Public Employees Retirement System of Ohio Sells 56,303 Shares of Tower Semiconductor Ltd. $TSEM

Key Points

• Public Employees Retirement System of Ohio cut its Tower Semiconductor stake by 90.6% in the first quarter, selling 56,303 shares and retaining 5,861 shares valued at approximately $999,000.
• Institutional investors own 70.51% of Tower Semiconductor, while several funds modestly increased their positions during recent quarters.
• Analysts maintain a generally positive outlook, with an average rating of “Moderate Buy” and an average price target of $276.75; shares opened at $234.32 after recently trading between $45.51 and $319.94.

Public Employees Retirement System of Ohio lessened its holdings in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 90.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,861 shares of the semiconductor company's stock after selling 56,303 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Tower Semiconductor were worth $999,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Covestor Ltd grew its stake in Tower Semiconductor by 10.8% in the fourth quarter. Covestor Ltd now owns 793 shares of the semiconductor company's stock valued at $93,000 after acquiring an additional 77 shares during the period. Mackenzie Financial Corp raised its position in shares of Tower Semiconductor by 2.6% during the third quarter. Mackenzie Financial Corp now owns 5,053 shares of the semiconductor company's stock worth $359,000 after purchasing an additional 127 shares during the period. Evergreen Capital Management LLC lifted its holdings in shares of Tower Semiconductor by 2.6% during the 4th quarter. Evergreen Capital Management LLC now owns 5,118 shares of the semiconductor company's stock valued at $601,000 after purchasing an additional 131 shares in the last quarter. Mariner LLC lifted its holdings in shares of Tower Semiconductor by 2.4% during the 3rd quarter. Mariner LLC now owns 8,815 shares of the semiconductor company's stock valued at $637,000 after purchasing an additional 207 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in shares of Tower Semiconductor by 2.9% during the 4th quarter. Wells Fargo & Company MN now owns 7,848 shares of the semiconductor company's stock valued at $922,000 after purchasing an additional 218 shares in the last quarter. 70.51% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TSEM has been the subject of several research analyst reports. Wedbush upped their price target on shares of Tower Semiconductor from $140.00 to $300.00 and gave the company a "neutral" rating in a report on Thursday, May 14th. Susquehanna raised their price objective on shares of Tower Semiconductor from $180.00 to $330.00 and gave the stock a "positive" rating in a report on Thursday, May 14th. UBS Group reaffirmed a "buy" rating on shares of Tower Semiconductor in a research report on Wednesday, July 15th. Finally, Benchmark reaffirmed a "buy" rating on shares of Tower Semiconductor in a research note on Wednesday, July 15th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $276.75.

Tower Semiconductor Trading Up 6.7%

NASDAQ TSEM opened at $234.32 on Tuesday. Tower Semiconductor Ltd. has a 12 month low of $45.51 and a 12 month high of $319.94. The company has a current ratio of 5.63, a quick ratio of 4.92 and a debt-to-equity ratio of 0.04. The stock has a 50 day moving average of $248.21 and a 200-day moving average of $198.38. The company has a market cap of $26.35 billion, a PE ratio of 108.99 and a beta of 0.90.

Tower Semiconductor Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source