Tidal Investments LLC Lowers Stock Holdings in Tower Semiconductor Ltd. $TSEM

Key Points

• Tidal Investments reduced its Tower Semiconductor stake by 40% in the second quarter, selling 21,147 shares and retaining 31,713 shares worth approximately $8.3 million.
• Tower Semiconductor reported stronger-than-expected quarterly results, with EPS of $0.88 versus the $0.76 consensus estimate and revenue up 23.7% year over year to $460.1 million.
• Analyst sentiment remains favorable, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $290.67, although CEO Russell Ellwanger sold shares worth approximately $25.9 million.

Tidal Investments LLC cut its position in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 40.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,713 shares of the semiconductor company's stock after selling 21,147 shares during the quarter. Tidal Investments LLC's holdings in Tower Semiconductor were worth $8,266,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Swiss National Bank increased its stake in Tower Semiconductor by 86.0% during the first quarter. Swiss National Bank now owns 414,850 shares of the semiconductor company's stock worth $70,625,000 after purchasing an additional 191,839 shares during the period. Plato Investment Management Ltd purchased a new position in shares of Tower Semiconductor in the second quarter valued at approximately $3,491,000. Empowered Funds LLC purchased a new position in shares of Tower Semiconductor in the first quarter valued at approximately $754,000. Altshuler Shaham Ltd grew its holdings in shares of Tower Semiconductor by 1,175.6% in the first quarter. Altshuler Shaham Ltd now owns 340,108 shares of the semiconductor company's stock valued at $58,025,000 after purchasing an additional 313,445 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in shares of Tower Semiconductor by 4.4% in the second quarter. Assenagon Asset Management S.A. now owns 118,406 shares of the semiconductor company's stock valued at $30,378,000 after purchasing an additional 4,965 shares in the last quarter. Hedge funds and other institutional investors own 70.51% of the company's stock.

Tower Semiconductor Stock Performance

Shares of TSEM stock opened at $211.52 on Friday. The company has a market cap of $23.79 billion, a P/E ratio of 83.61 and a beta of 0.88. The firm has a fifty day moving average price of $227.66 and a 200 day moving average price of $217.26. The company has a current ratio of 4.91, a quick ratio of 4.31 and a debt-to-equity ratio of 0.04. Tower Semiconductor Ltd. has a 12 month low of $64.81 and a 12 month high of $319.94.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The semiconductor company reported $0.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.76 by $0.12. Tower Semiconductor had a return on equity of 9.83% and a net margin of 16.94%.The company had revenue of $460.08 million during the quarter, compared to the consensus estimate of $454.68 million. During the same period in the previous year, the business earned $0.41 EPS. Tower Semiconductor's revenue for the quarter was up 23.7% on a year-over-year basis. Sell-side analysts predict that Tower Semiconductor Ltd. will post 3.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Russell Ellwanger sold 104,226 shares of the business's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $248.34, for a total transaction of $25,883,484.84. Following the completion of the sale, the chief executive officer owned 526,788 shares in the company, valued at $130,822,531.92. The trade was a 16.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

TSEM has been the topic of a number of research reports. Stifel Nicolaus assumed coverage on shares of Tower Semiconductor in a report on Tuesday, September 1st. They set a "buy" rating and a $270.00 target price on the stock. Barclays upgraded shares of Tower Semiconductor from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 20th. Weiss Ratings lowered Tower Semiconductor from a "hold (c)" rating to a "hold (c-)" rating in a research report on Tuesday, August 18th. UBS Group reiterated a "buy" rating on shares of Tower Semiconductor in a research note on Wednesday, July 15th. Finally, Bank of America began coverage on Tower Semiconductor in a report on Friday, August 7th. They issued a "buy" rating and a $367.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $290.67.

Tower Semiconductor Company Profile

Tower Semiconductor Ltd. NASDAQ: TSEM is a specialty semiconductor foundry that manufactures integrated circuits for fabless chip companies, integrated device manufacturers and original equipment manufacturers. The company focuses on analog and mixed-signal technologies rather than high-volume digital logic, providing process development, wafer manufacturing, design enablement and other foundry services.

Its technology portfolio includes radio-frequency and high-performance analog circuits, power management, CMOS image sensors, medical and industrial sensors, silicon photonics, microelectromechanical systems (MEMS), and automotive and industrial semiconductor solutions.

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.