Tower Semiconductor Ltd. (NASDAQ:TSEM) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund lessened its holdings in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 11.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 44,176 shares of the semiconductor company's stock after selling 5,669 shares during the period. New York State Common Retirement Fund's holdings in Tower Semiconductor were worth $1,575,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Invesco Ltd. grew its holdings in Tower Semiconductor by 251.9% in the fourth quarter. Invesco Ltd. now owns 1,761,235 shares of the semiconductor company's stock valued at $90,721,000 after purchasing an additional 1,260,683 shares during the last quarter. Point72 Asset Management L.P. grew its holdings in Tower Semiconductor by 21.0% in the fourth quarter. Point72 Asset Management L.P. now owns 3,758,574 shares of the semiconductor company's stock valued at $193,604,000 after purchasing an additional 653,191 shares during the last quarter. Neumeier Poma Investment Counsel LLC acquired a new stake in Tower Semiconductor in the fourth quarter valued at $33,034,000. Assenagon Asset Management S.A. grew its holdings in Tower Semiconductor by 219.3% in the first quarter. Assenagon Asset Management S.A. now owns 641,105 shares of the semiconductor company's stock valued at $22,362,000 after purchasing an additional 440,314 shares during the last quarter. Finally, Shellback Capital LP acquired a new stake in Tower Semiconductor in the fourth quarter valued at $21,261,000. Institutional investors and hedge funds own 70.51% of the company's stock.

Tower Semiconductor Price Performance

Tower Semiconductor stock traded up $0.94 during midday trading on Monday, reaching $47.96. 585,855 shares of the company were exchanged, compared to its average volume of 747,182. The company has a market capitalization of $5.31 billion, a price-to-earnings ratio of 26.50 and a beta of 0.79. The firm's 50-day simple moving average is $43.12 and its 200-day simple moving average is $41.90. Tower Semiconductor Ltd. has a 1 year low of $28.64 and a 1 year high of $55.31. The company has a debt-to-equity ratio of 0.05, a quick ratio of 5.82 and a current ratio of 6.93.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last issued its quarterly earnings results on Wednesday, May 14th. The semiconductor company reported $0.35 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.36 by ($0.01). Tower Semiconductor had a return on equity of 7.73% and a net margin of 13.86%. The business had revenue of $358.17 million during the quarter, compared to analyst estimates of $358.09 million. During the same period in the previous year, the business posted $0.40 earnings per share. The firm's quarterly revenue was up 9.4% on a year-over-year basis. On average, analysts anticipate that Tower Semiconductor Ltd. will post 1.67 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Benchmark reiterated a "buy" rating and set a $60.00 price objective on shares of Tower Semiconductor in a research report on Thursday, May 15th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $60.00.

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.