188,000 Tower Semiconductor Ltd. $TSEM Shares Bought by Migdal Insurance & Financial Holdings Ltd.

Key Points

• Migdal Insurance & Financial Holdings increased its Tower Semiconductor stake by 10.9%, buying 188,000 shares in the third quarter. It now owns about 1.92 million shares, worth $436.4 million, representing 2.7% of its portfolio.
• Tower shares fell 6.9% in Friday trading to $146.89. Its latest quarterly results showed revenue up 32.8% year over year to $526.2 million, while EPS of $1.05 narrowly missed estimates.
• Analysts maintain a Moderate Buy consensus rating, with an average price target of $297.12; Stifel lowered its target to $235 while keeping a Buy rating.

Migdal Insurance & Financial Holdings Ltd. raised its stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 10.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,918,723 shares of the semiconductor company's stock after buying an additional 188,000 shares during the quarter. Tower Semiconductor comprises about 2.7% of Migdal Insurance & Financial Holdings Ltd.'s investment portfolio, making the stock its 12th biggest position. Migdal Insurance & Financial Holdings Ltd. owned about 1.71% of Tower Semiconductor worth $436,375,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Janus Henderson Group PLC boosted its stake in shares of Tower Semiconductor by 0.6% during the first quarter. Janus Henderson Group PLC now owns 1,081,175 shares of the semiconductor company's stock valued at $189,723,000 after acquiring an additional 6,458 shares during the last quarter. E20 Capital Ltd purchased a new stake in Tower Semiconductor during the 1st quarter worth about $107,708,000. Swiss National Bank raised its stake in Tower Semiconductor by 86.0% in the 1st quarter. Swiss National Bank now owns 414,850 shares of the semiconductor company's stock valued at $70,625,000 after purchasing an additional 191,839 shares during the last quarter. Altshuler Shaham Ltd raised its stake in Tower Semiconductor by 1,175.6% in the 1st quarter. Altshuler Shaham Ltd now owns 340,108 shares of the semiconductor company's stock valued at $58,025,000 after purchasing an additional 313,445 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in Tower Semiconductor by 9.7% in the 1st quarter. Renaissance Technologies LLC now owns 274,749 shares of the semiconductor company's stock valued at $48,213,000 after purchasing an additional 24,200 shares in the last quarter. Institutional investors and hedge funds own 70.51% of the company's stock.

Insider Activity

In other Tower Semiconductor news, Director Yoav Chelouche sold 232 shares of the firm's stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $215.06, for a total value of $49,893.92. Following the transaction, the director owned 33,734 shares of the company's stock, valued at $7,254,834.04. This trade represents a 0.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.00% of the company's stock.

Tower Semiconductor Stock Down 6.9%

Shares of NASDAQ:TSEM traded down $10.97 during midday trading on Friday, hitting $146.89. 3,313,965 shares of the company's stock traded hands, compared to its average volume of 3,461,596. The firm's fifty day moving average price is $200.38 and its two-hundred day moving average price is $205.31. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.23 and a current ratio of 3.72. Tower Semiconductor Ltd. has a twelve month low of $87.30 and a twelve month high of $319.94. The company has a market cap of $16.52 billion, a PE ratio of 47.23 and a beta of 0.95.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last released its quarterly earnings results on Monday, November 2nd. The semiconductor company reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.02). Tower Semiconductor had a return on equity of 11.72% and a net margin of 19.36%. The firm had revenue of $526.16 million for the quarter, compared to analysts' expectations of $521.83 million. During the same period last year, the firm earned $0.47 EPS. The business's quarterly revenue was up 32.8% on a year-over-year basis. On average, equities research analysts anticipate that Tower Semiconductor Ltd. will post 3.56 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on TSEM shares. Weiss Ratings raised shares of Tower Semiconductor from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, November 3rd. Benchmark reissued a "buy" rating on shares of Tower Semiconductor in a research report on Wednesday, August 5th. Stifel Nicolaus reduced their price objective on shares of Tower Semiconductor from $270.00 to $235.00 and set a "buy" rating on the stock in a research note on Tuesday, November 3rd. Mizuho initiated coverage on shares of Tower Semiconductor in a research note on Friday, September 25th. They set an "outperform" rating and a $300.00 price objective on the stock. Finally, Bank of America initiated coverage on shares of Tower Semiconductor in a research report on Friday, August 7th. They set a "buy" rating and a $367.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $297.12.

Tower Semiconductor Company Profile

Tower Semiconductor Ltd. is an Israel-based specialty semiconductor foundry that manufactures chips for companies that design and market their own products. Its services include wafer fabrication, process development and engineering support, helping customers bring semiconductor designs from development into production. The company focuses on analog and mixed-signal technologies used in areas such as radio-frequency communications, power management, image sensing, automotive electronics and silicon photonics.

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