Fifth Third Bancorp Decreases Holdings in Tower Semiconductor Ltd. $TSEM

Key Points

• Fifth Third Bancorp cut its stake in Tower Semiconductor by 64.8% in Q4, selling 5,191 shares and leaving it with 2,823 shares valued at about $331,000.
• Other institutions were active: Pictet Asset Management boosted its holding by 75.5% to 27,149 shares (~$3.18M), several firms (Oppenheimer, Canandaigua, Kestra, Quent) opened new positions, and institutional investors now own 70.51% of the stock.
• Analysts show mixed views with a consensus rating of Hold and a consensus price target of $173 (Benchmark raised its target to $230), while Tower reported a Q4 EPS beat of $0.78 vs. $0.67 est. and revenue of $440.2M, leaving the stock trading near a market cap of $23.6B and a 52‑week high of $232.67.

Fifth Third Bancorp decreased its position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 64.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,823 shares of the semiconductor company's stock after selling 5,191 shares during the period. Fifth Third Bancorp's holdings in Tower Semiconductor were worth $331,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Oppenheimer Asset Management Inc. acquired a new position in Tower Semiconductor during the 4th quarter valued at approximately $520,000. Canandaigua National Bank & Trust Co. acquired a new position in Tower Semiconductor during the 4th quarter valued at approximately $259,000. Kestra Private Wealth Services LLC acquired a new position in Tower Semiconductor during the 4th quarter valued at approximately $244,000. Pictet Asset Management Holding SA increased its stake in Tower Semiconductor by 75.5% during the 4th quarter. Pictet Asset Management Holding SA now owns 27,149 shares of the semiconductor company's stock valued at $3,177,000 after purchasing an additional 11,682 shares in the last quarter. Finally, Quent Capital LLC acquired a new position in Tower Semiconductor during the 4th quarter valued at approximately $1,292,000. Hedge funds and other institutional investors own 70.51% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Susquehanna restated a "positive" rating and set a $180.00 price target on shares of Tower Semiconductor in a research note on Thursday, February 12th. Benchmark upped their price target on shares of Tower Semiconductor from $165.00 to $230.00 and gave the company a "buy" rating in a research note on Thursday, March 26th. Barclays upped their price target on shares of Tower Semiconductor from $114.00 to $142.00 and gave the company an "equal weight" rating in a research note on Friday, February 13th. Finally, Wedbush upped their price target on shares of Tower Semiconductor from $125.00 to $140.00 and gave the company a "neutral" rating in a research note on Thursday, February 12th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $173.00.

Tower Semiconductor Stock Down 3.2%

NASDAQ:TSEM opened at $210.00 on Friday. The firm has a market capitalization of $23.61 billion, a P/E ratio of 108.81 and a beta of 0.85. Tower Semiconductor Ltd. has a 1-year low of $36.42 and a 1-year high of $232.67. The company's fifty day moving average price is $174.64 and its 200-day moving average price is $135.08. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.48 and a quick ratio of 5.51.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last released its quarterly earnings data on Wednesday, February 11th. The semiconductor company reported $0.78 earnings per share for the quarter, topping analysts' consensus estimates of $0.67 by $0.11. The firm had revenue of $440.21 million for the quarter, compared to analyst estimates of $439.81 million. Tower Semiconductor had a net margin of 14.08% and a return on equity of 7.86%. The business's quarterly revenue was up 13.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.49 earnings per share. As a group, equities research analysts anticipate that Tower Semiconductor Ltd. will post 2.64 EPS for the current year.

Tower Semiconductor Company Profile

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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