Phoenix Financial Ltd. Sells 5,700 Shares of Tower Semiconductor Ltd. (NASDAQ:TSEM)

Key Points

• Phoenix Financial Ltd. reduced its holdings in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 0.1%, now owning approximately 3,848,571 shares, which represent 2.1% of its total portfolio.
• Tower Semiconductor reported an earnings per share (EPS) of $0.35 for the last quarter, slightly below analysts' expectations of $0.36, while its revenue increased by 9.4% year-over-year to $358.17 million.
• The stock has a consensus rating of "Moderate Buy" from analysts, with an average price target set at $60.00.

Phoenix Financial Ltd. decreased its position in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 0.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,848,571 shares of the semiconductor company's stock after selling 5,700 shares during the period. Tower Semiconductor comprises approximately 2.1% of Phoenix Financial Ltd.'s holdings, making the stock its 14th largest holding. Phoenix Financial Ltd. owned 3.47% of Tower Semiconductor worth $137,240,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Caption Management LLC acquired a new position in shares of Tower Semiconductor in the 4th quarter worth approximately $155,000. Squarepoint Ops LLC acquired a new position in shares of Tower Semiconductor in the 4th quarter worth approximately $247,000. Cetera Investment Advisers acquired a new position in shares of Tower Semiconductor in the 4th quarter worth approximately $249,000. Fifth Third Bancorp raised its holdings in shares of Tower Semiconductor by 18.0% in the 1st quarter. Fifth Third Bancorp now owns 9,885 shares of the semiconductor company's stock worth $352,000 after buying an additional 1,509 shares in the last quarter. Finally, Brasada Capital Management LP acquired a new position in shares of Tower Semiconductor in the 4th quarter worth approximately $412,000. Institutional investors and hedge funds own 70.51% of the company's stock.

Wall Street Analysts Forecast Growth

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

Tower Semiconductor Stock Up 0.6%

Shares of TSEM traded up $0.27 during midday trading on Tuesday, hitting $48.23. The stock had a trading volume of 548,018 shares, compared to its average volume of 698,875. The company has a 50 day simple moving average of $43.12 and a two-hundred day simple moving average of $41.90. Tower Semiconductor Ltd. has a twelve month low of $28.64 and a twelve month high of $55.31. The firm has a market cap of $5.34 billion, a price-to-earnings ratio of 26.70 and a beta of 0.79. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.93 and a quick ratio of 5.82.

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