Insider Selling: Tower Semiconductor (NASDAQ:TSEM) Director Sells $49,893.92 in Stock

Tower Semiconductor Ltd. (NASDAQ:TSEM) Director Yoav Chelouche sold 232 shares of the company’s stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $215.06, for a total transaction of $49,893.92. Following the transaction, the director directly owned 33,734 shares of the company’s stock, valued at $7,254,834.04. This trade represents a 0.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Tower Semiconductor Trading Down 7.0%

NASDAQ TSEM traded down $14.71 during mid-day trading on Monday, hitting $196.81. The company’s stock had a trading volume of 520,585 shares, compared to its average volume of 2,245,109. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.91 and a quick ratio of 4.31. Tower Semiconductor Ltd. has a 52-week low of $64.83 and a 52-week high of $319.94. The stock’s fifty day simple moving average is $227.66 and its two-hundred day simple moving average is $217.89. The firm has a market capitalization of $22.13 billion, a P/E ratio of 77.80 and a beta of 0.88.

Tower Semiconductor (NASDAQ:TSEM) last posted its quarterly earnings data on Tuesday, August 4th. The semiconductor company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.12. The company had revenue of $460.08 million for the quarter, compared to analyst estimates of $454.68 million. Tower Semiconductor had a net margin of 16.94% and a return on equity of 9.83%. The business’s quarterly revenue was up 23.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.41 earnings per share. Research analysts expect that Tower Semiconductor Ltd. will post 3.58 EPS for the current year.

Institutional Investors Weigh In On Tower Semiconductor

Hedge funds have recently made changes to their positions in the company. CIBC Private Wealth Group LLC grew its holdings in shares of Tower Semiconductor by 254.2% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 418 shares of the semiconductor company’s stock valued at $30,000 after acquiring an additional 300 shares in the last quarter. Advisory Services Network LLC acquired a new position in Tower Semiconductor in the 3rd quarter worth about $48,000. Kestra Advisory Services LLC acquired a new stake in shares of Tower Semiconductor during the 4th quarter valued at about $52,000. Hanson & Doremus Investment Management acquired a new stake in shares of Tower Semiconductor during the 1st quarter valued at about $53,000. Finally, Caitong International Asset Management Co. Ltd bought a new stake in shares of Tower Semiconductor in the 4th quarter valued at approximately $76,000. Hedge funds and other institutional investors own 70.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Bank of America assumed coverage on Tower Semiconductor in a research note on Friday, August 7th. They set a “buy” rating and a $367.00 price objective on the stock. Stifel Nicolaus started coverage on shares of Tower Semiconductor in a research report on Tuesday, September 1st. They set a “buy” rating and a $270.00 price objective for the company. UBS Group reissued a “buy” rating on shares of Tower Semiconductor in a report on Wednesday, July 15th. Barclays raised Tower Semiconductor from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 20th. Finally, National Bank Financial upgraded Tower Semiconductor to a “buy” rating in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $290.67.

About Tower Semiconductor

Tower Semiconductor Ltd. (NASDAQ:TSEM) is a specialty semiconductor foundry that manufactures integrated circuits for fabless chip companies, integrated device manufacturers and original equipment manufacturers. The company focuses on analog and mixed-signal technologies rather than high-volume digital logic, providing process development, wafer manufacturing, design enablement and other foundry services.

Its technology portfolio includes radio-frequency and high-performance analog circuits, power management, CMOS image sensors, medical and industrial sensors, silicon photonics, microelectromechanical systems (MEMS), and automotive and industrial semiconductor solutions.