Migdal Insurance & Financial Holdings Ltd. Raises Holdings in Tower Semiconductor Ltd. $TSEM

Key Points

• Migdal Insurance & Financial Holdings Ltd. increased its stake in Tower Semiconductor by 0.8%, buying 25,000 shares to hold 3,002,806 shares worth approximately $352.6 million, making TSEM its 12th largest holding (~3.0% of the portfolio).
• Tower reported a quarterly earnings beat of $0.78 EPS vs. $0.67 expected and revenue of $440.21 million (up 13.7% YoY); the stock trades near $216.72 with a market cap of $24.37 billion and a high P/E of 112.29.
• Analyst sentiment is mixed — the consensus rating is Hold with a $173 average target, though several firms have raised price targets (notably Benchmark to $230) and some maintain positive views.

Migdal Insurance & Financial Holdings Ltd. grew its holdings in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 0.8% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 3,002,806 shares of the semiconductor company's stock after buying an additional 25,000 shares during the quarter. Tower Semiconductor makes up about 3.0% of Migdal Insurance & Financial Holdings Ltd.'s investment portfolio, making the stock its 12th largest holding. Migdal Insurance & Financial Holdings Ltd.'s holdings in Tower Semiconductor were worth $352,589,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Mackenzie Financial Corp lifted its holdings in Tower Semiconductor by 2.6% in the 3rd quarter. Mackenzie Financial Corp now owns 5,053 shares of the semiconductor company's stock worth $359,000 after buying an additional 127 shares during the period. Evergreen Capital Management LLC lifted its holdings in Tower Semiconductor by 2.6% in the 4th quarter. Evergreen Capital Management LLC now owns 5,118 shares of the semiconductor company's stock worth $601,000 after buying an additional 131 shares during the period. Mariner LLC lifted its holdings in Tower Semiconductor by 2.4% in the 3rd quarter. Mariner LLC now owns 8,815 shares of the semiconductor company's stock worth $637,000 after buying an additional 207 shares during the period. Westside Investment Management Inc. lifted its holdings in Tower Semiconductor by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 452 shares of the semiconductor company's stock worth $34,000 after buying an additional 226 shares during the period. Finally, USA Financial Formulas purchased a new stake in Tower Semiconductor in the 4th quarter worth approximately $27,000. Hedge funds and other institutional investors own 70.51% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on TSEM shares. Susquehanna reiterated a "positive" rating and issued a $180.00 price objective on shares of Tower Semiconductor in a report on Thursday, February 12th. Wedbush increased their price objective on Tower Semiconductor from $125.00 to $140.00 and gave the stock a "neutral" rating in a report on Thursday, February 12th. Weiss Ratings reiterated a "hold (c)" rating on shares of Tower Semiconductor in a report on Monday, December 29th. Barclays increased their target price on Tower Semiconductor from $114.00 to $142.00 and gave the stock an "equal weight" rating in a research report on Friday, February 13th. Finally, Benchmark increased their target price on Tower Semiconductor from $165.00 to $230.00 and gave the stock a "buy" rating in a research report on Thursday, March 26th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $173.00.

Tower Semiconductor Stock Down 3.5%

Shares of NASDAQ:TSEM opened at $216.72 on Wednesday. Tower Semiconductor Ltd. has a 52-week low of $34.73 and a 52-week high of $228.73. The firm has a market capitalization of $24.37 billion, a P/E ratio of 112.29 and a beta of 0.71. The stock has a 50 day moving average price of $158.89 and a 200-day moving average price of $125.63. The company has a debt-to-equity ratio of 0.05, a quick ratio of 5.51 and a current ratio of 6.48.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last announced its earnings results on Wednesday, February 11th. The semiconductor company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.11. Tower Semiconductor had a return on equity of 7.86% and a net margin of 14.08%.The firm had revenue of $440.21 million during the quarter, compared to analyst estimates of $439.81 million. During the same quarter in the prior year, the company earned $0.49 EPS. The business's revenue was up 13.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Tower Semiconductor Ltd. will post 2.64 EPS for the current fiscal year.

About Tower Semiconductor

Tower Semiconductor, traded on NASDAQ under the symbol TSEM, is a specialty foundry company that provides analog and mixed-signal semiconductor manufacturing services to a broad array of customers worldwide. The company focuses on delivering tailored process technologies for high-growth markets, including radio frequency (RF), power management, imaging, automotive electronics, and Internet of Things (IoT) applications. By combining deep process know-how with flexible manufacturing capabilities, Tower Semiconductor supports the development and volume production of advanced semiconductor devices for fabless and integrated device manufacturer customers.

The company's technology portfolio spans standard and specialty processes such as CMOS, BiCMOS, high-voltage, radio frequency, silicon photonics, micro-electromechanical systems (MEMS) and image sensor production.

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