Tower Semiconductor (NASDAQ:TSEM) Stock Price Down 4.4% – Should You Sell?

Tower Semiconductor Ltd. (NASDAQ:TSEM)’s share price traded down 4.4% on Tuesday. The company traded as low as $183.42 and last traded at $191.5320. 730,254 shares changed hands during trading, a decline of 67% from the average daily volume of 2,242,736 shares. The stock had previously closed at $200.30.

Analyst Ratings Changes

TSEM has been the topic of several recent analyst reports. Bank of America assumed coverage on Tower Semiconductor in a research note on Friday, August 7th. They issued a “buy” rating and a $367.00 target price on the stock. Barclays initiated coverage on Tower Semiconductor in a research report on Friday, September 18th. They set an “overweight” rating and a $310.00 price target for the company. Weiss Ratings cut Tower Semiconductor from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, August 18th. National Bank Financial upgraded Tower Semiconductor to a “buy” rating in a research report on Friday, August 7th. Finally, Benchmark reiterated a “buy” rating on shares of Tower Semiconductor in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $316.00.

Tower Semiconductor Stock Down 5.0%

The company’s fifty day simple moving average is $224.27 and its 200 day simple moving average is $232.91. The company has a current ratio of 4.91, a quick ratio of 4.31 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $21.39 billion, a P/E ratio of 74.90 and a beta of 0.89.

Tower Semiconductor (NASDAQ:TSEM) last announced its earnings results on Tuesday, August 4th. The semiconductor company reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.12. The firm 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 company’s revenue for the quarter was up 23.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.41 EPS. Research analysts expect that Tower Semiconductor Ltd. will post 3.56 EPS for the current year.

Insider Activity

In other Tower Semiconductor news, 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 owned 33,734 shares in the company, valued at approximately $7,254,834.04. This represents a 0.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Russell Ellwanger sold 104,226 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $248.34, for a total value of $25,883,484.84. Following the transaction, the chief executive officer owned 526,788 shares in the company, valued at $130,822,531.92. This trade represents a 16.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 181,767 shares of company stock valued at $45,610,065 over the last 90 days. 1.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Tower Semiconductor

Hedge funds have recently made changes to their positions in the company. Assenagon Asset Management S.A. grew its stake in Tower Semiconductor by 34.2% in the third quarter. Assenagon Asset Management S.A. now owns 158,901 shares of the semiconductor company’s stock worth $37,115,000 after purchasing an additional 40,495 shares during the period. Farther Finance Advisors LLC lifted its position in Tower Semiconductor by 21.7% during the third quarter. Farther Finance Advisors LLC now owns 1,710 shares of the semiconductor company’s stock valued at $389,000 after buying an additional 305 shares during the period. Versant Capital Management Inc lifted its position in Tower Semiconductor by 20.8% during the third quarter. Versant Capital Management Inc now owns 319 shares of the semiconductor company’s stock valued at $73,000 after buying an additional 55 shares during the period. QRG Capital Management Inc. boosted its holdings in shares of Tower Semiconductor by 4.1% during the 2nd quarter. QRG Capital Management Inc. now owns 1,295 shares of the semiconductor company’s stock valued at $338,000 after buying an additional 51 shares in the last quarter. Finally, WINTON GROUP Ltd bought a new stake in shares of Tower Semiconductor during the 2nd quarter valued at $9,592,000. 70.51% of the stock is currently owned by institutional investors.

Tower Semiconductor Company Profile

Tower Semiconductor Ltd. is an Israeli specialty semiconductor foundry that manufactures integrated circuits for fabless semiconductor companies, integrated device manufacturers and system companies. The company provides process technologies and production services rather than selling branded end-user electronics.

Its offerings include analog and mixed-signal technologies, radio-frequency and high-voltage circuits, power management solutions, image sensors, and specialty memory products.