205,166 Shares in Tower Semiconductor Ltd. $TSEM Bought by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments purchased 205,166 Tower Semiconductor shares worth approximately $46.7 million, taking a 0.18% stake; institutional investors collectively own 70.51% of the company.
• Analysts maintain a generally positive outlook, with one Strong Buy, seven Buy, and two Hold ratings. Tower Semiconductor has an average “Moderate Buy” rating and a $316 price target.
• The company exceeded quarterly expectations with $0.88 EPS and $460.1 million in revenue, while revenue grew 23.7% year over year. Insiders sold about 181,767 shares worth $45.6 million over the past 90 days.

Mirae Asset Global Investments Co. Ltd. bought a new position in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 205,166 shares of the semiconductor company's stock, valued at approximately $46,661,000. Mirae Asset Global Investments Co. Ltd. owned about 0.18% of Tower Semiconductor at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TSEM. Swiss National Bank lifted its holdings in shares of Tower Semiconductor by 86.0% during the 1st quarter. Swiss National Bank now owns 414,850 shares of the semiconductor company's stock valued at $70,625,000 after buying an additional 191,839 shares during the period. Empowered Funds LLC purchased a new position in shares of Tower Semiconductor in the 1st quarter worth $754,000. Public Employees Retirement System of Ohio purchased a new position in shares of Tower Semiconductor in the 2nd quarter worth $2,044,000. Plato Investment Management Ltd bought a new stake in shares of Tower Semiconductor in the second quarter worth $3,491,000. Finally, Janus Henderson Group PLC grew its holdings in shares of Tower Semiconductor by 0.6% in the first quarter. Janus Henderson Group PLC now owns 1,081,175 shares of the semiconductor company's stock worth $189,723,000 after acquiring an additional 6,458 shares during the period. Hedge funds and other institutional investors own 70.51% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on TSEM shares. Stifel Nicolaus started coverage on Tower Semiconductor in a report on Tuesday, September 1st. They issued a "buy" rating and a $270.00 target price on the stock. Mizuho began coverage on Tower Semiconductor in a research report on Friday, September 25th. They issued an "outperform" rating and a $300.00 target price on the stock. Weiss Ratings downgraded Tower Semiconductor from a "hold (c)" rating to a "hold (c-)" rating in a research note on Tuesday, August 18th. UBS Group restated a "buy" rating on shares of Tower Semiconductor in a research note on Wednesday, July 15th. Finally, National Bank Financial raised shares of Tower Semiconductor to a "buy" rating in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Tower Semiconductor has an average rating of "Moderate Buy" and an average target price of $316.00.

Insider Transactions at Tower Semiconductor

In other news, Director Yoav Chelouche sold 232 shares of Tower Semiconductor stock in a transaction dated 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 directly owned 33,734 shares of the company's stock, valued at $7,254,834.04. The trade was a 0.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Russell Ellwanger sold 104,226 shares of Tower Semiconductor stock in a transaction dated 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 transaction, the chief executive officer directly owned 526,788 shares in the company, valued at approximately $130,822,531.92. The trade was a 16.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 181,767 shares of company stock valued at $45,610,065. Company insiders own 1.00% of the company's stock.

Tower Semiconductor Stock Performance

Shares of Tower Semiconductor stock opened at $166.48 on Monday. Tower Semiconductor Ltd. has a 1-year low of $80.63 and a 1-year high of $319.94. The company's fifty day simple moving average is $212.65 and its 200-day simple moving average is $204.23. 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 stock has a market capitalization of $18.72 billion, a PE ratio of 65.80 and a beta of 0.95.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The semiconductor company reported $0.88 EPS for the quarter, topping the consensus estimate of $0.76 by $0.12. Tower Semiconductor had a return on equity of 9.83% and a net margin of 16.94%. The firm had revenue of $460.08 million during the quarter, compared to analyst estimates of $454.68 million. During the same period in the prior year, the business posted $0.41 EPS. Tower Semiconductor's revenue was up 23.7% on a year-over-year basis. As a group, equities analysts anticipate that Tower Semiconductor Ltd. will post 3.56 earnings per share for the current year.

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.

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