American Century Companies Inc. Sells 78,610 Shares of Tower Semiconductor Ltd. $TSEM

Key Points

• American Century Companies Inc. trimmed its stake in Tower Semiconductor by 14.3%, selling 78,610 shares in Q3 and now holds 470,090 shares (about 0.42% of the company) valued at roughly $33.99 million.
• Tower beat recent quarterly estimates, reporting EPS of $0.78 vs. $0.67 expected and revenue of $440.21 million (up 13.7% year-over-year); the stock has a $12.42 billion market cap and a P/E of 57.23.
• Analyst sentiment is mixed with an average rating of "Hold" and a consensus price target of $156.75, although several firms raised targets (e.g., Benchmark to $165 with a Buy and Susquehanna to $180 with a Positive rating).

American Century Companies Inc. trimmed its position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 14.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 470,090 shares of the semiconductor company's stock after selling 78,610 shares during the period. American Century Companies Inc. owned 0.42% of Tower Semiconductor worth $33,988,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TSEM. Argent Trust Co acquired a new position in shares of Tower Semiconductor during the 3rd quarter worth about $287,000. AlphaCore Capital LLC bought a new stake in shares of Tower Semiconductor in the 3rd quarter valued at about $226,000. Neumeier Poma Investment Counsel LLC lifted its stake in Tower Semiconductor by 9.3% in the 3rd quarter. Neumeier Poma Investment Counsel LLC now owns 781,368 shares of the semiconductor company's stock valued at $56,493,000 after purchasing an additional 66,333 shares during the last quarter. US Bancorp DE grew its holdings in Tower Semiconductor by 168.7% during the third quarter. US Bancorp DE now owns 6,578 shares of the semiconductor company's stock worth $476,000 after purchasing an additional 4,130 shares during the period. Finally, TD Asset Management Inc grew its holdings in Tower Semiconductor by 9.1% during the third quarter. TD Asset Management Inc now owns 22,910 shares of the semiconductor company's stock worth $1,633,000 after purchasing an additional 1,903 shares during the period. 70.51% of the stock is owned by institutional investors.

Tower Semiconductor Price Performance

NASDAQ:TSEM opened at $110.46 on Friday. Tower Semiconductor Ltd. has a 52 week low of $28.64 and a 52 week high of $149.57. The company has a debt-to-equity ratio of 0.05, a quick ratio of 5.51 and a current ratio of 6.48. The firm's 50-day simple moving average is $127.42 and its 200 day simple moving average is $100.08. The firm has a market cap of $12.42 billion, a price-to-earnings ratio of 57.23 and a beta of 0.91.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last posted its quarterly earnings data on Wednesday, February 11th. The semiconductor company reported $0.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.67 by $0.11. Tower Semiconductor had a net margin of 14.08% and a return on equity of 7.86%. The firm had revenue of $440.21 million during the quarter, compared to the consensus estimate of $439.81 million. During the same quarter in the previous year, the firm posted $0.49 EPS. The business's revenue for the quarter was up 13.7% compared to the same quarter last year. As a group, sell-side analysts predict that Tower Semiconductor Ltd. will post 1.67 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have issued reports on TSEM shares. Benchmark upped their price objective on Tower Semiconductor from $150.00 to $165.00 and gave the company a "buy" rating in a research note on Thursday, February 12th. Wedbush lifted their target price on Tower Semiconductor from $125.00 to $140.00 and gave the stock a "neutral" rating in a research note on Thursday, February 12th. Weiss Ratings reissued a "hold (c)" rating on shares of Tower Semiconductor in a report on Monday, December 29th. Barclays increased their price target on Tower Semiconductor from $114.00 to $142.00 and gave the company an "equal weight" rating in a research note on Friday, February 13th. Finally, Susquehanna reaffirmed a "positive" rating and set a $180.00 price target on shares of Tower Semiconductor in a report on Thursday, February 12th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $156.75.

Tower Semiconductor Profile

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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