $83,000 after buying an additional 2,124 shares during the last quarter. RBF Capital LLC acquired a new position in Tower Semiconductor in the 4th quarter worth about $198,000. Bank Hapoalim BM acquired a new position in Tower Semiconductor in the 1st quarter worth about $234,000. AlphaCrest Capital Management LLC acquired a new position in Tower Semiconductor in the 1st quarter worth about $291,000. Finally, SG Americas Securities LLC increased its holdings in Tower Semiconductor by 85.5% in the 1st quarter. SG Americas Securities LLC now owns 19,877 shares of the semiconductor company’s stock worth $329,000 after purchasing an additional 9,160 shares in the last quarter. Institutional investors and hedge funds own 52.14% of the company’s stock.
TSEM traded down $0.24 during trading on Monday, hitting $16.40. The stock had a trading volume of 632,662 shares, compared to its average volume of 246,586. The stock has a 50 day simple moving average of $15.75. The company has a market capitalization of $1.64 billion, a price-to-earnings ratio of 10.86, a price-to-earnings-growth ratio of 1.89 and a beta of 1.26. Tower Semiconductor has a one year low of $13.56 and a one year high of $23.55. The company has a current ratio of 4.51, a quick ratio of 3.73 and a debt-to-equity ratio of 0.21.
Tower Semiconductor Company Profile
Tower Semiconductor Ltd., an independent semiconductor foundry, manufactures and markets analog intensive mixed-signal semiconductor devices 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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