King Luther Capital Management Corp Boosts Stake in Tower Semiconductor Ltd. (NASDAQ:TSEM)

Key Points

• King Luther Capital Management Corp increased its holdings in Tower Semiconductor by 4.0%, owning 242,564 shares valued at approximately $8.65 million according to its recent SEC filing.
• Several analysts have set new price targets for Tower Semiconductor, with Susquehanna and Benchmark both establishing targets of $66.00, while the stock carries an average rating of "Moderate Buy".
• Despite a 6.0% increase in revenue year-over-year, Tower Semiconductor reported an earnings per share (EPS) of $0.41, which missed estimates by $0.06 in its latest quarterly results.

King Luther Capital Management Corp grew its holdings in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 4.0% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 242,564 shares of the semiconductor company's stock after acquiring an additional 9,346 shares during the quarter. King Luther Capital Management Corp owned about 0.22% of Tower Semiconductor worth $8,650,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in TSEM. Alliancebernstein L.P. increased its position in Tower Semiconductor by 9.7% during the fourth quarter. Alliancebernstein L.P. now owns 19,482 shares of the semiconductor company's stock worth $1,004,000 after buying an additional 1,729 shares during the period. Geode Capital Management LLC increased its position in Tower Semiconductor by 0.9% during 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 period. Wells Fargo & Company MN increased its position in Tower Semiconductor by 42.8% during the fourth quarter. Wells Fargo & Company MN now owns 8,079 shares of the semiconductor company's stock worth $416,000 after buying an additional 2,423 shares during the period. Envestnet Asset Management Inc. increased its position in Tower Semiconductor by 13.6% during the fourth quarter. Envestnet Asset Management Inc. now owns 64,577 shares of the semiconductor company's stock worth $3,327,000 after buying an additional 7,717 shares during the period. Finally, Invesco Ltd. increased its position in Tower Semiconductor by 251.9% during the fourth quarter. Invesco Ltd. now owns 1,761,235 shares of the semiconductor company's stock worth $90,721,000 after buying an additional 1,260,683 shares during the period. Hedge funds and other institutional investors own 70.51% of the company's stock.

Tower Semiconductor Stock Performance

Shares of NASDAQ:TSEM traded up $0.84 during trading on Wednesday, reaching $46.94. The company had a trading volume of 870,059 shares, compared to its average volume of 937,248. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.57 and a quick ratio of 5.50. Tower Semiconductor Ltd. has a fifty-two week low of $28.64 and a fifty-two week high of $55.31. The firm has a market capitalization of $5.20 billion, a price-to-earnings ratio of 26.98 and a beta of 0.77. The stock's fifty day moving average price is $44.74 and its 200 day moving average price is $41.63.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The semiconductor company reported $0.41 earnings per share for the quarter, missing analysts' consensus estimates of $0.47 by ($0.06). Tower Semiconductor had a net margin of 13.20% and a return on equity of 7.37%. The business had revenue of $372.06 million during the quarter, compared to analysts' expectations of $371.63 million. During the same quarter last year, the firm earned $0.53 earnings per share. The firm's quarterly revenue was up 6.0% compared to the same quarter last year. As a group, equities research analysts predict that Tower Semiconductor Ltd. will post 1.67 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Wedbush set a $65.00 price target on Tower Semiconductor and gave the stock an "outperform" rating in a research report on Tuesday, August 5th. Susquehanna set a $66.00 target price on Tower Semiconductor and gave the company a "positive" rating in a report on Tuesday, August 5th. Finally, Benchmark reissued a "buy" rating and issued a $66.00 target price (up previously from $60.00) on shares of Tower Semiconductor in a report on Monday, August 4th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Tower Semiconductor has a consensus rating of "Moderate Buy" and an average price target of $64.25.

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.