Barrow Hanley Mewhinney & Strauss LLC Sells 544,082 Shares of Tower Semiconductor Ltd. $TSEM

Key Points

• Barrow Hanley sold 544,082 shares, cutting its stake in Tower Semiconductor by 28.9% to 1,338,242 shares (about 1.21% of the company) valued at roughly $96.8 million.
• Tower beat quarterly estimates with $0.78 EPS vs. $0.67 expected and $440.2M revenue (up 13.7% YoY); analysts have raised targets but the consensus rating is Hold with an average target of $156.75.
• Institutional investors own about 70.51% of the stock; the company has a $13.14B market cap and a P/E of ~60.6, with a one-year trading range of $28.64–$149.57 (recent open $116.88).

Barrow Hanley Mewhinney & Strauss LLC lowered its stake in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 28.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,338,242 shares of the semiconductor company's stock after selling 544,082 shares during the quarter. Barrow Hanley Mewhinney & Strauss LLC owned about 1.21% of Tower Semiconductor worth $96,755,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in TSEM. Westside Investment Management Inc. lifted its position in shares of Tower Semiconductor by 100.0% in the third quarter. Westside Investment Management Inc. now owns 452 shares of the semiconductor company's stock worth $34,000 after buying an additional 226 shares in the last quarter. Covestor Ltd bought a new stake in Tower Semiconductor in the 3rd quarter worth approximately $52,000. GF Fund Management CO. LTD. purchased a new stake in shares of Tower Semiconductor during the 3rd quarter worth approximately $83,000. E Fund Management Hong Kong Co. Ltd. purchased a new stake in shares of Tower Semiconductor during the 3rd quarter worth approximately $92,000. Finally, Quadrant Capital Group LLC purchased a new position in shares of Tower Semiconductor in the third quarter valued at $125,000. Institutional investors own 70.51% of the company's stock.

Wall Street Analysts Forecast Growth

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

Tower Semiconductor Price Performance

Shares of TSEM stock opened at $116.88 on Wednesday. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.48 and a quick ratio of 5.51. The company has a market capitalization of $13.14 billion, a P/E ratio of 60.56 and a beta of 0.91. The company's 50-day simple moving average is $127.23 and its two-hundred day simple moving average is $101.33. Tower Semiconductor Ltd. has a one year low of $28.64 and a one year high of $149.57.

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

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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