Engineers Gate Manager LP Purchases 21,821 Shares of Tower Semiconductor Ltd. $TSEM

Key Points

• Engineers Gate Manager LP increased its Tower Semiconductor stake by 1,039.1% in the second quarter, purchasing 21,821 additional shares and bringing its holdings to 23,921 shares valued at approximately $6.24 million.
• Tower Semiconductor reported quarterly EPS of $0.88, beating estimates of $0.76, while revenue reached $460.08 million and rose 23.7% year over year.
• Analysts maintain a largely positive outlook, with a consensus “Moderate Buy” rating and an average price target of $290.67, although CEO Russell Ellwanger recently sold 104,226 shares.

Engineers Gate Manager LP boosted its holdings in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 1,039.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 23,921 shares of the semiconductor company's stock after buying an additional 21,821 shares during the period. Engineers Gate Manager LP's holdings in Tower Semiconductor were worth $6,235,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. CIBC Private Wealth Group LLC increased its stake in shares of Tower Semiconductor by 254.2% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 418 shares of the semiconductor company's stock valued at $30,000 after acquiring an additional 300 shares during the last quarter. Advisory Services Network LLC acquired a new position in Tower Semiconductor during the third quarter valued at approximately $48,000. Kestra Advisory Services LLC bought a new stake in Tower Semiconductor in the fourth quarter valued at approximately $52,000. Hanson & Doremus Investment Management bought a new stake in Tower Semiconductor in the first quarter valued at approximately $53,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in Tower Semiconductor in the fourth quarter worth $76,000. Institutional investors own 70.51% of the company's stock.

Tower Semiconductor Stock Up 1.7%

Tower Semiconductor stock opened at $211.52 on Friday. The stock has a market capitalization of $23.79 billion, a PE ratio of 83.61 and a beta of 0.88. Tower Semiconductor Ltd. has a twelve month low of $64.81 and a twelve month high of $319.94. The company has a quick ratio of 4.31, a current ratio of 4.91 and a debt-to-equity ratio of 0.04. The company has a 50 day moving average of $227.66 and a 200-day moving average of $217.26.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The semiconductor company reported $0.88 EPS for the quarter, topping analysts' consensus estimates of $0.76 by $0.12. The business had revenue of $460.08 million for the quarter, compared to analyst estimates of $454.68 million. Tower Semiconductor had a net margin of 16.94% and a return on equity of 9.83%. The firm's quarterly revenue was up 23.7% on a year-over-year basis. During the same period last year, the business posted $0.41 earnings per share. On average, equities research analysts anticipate that Tower Semiconductor Ltd. will post 3.58 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. UBS Group reissued a "buy" rating on shares of Tower Semiconductor in a research report on Wednesday, July 15th. National Bank Financial raised Tower Semiconductor to a "buy" rating in a research note on Friday, August 7th. Benchmark reiterated a "buy" rating on shares of Tower Semiconductor in a report on Wednesday, August 5th. Stifel Nicolaus started coverage on Tower Semiconductor in a report on Tuesday, September 1st. They issued a "buy" rating and a $270.00 price target for the company. Finally, Weiss Ratings lowered Tower Semiconductor from a "hold (c)" rating to a "hold (c-)" rating in a research report on Tuesday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $290.67.

Insider Transactions at Tower Semiconductor

In other Tower Semiconductor news, CEO Russell Ellwanger sold 104,226 shares of the stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $248.34, for a total transaction of $25,883,484.84. Following the completion of the transaction, the chief executive officer owned 526,788 shares in the company, valued at approximately $130,822,531.92. This represents a 16.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.00% of the company's stock.

Tower Semiconductor Profile

Tower Semiconductor Ltd. NASDAQ: TSEM is a specialty semiconductor foundry that manufactures integrated circuits for fabless chip companies, integrated device manufacturers and original equipment manufacturers. The company focuses on analog and mixed-signal technologies rather than high-volume digital logic, providing process development, wafer manufacturing, design enablement and other foundry services.

Its technology portfolio includes radio-frequency and high-performance analog circuits, power management, CMOS image sensors, medical and industrial sensors, silicon photonics, microelectromechanical systems (MEMS), and automotive and industrial semiconductor solutions.

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