Plato Investment Management Ltd purchased a new stake in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 13,690 shares of the semiconductor company's stock, valued at approximately $3,491,000.
Other hedge funds have also made changes to their positions in the company. Fulcrum Equity Management purchased a new stake in Tower Semiconductor in the second quarter valued at $313,000. Assenagon Asset Management S.A. grew its stake in shares of Tower Semiconductor by 4.4% during the second quarter. Assenagon Asset Management S.A. now owns 118,406 shares of the semiconductor company's stock worth $30,378,000 after purchasing an additional 4,965 shares in the last quarter. 180 Wealth Advisors LLC purchased a new position in Tower Semiconductor in the second quarter valued at approximately $293,000. Baron Wealth Management LLC lifted its holdings in shares of Tower Semiconductor by 19.1% in the 2nd quarter. Baron Wealth Management LLC now owns 2,423 shares of the semiconductor company's stock valued at $632,000 after purchasing an additional 388 shares during the last quarter. Finally, CoreCap Advisors LLC boosted its stake in Tower Semiconductor by 414.0% during the 2nd quarter. CoreCap Advisors LLC now owns 1,285 shares of the semiconductor company's stock worth $335,000 after purchasing an additional 1,035 shares during the period. Hedge funds and other institutional investors own 70.51% of the company's stock.
Tower Semiconductor Price Performance
Shares of TSEM opened at $265.48 on Monday. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.91 and a quick ratio of 4.31. The company has a market capitalization of $29.85 billion, a price-to-earnings ratio of 104.93 and a beta of 0.90. The business's 50-day moving average is $244.61 and its 200-day moving average is $205.80. Tower Semiconductor Ltd. has a fifty-two week low of $46.25 and a fifty-two week high of $319.94.
Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.12. Tower Semiconductor had a net margin of 16.94% and a return on equity of 9.83%. The firm had revenue of $460.08 million for the quarter, compared to analyst estimates of $454.68 million. During the same quarter in the prior year, the business earned $0.41 EPS. The company's revenue for the quarter was up 23.7% compared to the same quarter last year. Equities research analysts expect that Tower Semiconductor Ltd. will post 3.57 EPS for the current fiscal year.
Insiders Place Their Bets
In other Tower Semiconductor news, CEO Russell Craig Ellwanger sold 104,226 shares of Tower Semiconductor stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $248.34, for a total value of $25,883,484.84. Following the completion of the sale, the chief executive officer directly owned 526,788 shares in the company, valued at $130,822,531.92. The trade was a 16.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.00% of the company's stock.
Analyst Upgrades and Downgrades
A number of research analysts have recently issued reports on TSEM shares. Bank of America initiated coverage on shares of Tower Semiconductor in a research note on Friday, August 7th. They set a "buy" rating and a $367.00 price target on the stock. Benchmark reiterated a "buy" rating on shares of Tower Semiconductor in a research report on Wednesday, August 5th. Wedbush raised their price target on shares of Tower Semiconductor from $140.00 to $300.00 and gave the company a "neutral" rating in a report on Thursday, May 14th. UBS Group reiterated a "buy" rating on shares of Tower Semiconductor in a research note on Wednesday, July 15th. Finally, National Bank Financial raised Tower Semiconductor to a "buy" rating in a research report on Friday, August 7th. Five investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $294.80.
Check Out Our Latest Analysis on TSEM
Tower Semiconductor Profile
(
Free Report)
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.
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