Pier Capital LLC Purchases 16,116 Shares of Tower Semiconductor Ltd. $TSEM

Pier Capital LLC raised its stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 31.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 67,520 shares of the semiconductor company's stock after purchasing an additional 16,116 shares during the quarter. Tower Semiconductor makes up about 1.3% of Pier Capital LLC's holdings, making the stock its 27th biggest holding. Pier Capital LLC's holdings in Tower Semiconductor were worth $7,928,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. USA Financial Formulas purchased a new stake in shares of Tower Semiconductor in the 4th quarter worth about $27,000. CIBC Private Wealth Group LLC grew its position in shares of Tower Semiconductor by 254.2% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 418 shares of the semiconductor company's stock worth $30,000 after buying an additional 300 shares during the period. Westside Investment Management Inc. grew its position in Tower Semiconductor by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 452 shares of the semiconductor company's stock valued at $34,000 after purchasing an additional 226 shares during the last quarter. Advisory Services Network LLC purchased a new stake in Tower Semiconductor during the 3rd quarter valued at about $48,000. Finally, Covestor Ltd purchased a new stake in Tower Semiconductor during the 3rd quarter valued at about $52,000. 70.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Barclays upped their target price on shares of Tower Semiconductor from $114.00 to $142.00 and gave the company an "equal weight" rating in a research note on Friday, February 13th. Wedbush increased their price objective on shares of Tower Semiconductor from $125.00 to $140.00 and gave the stock a "neutral" rating in a research note on Thursday, February 12th. Susquehanna reiterated a "positive" rating and issued a $180.00 price objective on shares of Tower Semiconductor in a research note on Thursday, February 12th. Finally, Benchmark increased their price objective on shares of Tower Semiconductor from $165.00 to $230.00 and gave the stock a "buy" rating in a research note on Thursday, March 26th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $173.00.

Tower Semiconductor Trading Down 3.2%

Shares of TSEM opened at $210.00 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.48 and a quick ratio of 5.51. Tower Semiconductor Ltd. has a 1 year low of $36.42 and a 1 year high of $232.67. The company has a 50 day simple moving average of $174.64 and a two-hundred day simple moving average of $135.08. The firm has a market cap of $23.61 billion, a P/E ratio of 108.81 and a beta of 0.85.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last announced its quarterly earnings data on Wednesday, February 11th. The semiconductor company reported $0.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.67 by $0.11. Tower Semiconductor had a net margin of 14.08% and a return on equity of 7.86%. The business had revenue of $440.21 million during the quarter, compared to analyst estimates of $439.81 million. During the same period last year, the firm posted $0.49 EPS. The company's revenue was up 13.7% on a year-over-year basis. On average, equities analysts expect that Tower Semiconductor Ltd. will post 2.64 earnings per share for the current fiscal year.

Tower Semiconductor Profile

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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