Taylor Frigon Capital Management LLC Sells 25,263 Shares of Tower Semiconductor Ltd. $TSEM

Key Points

• Taylor Frigon Capital Management cut its stake in Tower Semiconductor by 45.9%, selling 25,263 shares and leaving 29,758 shares valued at $3.494 million (about 1.8% of its portfolio and its 5th-largest holding).
• Several large institutions — including Vanguard, Migdal, Jennison and Wellington — increased positions, and institutional investors now own about 70.51% of TSEM.
• Analysts are mixed: the consensus rating is Hold with a $173 average target, though some firms recently raised targets (e.g., Benchmark to $230); TSEM trades near $215 after a recent EPS and revenue beat with year-over-year revenue growth.

Taylor Frigon Capital Management LLC decreased its stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 45.9% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 29,758 shares of the semiconductor company's stock after selling 25,263 shares during the quarter. Tower Semiconductor comprises about 1.8% of Taylor Frigon Capital Management LLC's portfolio, making the stock its 5th biggest holding. Taylor Frigon Capital Management LLC's holdings in Tower Semiconductor were worth $3,494,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Tower Semiconductor by 1.9% during the 3rd quarter. Vanguard Group Inc. now owns 4,284,968 shares of the semiconductor company's stock worth $305,630,000 after purchasing an additional 78,697 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its holdings in shares of Tower Semiconductor by 7.2% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,977,806 shares of the semiconductor company's stock worth $215,295,000 after acquiring an additional 200,000 shares during the last quarter. Jennison Associates LLC increased its holdings in shares of Tower Semiconductor by 18.8% during the 3rd quarter. Jennison Associates LLC now owns 2,331,831 shares of the semiconductor company's stock worth $168,591,000 after acquiring an additional 369,600 shares during the last quarter. Meitav Investment House Ltd. increased its holdings in shares of Tower Semiconductor by 1.2% during the 3rd quarter. Meitav Investment House Ltd. now owns 2,268,503 shares of the semiconductor company's stock worth $162,870,000 after acquiring an additional 25,989 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of Tower Semiconductor by 0.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,108,004 shares of the semiconductor company's stock worth $152,409,000 after acquiring an additional 15,461 shares during the last quarter. Institutional investors and hedge funds own 70.51% of the company's stock.

Wall Street Analysts Forecast Growth

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

Tower Semiconductor Stock Performance

TSEM opened at $215.63 on Thursday. The business has a fifty day simple moving average of $152.28 and a 200 day simple moving average of $121.15. The company has a market capitalization of $24.25 billion, a PE ratio of 111.73 and a beta of 0.71. Tower Semiconductor Ltd. has a 1 year low of $33.42 and a 1 year high of $219.46. 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 (NASDAQ:TSEM - Get Free Report) last released its quarterly earnings results on Wednesday, February 11th. The semiconductor company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.11. The business had revenue of $440.21 million during the quarter, compared to the consensus estimate of $439.81 million. Tower Semiconductor had a return on equity of 7.86% and a net margin of 14.08%.The firm's quarterly revenue was up 13.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.49 EPS. Research analysts expect that Tower Semiconductor Ltd. will post 1.67 EPS for the current 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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