Tower Semiconductor (NASDAQ:TSEM) Reaches New 1-Year High – Here’s What Happened

Tower Semiconductor Ltd. (NASDAQ:TSEM) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $46.54 and last traded at $46.54, with a volume of 1851 shares traded. The stock had previously closed at $45.88.

Analyst Upgrades and Downgrades

A number of research firms have commented on TSEM. StockNews.com downgraded shares of Tower Semiconductor from a “buy” rating to a “hold” rating in a report on Tuesday. Benchmark reaffirmed a “buy” rating and issued a $55.00 price target on shares of Tower Semiconductor in a report on Monday, September 9th. One analyst has rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $51.33.

Tower Semiconductor Stock Performance

The company has a debt-to-equity ratio of 0.05, a quick ratio of 4.94 and a current ratio of 5.90. The stock has a market capitalization of $4.78 billion, a P/E ratio of 9.73 and a beta of 0.90. The stock has a 50 day moving average of $43.34 and a 200 day moving average of $40.37.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Essex Investment Management Co. LLC raised its holdings in shares of Tower Semiconductor by 7.5% during the third quarter. Essex Investment Management Co. LLC now owns 179,579 shares of the semiconductor company’s stock valued at $7,948,000 after buying an additional 12,551 shares during the last quarter. William Blair Investment Management LLC bought a new stake in Tower Semiconductor during the 1st quarter valued at $34,911,000. Migdal Insurance & Financial Holdings Ltd. boosted its position in Tower Semiconductor by 1.5% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,297,806 shares of the semiconductor company’s stock worth $145,961,000 after acquiring an additional 50,000 shares during the period. Assenagon Asset Management S.A. bought a new position in shares of Tower Semiconductor in the third quarter worth $11,094,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in shares of Tower Semiconductor during the third quarter valued at $573,000. 70.51% of the stock is owned by institutional investors and hedge funds.

Tower Semiconductor Company Profile

Tower Semiconductor Ltd., an independent semiconductor foundry, focus on specialty process technologies to manufacture analog intensive mixed-signal semiconductor devices in Israel, the United States, Japan, Europe, and internationally. It provides various customizable process technologies, including SiGe, BiCMOS, mixed signal/CMOS, RF CMOS, CMOS image sensor, integrated power management, and MEMS.