Tower Semiconductor (NASDAQ:TSEM) Lowered to “Neutral” Rating by Wedbush

Tower Semiconductor (NASDAQ:TSEM) was downgraded by equities research analysts at Wedbush from an “outperform” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, MarketBeat Ratings reports. They currently have a $125.00 target price on the semiconductor company’s stock. Wedbush’s price objective would suggest a potential upside of 3.59% from the stock’s current price.

A number of other equities analysts have also recently issued reports on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Tower Semiconductor in a report on Monday. Benchmark increased their price target on Tower Semiconductor from $73.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday, November 11th. Susquehanna boosted their price target on shares of Tower Semiconductor from $100.00 to $135.00 and gave the stock a “positive” rating in a research report on Tuesday, November 11th. Finally, Barclays lifted their price target on Tower Semiconductor from $74.00 to $97.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 11th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $119.25.

Tower Semiconductor Stock Performance

Shares of TSEM stock opened at $120.67 on Wednesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 5.54 and a current ratio of 6.61. The firm has a market capitalization of $13.37 billion, a price-to-earnings ratio of 70.16 and a beta of 0.88. Tower Semiconductor has a one year low of $28.64 and a one year high of $129.58. The company has a 50 day moving average price of $103.29 and a 200 day moving average price of $72.74.

Institutional Trading of Tower Semiconductor

Hedge funds have recently made changes to their positions in the business. Park West Asset Management LLC bought a new position in shares of Tower Semiconductor in the third quarter valued at approximately $42,657,000. Balyasny Asset Management L.P. raised its stake in Tower Semiconductor by 565.6% in the third quarter. Balyasny Asset Management L.P. now owns 444,800 shares of the semiconductor company’s stock valued at $32,159,000 after purchasing an additional 377,975 shares in the last quarter. Jennison Associates LLC grew its holdings in shares of Tower Semiconductor by 18.8% during the 3rd quarter. Jennison Associates LLC now owns 2,331,831 shares of the semiconductor company’s stock valued at $168,591,000 after purchasing an additional 369,600 shares during the last quarter. Schonfeld Strategic Advisors LLC grew its position in Tower Semiconductor by 99.0% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 702,993 shares of the semiconductor company’s stock worth $50,826,000 after acquiring an additional 349,759 shares during the last quarter. Finally, Voya Investment Management LLC increased its stake in Tower Semiconductor by 45.1% in the 1st quarter. Voya Investment Management LLC now owns 918,068 shares of the semiconductor company’s stock worth $32,738,000 after purchasing an additional 285,471 shares during the period. 70.51% of the stock is owned by institutional investors and hedge funds.

About Tower Semiconductor

Tower Semiconductor, traded on NASDAQ under the symbol TSEM, is a specialty foundry company that provides analog and mixed-signal semiconductor manufacturing services to a broad array of customers worldwide. The company focuses on delivering tailored process technologies for high-growth markets, including radio frequency (RF), power management, imaging, automotive electronics, and Internet of Things (IoT) applications. By combining deep process know-how with flexible manufacturing capabilities, Tower Semiconductor supports the development and volume production of advanced semiconductor devices for fabless and integrated device manufacturer customers.

The company’s technology portfolio spans standard and specialty processes such as CMOS, BiCMOS, high-voltage, radio frequency, silicon photonics, micro-electromechanical systems (MEMS) and image sensor production.