Harel Insurance Investments & Financial Services Ltd. Sells 1,226,567 Shares of Tower Semiconductor Ltd. (NASDAQ:TSEM)

Harel Insurance Investments & Financial Services Ltd. lowered its position in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 34.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,318,330 shares of the semiconductor company's stock after selling 1,226,567 shares during the period. Tower Semiconductor accounts for 1.1% of Harel Insurance Investments & Financial Services Ltd.'s portfolio, making the stock its 26th largest holding. Harel Insurance Investments & Financial Services Ltd. owned 2.09% of Tower Semiconductor worth $82,672,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Nebula Research & Development LLC increased its holdings in Tower Semiconductor by 4.2% in the fourth quarter. Nebula Research & Development LLC now owns 9,636 shares of the semiconductor company's stock worth $496,000 after buying an additional 388 shares during the last quarter. Mariner LLC increased its holdings in Tower Semiconductor by 6.7% in the fourth quarter. Mariner LLC now owns 8,485 shares of the semiconductor company's stock worth $437,000 after buying an additional 533 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Tower Semiconductor by 5.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 13,577 shares of the semiconductor company's stock worth $703,000 after buying an additional 643 shares during the last quarter. Geode Capital Management LLC increased its holdings in Tower Semiconductor by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 94,666 shares of the semiconductor company's stock worth $4,876,000 after buying an additional 819 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Tower Semiconductor by 5.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,593 shares of the semiconductor company's stock worth $1,421,000 after buying an additional 1,306 shares during the last quarter. Institutional investors and hedge funds own 70.51% of the company's stock.

Analyst Ratings Changes

Separately, Benchmark restated a "buy" rating and issued a $60.00 price objective on shares of Tower Semiconductor in a report on Thursday, May 15th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $60.00.

Tower Semiconductor Stock Performance

TSEM stock traded up $3.38 during midday trading on Friday, hitting $47.05. 987,112 shares of the company traded hands, compared to its average volume of 596,314. Tower Semiconductor Ltd. has a twelve month low of $28.64 and a twelve month high of $55.31. The company has a quick ratio of 5.82, a current ratio of 6.93 and a debt-to-equity ratio of 0.05. The business has a 50 day simple moving average of $40.42 and a 200-day simple moving average of $42.58. The stock has a market capitalization of $5.21 billion, a price-to-earnings ratio of 25.99 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 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.01). Tower Semiconductor had a net margin of 13.86% and a return on equity of 7.73%. The company had revenue of $358.17 million for the quarter, compared to analyst estimates of $358.09 million. During the same quarter last year, the business earned $0.40 EPS. The company's revenue for the quarter was up 9.4% on a year-over-year basis. As a group, equities research analysts predict that Tower Semiconductor Ltd. will post 1.67 earnings per share for the current year.

Tower Semiconductor Company Profile

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.