Lazard Asset Management LLC cut its stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 58.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 15,176 shares of the semiconductor company's stock after selling 21,644 shares during the period. Lazard Asset Management LLC's holdings in Tower Semiconductor were worth $781,000 as of its most recent SEC filing.
Several other large investors have also modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Tower Semiconductor by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 3,993,287 shares of the semiconductor company's stock worth $205,954,000 after buying an additional 42,969 shares in the last quarter. Invesco Ltd. grew its holdings 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 acquiring an additional 1,260,683 shares during the period. Menora Mivtachim Holdings LTD. raised its position in Tower Semiconductor by 16.4% in the fourth quarter. Menora Mivtachim Holdings LTD. now owns 1,345,507 shares of the semiconductor company's stock worth $69,307,000 after acquiring an additional 189,738 shares in the last quarter. William Blair Investment Management LLC lifted its holdings in Tower Semiconductor by 2.5% in the fourth quarter. William Blair Investment Management LLC now owns 1,037,788 shares of the semiconductor company's stock valued at $53,456,000 after acquiring an additional 25,247 shares during the period. Finally, Y.D. More Investments Ltd boosted its position in shares of Tower Semiconductor by 27.5% during the 4th quarter. Y.D. More Investments Ltd now owns 866,539 shares of the semiconductor company's stock worth $44,883,000 after purchasing an additional 187,103 shares in the last quarter. Hedge funds and other institutional investors own 70.51% of the company's stock.
Analyst Ratings Changes
Several equities research analysts have recently commented on TSEM shares. Benchmark reissued a "buy" rating and set a $60.00 price target on shares of Tower Semiconductor in a research note on Thursday, May 15th. Wedbush reiterated an "outperform" rating and set a $60.00 target price on shares of Tower Semiconductor in a research 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $60.00.
Read Our Latest Report on TSEM
Tower Semiconductor Price Performance
Shares of NASDAQ TSEM traded down $0.13 on Monday, hitting $40.63. The company's stock had a trading volume of 273,861 shares, compared to its average volume of 571,939. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.18 and a quick ratio of 5.23. The stock has a 50 day moving average of $36.78 and a 200-day moving average of $43.84. Tower Semiconductor Ltd. has a 12-month low of $28.64 and a 12-month high of $55.31. The company has a market capitalization of $4.50 billion, a price-to-earnings ratio of 21.84 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 analysts' consensus estimates of $0.36 by ($0.01). The company had revenue of $358.17 million for the quarter, compared to analysts' expectations of $358.09 million. Tower Semiconductor had a return on equity of 8.11% and a net margin of 14.47%. The company'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 business posted $0.40 EPS. As a group, research analysts predict that Tower Semiconductor Ltd. will post 1.67 EPS for the current year.
About Tower Semiconductor
(
Free Report)
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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