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

Bank of America Corp DE lessened its position in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 59.2% in the 4th quarter, according to its most recent filing with the SEC. 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 approximately 0.26% of Tower Semiconductor worth $15,106,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in TSEM. Invesco Ltd. boosted its holdings in Tower Semiconductor by 251.9% during the fourth quarter. Invesco Ltd. now owns 1,761,235 shares of the semiconductor company's stock worth $90,721,000 after buying an additional 1,260,683 shares in the last quarter. Neumeier Poma Investment Counsel LLC acquired a new stake in shares of Tower Semiconductor during the fourth quarter worth $33,034,000. American Century Companies Inc. purchased a new stake in shares of Tower Semiconductor in the fourth quarter valued at $20,015,000. Arvin Capital Management LP acquired a new position in Tower Semiconductor in the fourth quarter valued at $11,243,000. Finally, Norges Bank purchased a new position in Tower Semiconductor during the fourth quarter worth about $11,126,000. Hedge funds and other institutional investors own 70.51% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on TSEM. Benchmark reaffirmed a "buy" rating and set a $60.00 price objective on shares of Tower Semiconductor in a research note on Thursday, May 15th. Wedbush reissued an "outperform" rating and set a $60.00 price target on shares of Tower Semiconductor in a research report on Tuesday, February 11th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $60.00.

Tower Semiconductor Stock Up 2.3%

NASDAQ:TSEM traded up $0.94 on Tuesday, reaching $41.57. The stock had a trading volume of 446,891 shares, compared to its average volume of 571,439. The company has a 50-day moving average of $36.84 and a 200 day moving average of $43.82. The company has a current ratio of 6.18, a quick ratio of 5.23 and a debt-to-equity ratio of 0.05. The stock has a market cap of $4.61 billion, a P/E ratio of 22.35 and a beta of 0.75. Tower Semiconductor Ltd. has a 12-month low of $28.64 and a 12-month high of $55.31.

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

Tower Semiconductor Company 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.