Tower Semiconductor Ltd. (NASDAQ:TSEM) Shares Sold by Bank of America Corp DE

Bank of America Corp DE reduced its position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 59.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 293,256 shares of the semiconductor company's stock after selling 425,186 shares during the period. Bank of America Corp DE owned about 0.26% of Tower Semiconductor worth $15,106,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. R Squared Ltd acquired a new stake in Tower Semiconductor during the 4th quarter worth approximately $61,000. Blue Trust Inc. grew its stake in shares of Tower Semiconductor by 12.7% in the fourth quarter. Blue Trust Inc. now owns 2,037 shares of the semiconductor company's stock worth $105,000 after acquiring an additional 230 shares in the last quarter. Crews Bank & Trust purchased a new stake in shares of Tower Semiconductor during the fourth quarter worth $134,000. Cornerstone Investment Partners LLC acquired a new stake in shares of Tower Semiconductor in the fourth quarter valued at $203,000. Finally, Callan Family Office LLC purchased a new position in Tower Semiconductor in the fourth quarter valued at $323,000. 70.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have weighed in on TSEM shares. Benchmark restated a "buy" rating and set a $60.00 price target on shares of Tower Semiconductor in a report on Thursday, May 15th. Wedbush restated an "outperform" rating and set a $60.00 target price on shares of Tower Semiconductor in a research note on Tuesday, February 11th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Tower Semiconductor has a consensus rating of "Moderate Buy" and an average price target of $60.00.

Tower Semiconductor Stock Down 0.5%

Tower Semiconductor stock opened at $40.98 on Thursday. The stock has a market cap of $4.54 billion, a PE ratio of 22.03 and a beta of 0.75. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.18 and a quick ratio of 5.23. The stock's fifty day moving average is $36.66 and its two-hundred day moving average is $43.88. Tower Semiconductor Ltd. has a 1-year low of $28.64 and a 1-year high of $55.31.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last issued its earnings results on Wednesday, May 14th. The semiconductor company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.01). The business had revenue of $358.17 million for the quarter, compared to analyst estimates of $358.09 million. Tower Semiconductor had a return on equity of 8.11% and a net margin of 14.47%. Tower Semiconductor's revenue was up 9.4% on a year-over-year basis. During the same period last year, the business posted $0.40 EPS. On average, sell-side analysts expect that Tower Semiconductor Ltd. will post 1.67 EPS for the current fiscal year.

Tower Semiconductor Profile

Tower Semiconductor Ltd., an independent semiconductor foundry, focus on specialty process technologies to manufacture analog intensive mixed-signal semiconductor devices in Israel, the United States, Japan, Europe, and internationally. It provides various customizable process technologies, including SiGe, BiCMOS, mixed signal/CMOS, RF CMOS, CMOS image sensor, integrated power management, and MEMS.

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