931,334 Shares in Tower Semiconductor Ltd. (NASDAQ:TSEM) Acquired by Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management

Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management purchased a new stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund purchased 931,334 shares of the semiconductor company's stock, valued at approximately $33,211,000. Tower Semiconductor comprises 5.5% of Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management's investment portfolio, making the stock its 6th largest position. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management owned approximately 0.84% of Tower Semiconductor as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in TSEM. Raymond James Financial Inc. acquired a new position in Tower Semiconductor during the 4th quarter valued at about $1,347,000. Amundi lifted its position in shares of Tower Semiconductor by 86.3% during the 4th quarter. Amundi now owns 11,575 shares of the semiconductor company's stock worth $598,000 after buying an additional 5,361 shares in the last quarter. Harvest Fund Management Co. Ltd lifted its position in shares of Tower Semiconductor by 2,421.1% during the 4th quarter. Harvest Fund Management Co. Ltd now owns 9,303 shares of the semiconductor company's stock worth $479,000 after buying an additional 8,934 shares in the last quarter. American Century Companies Inc. bought a new position in shares of Tower Semiconductor during the 4th quarter worth approximately $20,015,000. Finally, Fox Run Management L.L.C. lifted its position in shares of Tower Semiconductor by 50.3% during the 4th quarter. Fox Run Management L.L.C. now owns 15,448 shares of the semiconductor company's stock worth $796,000 after buying an additional 5,167 shares in the last quarter. Institutional investors and hedge funds own 70.51% of the company's stock.

Tower Semiconductor Trading Up 2.8%

TSEM stock traded up $1.36 during trading on Monday, reaching $49.90. The company had a trading volume of 1,184,542 shares, compared to its average volume of 611,256. Tower Semiconductor Ltd. has a 52 week low of $28.64 and a 52 week high of $55.31. The company has a market cap of $5.53 billion, a P/E ratio of 26.97 and a beta of 0.79. The business has a 50 day moving average of $42.26 and a 200 day moving average of $42.05. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.93 and a quick ratio of 5.82.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last announced its quarterly earnings data on Wednesday, May 14th. The semiconductor company reported $0.35 earnings per share for the quarter, missing analysts' consensus estimates of $0.36 by ($0.01). The business had revenue of $358.17 million during the quarter, compared to analysts' expectations of $358.09 million. Tower Semiconductor had a return on equity of 7.73% and a net margin of 13.86%. Tower Semiconductor's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.40 EPS. As a group, sell-side analysts forecast that Tower Semiconductor Ltd. will post 1.67 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Benchmark reissued a "buy" rating and set a $60.00 target price on shares of Tower Semiconductor in a research report on Thursday, May 15th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $60.00.

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.