Bank of New York Mellon Corp Purchases 153,498 Shares of Tower Semiconductor Ltd. $TSEM

Key Points

• Bank of New York Mellon increased its Tower Semiconductor stake by 1,925.5% in the first quarter, purchasing 153,498 additional shares for a total of 161,470 shares worth approximately $28.3 million.
• Institutional investors and hedge funds own 70.51% of Tower Semiconductor, with several other firms also raising their positions recently.
• Analysts maintain a cautiously positive outlook: Tower has a consensus “Moderate Buy” rating and an average price target of $276.75, while individual targets range as high as $330.

Bank of New York Mellon Corp boosted its position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 1,925.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 161,470 shares of the semiconductor company's stock after purchasing an additional 153,498 shares during the quarter. Bank of New York Mellon Corp owned about 0.14% of Tower Semiconductor worth $28,335,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Covestor Ltd lifted its stake in shares of Tower Semiconductor by 10.8% in the 4th quarter. Covestor Ltd now owns 793 shares of the semiconductor company's stock valued at $93,000 after purchasing an additional 77 shares during the period. Mackenzie Financial Corp grew its position in shares of Tower Semiconductor by 2.6% during the 3rd quarter. Mackenzie Financial Corp now owns 5,053 shares of the semiconductor company's stock worth $359,000 after buying an additional 127 shares during the period. Evergreen Capital Management LLC grew its position in shares of Tower Semiconductor by 2.6% during the 4th quarter. Evergreen Capital Management LLC now owns 5,118 shares of the semiconductor company's stock worth $601,000 after buying an additional 131 shares during the period. Mariner LLC increased its stake in shares of Tower Semiconductor by 2.4% in the 3rd quarter. Mariner LLC now owns 8,815 shares of the semiconductor company's stock valued at $637,000 after acquiring an additional 207 shares during the last quarter. Finally, Wells Fargo & Company MN increased its stake in shares of Tower Semiconductor by 2.9% in the 4th quarter. Wells Fargo & Company MN now owns 7,848 shares of the semiconductor company's stock valued at $922,000 after acquiring an additional 218 shares during the last quarter. 70.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Susquehanna lifted their price objective on shares of Tower Semiconductor from $180.00 to $330.00 and gave the stock a "positive" rating in a research note on Thursday, May 14th. Benchmark reaffirmed a "buy" rating on shares of Tower Semiconductor in a research note on Wednesday, July 15th. Wedbush increased their target price on shares of Tower Semiconductor from $140.00 to $300.00 and gave the stock a "neutral" rating in a report on Thursday, May 14th. Finally, UBS Group reissued a "buy" rating on shares of Tower Semiconductor in a report on Wednesday, July 15th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $276.75.

Tower Semiconductor Stock Performance

Shares of TSEM stock opened at $224.21 on Tuesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.92 and a current ratio of 5.63. Tower Semiconductor Ltd. has a 52 week low of $43.12 and a 52 week high of $319.94. The company's 50 day moving average price is $254.32 and its two-hundred day moving average price is $195.21. The company has a market capitalization of $25.21 billion, a P/E ratio of 104.28 and a beta of 0.87.

Tower Semiconductor Company 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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