Tower Semiconductor Ltd. $TSEM Holdings Trimmed by Shannon River Fund Management LLC

Key Points

• Shannon River Fund trimmed its stake in Tower Semiconductor by 34.4% in Q3, selling 505,441 shares and now owning 962,063 shares, which represent about 11.2% of the fund's portfolio and are valued at roughly $69.56 million.
• Tower beat quarterly expectations, reporting $0.78 EPS vs. a $0.67 consensus and $440.21 million in revenue, up 13.7% year-over-year.
• Analyst views are mixed—several firms raised price targets (some to $165–$180), but the MarketBeat consensus rating is a "Hold" with a $156.75 target.

Shannon River Fund Management LLC cut its stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 34.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 962,063 shares of the semiconductor company's stock after selling 505,441 shares during the quarter. Tower Semiconductor makes up approximately 11.2% of Shannon River Fund Management LLC's portfolio, making the stock its 2nd biggest position. Shannon River Fund Management LLC owned 0.87% of Tower Semiconductor worth $69,557,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in TSEM. Argent Trust Co purchased a new position in shares of Tower Semiconductor in the 3rd quarter valued at about $287,000. American Century Companies Inc. boosted its holdings in Tower Semiconductor by 43.6% in the second quarter. American Century Companies Inc. now owns 548,700 shares of the semiconductor company's stock valued at $23,786,000 after purchasing an additional 166,533 shares in the last quarter. Harbor Capital Advisors Inc. purchased a new position in Tower Semiconductor in the third quarter valued at approximately $1,168,000. Jennison Associates LLC raised its holdings in Tower Semiconductor by 18.8% during the third quarter. Jennison Associates LLC now owns 2,331,831 shares of the semiconductor company's stock worth $168,591,000 after purchasing an additional 369,600 shares in the last quarter. Finally, G2 Investment Partners Management LLC purchased a new stake in shares of Tower Semiconductor during the 2nd quarter worth approximately $4,985,000. Institutional investors and hedge funds own 70.51% of the company's stock.

Tower Semiconductor Trading Up 2.2%

NASDAQ TSEM opened at $119.44 on Thursday. Tower Semiconductor Ltd. has a one year low of $28.64 and a one year high of $149.57. The firm has a market cap of $13.43 billion, a PE ratio of 61.89 and a beta of 0.91. The firm's fifty day moving average is $127.27 and its two-hundred day moving average is $101.45. The company has a debt-to-equity ratio of 0.05, a quick ratio of 5.51 and a current ratio of 6.48.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last issued its quarterly earnings results on Wednesday, February 11th. The semiconductor company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.11. Tower Semiconductor had a return on equity of 7.86% and a net margin of 14.08%.The firm had revenue of $440.21 million for the quarter, compared to analysts' expectations of $439.81 million. During the same quarter in the previous year, the firm posted $0.49 EPS. The firm's revenue for the quarter was up 13.7% on a year-over-year basis. Analysts expect that Tower Semiconductor Ltd. will post 1.67 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Benchmark lifted their price target on shares of Tower Semiconductor from $150.00 to $165.00 and gave the stock a "buy" rating in a research note on Thursday, February 12th. Susquehanna restated a "positive" rating and issued a $180.00 price objective on shares of Tower Semiconductor in a research note on Thursday, February 12th. Barclays raised their price objective on Tower Semiconductor from $114.00 to $142.00 and gave the stock an "equal weight" rating in a report on Friday, February 13th. Wedbush boosted their target price on Tower Semiconductor from $125.00 to $140.00 and gave the company a "neutral" rating in a report on Thursday, February 12th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Tower Semiconductor in a research note on Monday, December 29th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $156.75.

Tower Semiconductor Company Profile

Tower Semiconductor, traded on NASDAQ under the symbol TSEM, is a specialty foundry company that provides analog and mixed-signal semiconductor manufacturing services to a broad array of customers worldwide. The company focuses on delivering tailored process technologies for high-growth markets, including radio frequency (RF), power management, imaging, automotive electronics, and Internet of Things (IoT) applications. By combining deep process know-how with flexible manufacturing capabilities, Tower Semiconductor supports the development and volume production of advanced semiconductor devices for fabless and integrated device manufacturer customers.

The company's technology portfolio spans standard and specialty processes such as CMOS, BiCMOS, high-voltage, radio frequency, silicon photonics, micro-electromechanical systems (MEMS) and image sensor production.

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