Bank of America Corp DE Sells 240,684 Shares of Tower Semiconductor Ltd. $TSEM

Key Points

• Bank of America cut its Tower Semiconductor stake by 26%, selling 240,684 shares during the first quarter and retaining 684,343 shares worth about $120.1 million. Institutional investors collectively own 70.51% of TSEM.
• Tower Semiconductor reported stronger-than-expected quarterly results, with EPS of $0.88 versus the $0.76 consensus and revenue of $460.08 million, up 23.7% year over year.
• Analyst sentiment remains favorable, with three Buy and three Hold ratings producing a “Moderate Buy” consensus and an average price target of $276.75.

Bank of America Corp DE lessened its holdings in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 26.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 684,343 shares of the semiconductor company's stock after selling 240,684 shares during the period. Bank of America Corp DE owned 0.61% of Tower Semiconductor worth $120,089,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its stake in shares of Tower Semiconductor by 3,222.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,682,152 shares of the semiconductor company's stock valued at $549,779,000 after purchasing an additional 4,541,235 shares during the period. Capital International Investors bought a new stake in Tower Semiconductor during the 4th quarter worth approximately $222,530,000. Goldman Sachs Group Inc. raised its position in Tower Semiconductor by 214.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,206,467 shares of the semiconductor company's stock valued at $259,083,000 after buying an additional 1,505,421 shares during the last quarter. Turiya Advisors Asia Ltd bought a new position in shares of Tower Semiconductor during the fourth quarter valued at about $172,848,000. Finally, Janus Henderson Group PLC boosted its stake in shares of Tower Semiconductor by 293.8% in the 4th quarter. Janus Henderson Group PLC now owns 1,074,717 shares of the semiconductor company's stock worth $126,193,000 after buying an additional 801,820 shares during the last quarter. Institutional investors own 70.51% of the company's stock.

Tower Semiconductor Stock Up 6.4%

TSEM stock opened at $224.70 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.92 and a current ratio of 4.91. The company has a market capitalization of $25.27 billion, a price-to-earnings ratio of 88.81 and a beta of 0.90. The business's 50 day moving average price is $244.88 and its two-hundred day moving average price is $200.48. Tower Semiconductor Ltd. has a fifty-two week low of $45.51 and a fifty-two week high of $319.94.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last released its earnings results on Tuesday, August 4th. The semiconductor company reported $0.88 earnings per share for the quarter, topping analysts' consensus estimates of $0.76 by $0.12. The firm had revenue of $460.08 million for the quarter, compared to the consensus estimate of $454.68 million. Tower Semiconductor had a net margin of 16.94% and a return on equity of 9.83%. The company's revenue was up 23.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.41 EPS. As a group, analysts forecast that Tower Semiconductor Ltd. will post 3.04 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have issued reports on TSEM shares. Susquehanna raised their target price on Tower Semiconductor from $180.00 to $330.00 and gave the stock a "positive" rating in a research report on Thursday, May 14th. UBS Group restated a "buy" rating on shares of Tower Semiconductor in a research report on Wednesday, July 15th. Benchmark reiterated a "buy" rating on shares of Tower Semiconductor in a research report on Wednesday. Finally, Wedbush lifted their target price on shares of Tower Semiconductor from $140.00 to $300.00 and gave the stock a "neutral" rating in a research report on Thursday, May 14th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Tower Semiconductor presently has a consensus rating of "Moderate Buy" and a consensus target price of $276.75.

About Tower Semiconductor

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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