Tower Semiconductor Ltd. (NASDAQ:TSEM) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. reduced its stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 11.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 57,089 shares of the semiconductor company's stock after selling 7,488 shares during the period. Envestnet Asset Management Inc. owned approximately 0.05% of Tower Semiconductor worth $2,036,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. bought a new position in Tower Semiconductor in the first quarter worth approximately $551,000. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Tower Semiconductor by 8.4% during 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 period. Squarepoint Ops LLC purchased a new stake in Tower Semiconductor in the 4th quarter valued at about $247,000. Fifth Third Bancorp lifted its position in shares of Tower Semiconductor by 18.0% in the 1st quarter. Fifth Third Bancorp now owns 9,885 shares of the semiconductor company's stock worth $352,000 after purchasing an additional 1,509 shares during the period. Finally, Cetera Investment Advisers purchased a new stake in shares of Tower Semiconductor in the 4th quarter worth approximately $249,000. 70.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Tower Semiconductor Price Performance

Shares of NASDAQ:TSEM traded down $1.08 during midday trading on Friday, hitting $44.67. The company's stock had a trading volume of 876,513 shares, compared to its average volume of 704,404. The company has a debt-to-equity ratio of 0.05, a quick ratio of 5.82 and a current ratio of 6.93. The business's 50 day simple moving average is $43.47 and its 200 day simple moving average is $41.94. Tower Semiconductor Ltd. has a 12-month low of $28.64 and a 12-month high of $55.31. The company has a market cap of $4.95 billion, a P/E ratio of 24.68 and a beta of 0.79.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last announced its quarterly earnings results on Wednesday, May 14th. The semiconductor company reported $0.35 earnings per share for the quarter, missing analysts' consensus estimates of $0.36 by ($0.01). The company had revenue of $358.17 million for 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%. Tower Semiconductor's revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.40 earnings per share. On average, analysts forecast that Tower Semiconductor Ltd. will post 1.67 EPS for the current year.

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.