Empowered Funds LLC acquired a new stake in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 4,297 shares of the semiconductor company's stock, valued at approximately $754,000.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of TSEM. Amundi increased its holdings in Tower Semiconductor by 86.8% during the 1st quarter. Amundi now owns 21,617 shares of the semiconductor company's stock worth $771,000 after purchasing an additional 10,042 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Tower Semiconductor by 4.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 99,633 shares of the semiconductor company's stock valued at $3,553,000 after buying an additional 3,954 shares during the period. Geode Capital Management LLC grew its position in shares of Tower Semiconductor by 0.7% during the second quarter. Geode Capital Management LLC now owns 95,384 shares of the semiconductor company's stock worth $4,135,000 after buying an additional 662 shares in the last quarter. Hsbc Holdings PLC acquired a new position in shares of Tower Semiconductor during the second quarter worth about $438,000. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of Tower Semiconductor during the second quarter worth approximately $5,809,000. 70.51% of the stock is currently owned by hedge funds and other institutional investors.
Tower Semiconductor Price Performance
Shares of NASDAQ:TSEM opened at $263.73 on Tuesday. Tower Semiconductor Ltd. has a 12 month low of $46.78 and a 12 month high of $319.94. The firm has a market capitalization of $29.66 billion, a P/E ratio of 104.24 and a beta of 0.90. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.91 and a quick ratio of 4.31. The company's fifty day moving average price is $245.04 and its 200 day moving average price is $206.73.
Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.12. Tower Semiconductor had a net margin of 16.94% and a return on equity of 9.83%. The company had revenue of $460.08 million during the quarter, compared to the consensus estimate of $454.68 million. During the same quarter in the prior year, the firm posted $0.41 earnings per share. Tower Semiconductor's revenue for the quarter was up 23.7% on a year-over-year basis. As a group, sell-side analysts predict that Tower Semiconductor Ltd. will post 3.57 earnings per share for the current fiscal year.
Insider Activity
In related news, CEO Russell Craig Ellwanger sold 104,226 shares of the company's stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $248.34, for a total value of $25,883,484.84. Following the completion of the sale, the chief executive officer directly owned 526,788 shares of the company's stock, valued at $130,822,531.92. This represents a 16.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
Several research firms have commented on TSEM. National Bank Financial upgraded shares of Tower Semiconductor to a "buy" rating in a report on Friday, August 7th. Benchmark restated a "buy" rating on shares of Tower Semiconductor in a report on Wednesday, August 5th. 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 report on Thursday, May 14th. Wedbush boosted their target price on shares of Tower Semiconductor from $140.00 to $300.00 and gave the stock a "neutral" rating in a research note on Thursday, May 14th. Finally, Bank of America initiated coverage on Tower Semiconductor in a research note on Friday, August 7th. They set a "buy" rating and a $367.00 target price for the company. Five investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $294.80.
View Our Latest Research Report on Tower Semiconductor
Tower Semiconductor Company Profile
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Free Report)
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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