Lazard Asset Management LLC Trims Stock Position in Tower Semiconductor Ltd. (NASDAQ:TSEM)

Lazard Asset Management LLC cut its stake in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 58.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,176 shares of the semiconductor company's stock after selling 21,644 shares during the quarter. Lazard Asset Management LLC's holdings in Tower Semiconductor were worth $781,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of TSEM. Dakota Wealth Management bought a new position in Tower Semiconductor in the fourth quarter worth $920,000. DGS Capital Management LLC lifted its holdings in shares of Tower Semiconductor by 30.0% during the fourth quarter. DGS Capital Management LLC now owns 19,297 shares of the semiconductor company's stock valued at $994,000 after purchasing an additional 4,453 shares in the last quarter. Fifth Third Bancorp lifted its stake in Tower Semiconductor by 26.9% during the 4th quarter. Fifth Third Bancorp now owns 8,376 shares of the semiconductor company's stock valued at $431,000 after acquiring an additional 1,773 shares during the period. Blue Trust Inc. boosted its holdings in Tower Semiconductor by 45.7% in the fourth quarter. Blue Trust Inc. now owns 2,633 shares of the semiconductor company's stock worth $136,000 after purchasing an additional 826 shares during the last quarter. Finally, Hunter Perkins Capital Management LLC boosted its stake in shares of Tower Semiconductor by 3.9% in the 4th quarter. Hunter Perkins Capital Management LLC now owns 21,655 shares of the semiconductor company's stock worth $1,115,000 after buying an additional 820 shares during the last quarter. 70.51% of the stock is owned by hedge funds and other institutional investors.

Tower Semiconductor Price Performance

NASDAQ TSEM opened at $41.19 on Wednesday. The business's fifty day moving average is $36.62 and its 200 day moving average is $43.90. Tower Semiconductor Ltd. has a fifty-two week low of $28.64 and a fifty-two week high of $55.31. The company has a debt-to-equity ratio of 0.05, a quick ratio of 5.23 and a current ratio of 6.18. The company has a market capitalization of $4.56 billion, a PE ratio of 22.15 and a beta of 0.75.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last posted its quarterly earnings data 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 return on equity of 8.11% and a net margin of 14.47%. The company had revenue of $358.17 million during the quarter, compared to the consensus estimate of $358.09 million. During the same period last year, the business earned $0.40 EPS. The firm's quarterly revenue was up 9.4% compared to the same quarter last year. Sell-side analysts predict that Tower Semiconductor Ltd. will post 1.67 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have issued reports on TSEM. Benchmark restated a "buy" rating and set a $60.00 price target on shares of Tower Semiconductor in a research note on Thursday, May 15th. Wedbush reissued an "outperform" rating and issued a $60.00 price objective on shares of Tower Semiconductor in a report on Tuesday, February 11th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $60.00.

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.

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