Bank of New York Mellon Corp Sells 57,487 Shares of Tower Semiconductor Ltd. (NASDAQ:TSEM)

Bank of New York Mellon Corp lessened its holdings in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 57.2% in the first quarter, according to its most recent filing with the SEC. The firm owned 43,048 shares of the semiconductor company's stock after selling 57,487 shares during the quarter. Bank of New York Mellon Corp's holdings in Tower Semiconductor were worth $1,535,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of TSEM. Hunter Perkins Capital Management LLC raised its position in Tower Semiconductor by 12.1% during the first quarter. Hunter Perkins Capital Management LLC now owns 24,265 shares of the semiconductor company's stock valued at $865,000 after buying an additional 2,610 shares during the period. GHP Investment Advisors Inc. raised its position in Tower Semiconductor by 46.1% during the first quarter. GHP Investment Advisors Inc. now owns 18,016 shares of the semiconductor company's stock valued at $642,000 after buying an additional 5,688 shares during the period. Oppenheimer & Co. Inc. raised its position in Tower Semiconductor by 47.2% during the first quarter. Oppenheimer & Co. Inc. now owns 29,300 shares of the semiconductor company's stock valued at $1,045,000 after buying an additional 9,400 shares during the period. Cambridge Investment Research Advisors Inc. acquired a new position in Tower Semiconductor during the first quarter valued at $551,000. Finally, Wealth Enhancement Advisory Services LLC increased its position in Tower Semiconductor by 8.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 14,715 shares of the semiconductor company's stock worth $525,000 after purchasing an additional 1,138 shares during the last quarter. Institutional investors and hedge funds own 70.51% of the company's stock.

Tower Semiconductor Stock Performance

Shares of NASDAQ:TSEM traded down $1.08 during trading on Friday, reaching $44.67. 876,513 shares of the stock were exchanged, compared to its average volume of 704,404. The company has a current ratio of 6.93, a quick ratio of 5.82 and a debt-to-equity ratio of 0.05. The firm has a market cap of $4.95 billion, a PE ratio of 24.68 and a beta of 0.79. The stock has a 50-day moving average price of $43.47 and a 200-day moving average price of $41.94. Tower Semiconductor Ltd. has a 12 month low of $28.64 and a 12 month high of $55.31.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last issued its quarterly earnings results on Wednesday, May 14th. The semiconductor company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.01). The company had revenue of $358.17 million during the quarter, compared to analyst estimates of $358.09 million. Tower Semiconductor had a net margin of 13.86% and a return on equity of 7.73%. The company's quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.40 EPS. Research analysts expect that Tower Semiconductor Ltd. will post 1.67 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Benchmark reiterated a "buy" rating and set a $60.00 price target on shares of Tower Semiconductor in a research note on Thursday, May 15th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $60.00.

About Tower Semiconductor

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.