Tower Semiconductor Ltd. (NASDAQ:TSEM) Shares Sold by Harel Insurance Investments & Financial Services Ltd.

Harel Insurance Investments & Financial Services Ltd. trimmed its holdings in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 34.6% in the first quarter, according to its most recent disclosure 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 approximately 1.1% of Harel Insurance Investments & Financial Services Ltd.'s portfolio, making the stock its 26th largest position. Harel Insurance Investments & Financial Services Ltd. owned about 2.09% of Tower Semiconductor worth $82,672,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in TSEM. Wealth Enhancement Advisory Services LLC raised its holdings in Tower Semiconductor by 8.4% during the first 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 in the last quarter. Squarepoint Ops LLC purchased a new position in Tower Semiconductor in the fourth quarter valued at about $247,000. Cetera Investment Advisers purchased a new position in Tower Semiconductor in the fourth quarter valued at about $249,000. Fifth Third Bancorp increased its holdings in Tower Semiconductor by 18.0% in the first quarter. Fifth Third Bancorp now owns 9,885 shares of the semiconductor company's stock valued at $352,000 after buying an additional 1,509 shares in the last quarter. Finally, 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 valued at $4,876,000 after buying an additional 819 shares in the last quarter. 70.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Benchmark reaffirmed a "buy" rating and issued a $60.00 target price 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 assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $60.00.

Tower Semiconductor Price Performance

Tower Semiconductor stock traded down $1.28 during mid-day trading on Monday, reaching $45.12. The company had a trading volume of 817,189 shares, compared to its average volume of 597,991. Tower Semiconductor Ltd. has a 1 year low of $28.64 and a 1 year high of $55.31. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.93 and a quick ratio of 5.82. The company has a market capitalization of $5.00 billion, a P/E ratio of 24.93 and a beta of 0.79. The stock's 50-day simple moving average is $40.42 and its 200-day simple moving average is $42.47.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last released 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). The business had revenue of $358.17 million during 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%. The firm's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.40 earnings per share. On average, equities analysts predict that Tower Semiconductor Ltd. will post 1.67 EPS for the current year.

Tower Semiconductor 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.