Tower Semiconductor Ltd. $TSEM Shares Acquired by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management increased its stake in Tower Semiconductor by 75.5% in Q4, buying 11,682 shares to hold 27,149 shares worth about $3.18 million per its latest 13F filing.
• Institutional investors now own 70.51% of TSEM, with Vanguard holding 4.34 million shares (~$507.3M) and WT Asset Management adding a new stake of roughly $79.0M, signaling strong institutional interest.
• Several analysts have raised price targets (Benchmark to $230, Barclays to $142), but the consensus rating remains Hold with an average target of $173, while the stock trades near $218 after a recent quarterly EPS beat ($0.78 vs. $0.67).

Pictet Asset Management Holding SA raised its stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 75.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 27,149 shares of the semiconductor company's stock after buying an additional 11,682 shares during the period. Pictet Asset Management Holding SA's holdings in Tower Semiconductor were worth $3,177,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Quent Capital LLC acquired a new stake in shares of Tower Semiconductor in the 4th quarter worth approximately $1,292,000. Vanguard Group Inc. increased its stake in shares of Tower Semiconductor by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 4,338,080 shares of the semiconductor company's stock valued at $507,317,000 after acquiring an additional 53,112 shares during the period. Calamos Advisors LLC raised its holdings in Tower Semiconductor by 156.0% during the fourth quarter. Calamos Advisors LLC now owns 24,743 shares of the semiconductor company's stock worth $2,905,000 after purchasing an additional 15,079 shares in the last quarter. WT Asset Management Ltd acquired a new stake in Tower Semiconductor in the fourth quarter worth approximately $78,967,000. Finally, Rockingstone Advisors LLC acquired a new stake in Tower Semiconductor in the fourth quarter worth approximately $5,296,000. 70.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Susquehanna reiterated a "positive" rating and set a $180.00 price target on shares of Tower Semiconductor in a research report on Thursday, February 12th. Wedbush upped their price objective on Tower Semiconductor from $125.00 to $140.00 and gave the company a "neutral" rating in a report on Thursday, February 12th. Barclays raised their target price on Tower Semiconductor from $114.00 to $142.00 and gave the company an "equal weight" rating in a research note on Friday, February 13th. Finally, Benchmark lifted their target price on Tower Semiconductor from $165.00 to $230.00 and gave the stock a "buy" rating in a report on Thursday, March 26th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Tower Semiconductor presently has a consensus rating of "Hold" and an average price target of $173.00.

Tower Semiconductor Price Performance

TSEM stock opened at $218.01 on Monday. Tower Semiconductor Ltd. has a 12 month low of $35.42 and a 12 month high of $228.73. The firm has a market cap of $24.52 billion, a PE ratio of 112.96 and a beta of 0.85. The firm has a 50 day simple moving average of $169.23 and a 200 day simple moving average of $132.06. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.48 and a quick ratio of 5.51.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last posted its quarterly earnings results on Wednesday, February 11th. The semiconductor company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.11. The firm had revenue of $440.21 million for the quarter, compared to analyst estimates of $439.81 million. Tower Semiconductor had a net margin of 14.08% and a return on equity of 7.86%. The firm's quarterly revenue was up 13.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.49 earnings per share. Equities research analysts forecast that Tower Semiconductor Ltd. will post 2.64 earnings per share for the current fiscal year.

About Tower Semiconductor

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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