Tower Semiconductor Ltd. $TSEM Shares Newly Purchased by Rakuten Investment Management Inc.

Key Points

• Rakuten Investment Management initiated a Tower Semiconductor position in the third quarter, buying 17,303 shares valued at about $4.06 million. Institutional investors collectively own 70.51% of the stock.
• Tower Semiconductor reported quarterly revenue of $526.16 million, up 32.8% year over year and above estimates, while EPS of $1.05 slightly missed the $1.07 consensus.
• Analysts rate the stock a consensus “Moderate Buy,” with an average price target of $297.12; shares were quoted at $137.34 in the article.

Rakuten Investment Management Inc. purchased a new stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 17,303 shares of the semiconductor company's stock, valued at approximately $4,056,000.

Several other institutional investors have also recently added to or reduced their stakes in TSEM. Swiss National Bank boosted its holdings in shares of Tower Semiconductor by 86.0% in the 1st quarter. Swiss National Bank now owns 414,850 shares of the semiconductor company's stock worth $70,625,000 after acquiring an additional 191,839 shares in the last quarter. Empowered Funds LLC acquired a new stake in Tower Semiconductor during the 1st quarter valued at $754,000. Public Employees Retirement System of Ohio acquired a new stake in Tower Semiconductor during the 2nd quarter valued at $2,044,000. Plato Investment Management Ltd acquired a new stake in Tower Semiconductor during the 2nd quarter valued at $3,491,000. Finally, Janus Henderson Group PLC raised its position in Tower Semiconductor by 0.6% in the 1st quarter. Janus Henderson Group PLC now owns 1,081,175 shares of the semiconductor company's stock valued at $189,723,000 after purchasing an additional 6,458 shares during the last quarter. 70.51% of the stock is owned by institutional investors.

Insider Transactions at Tower Semiconductor

In other news, Director Yoav Chelouche sold 232 shares of the firm's stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $215.06, for a total value of $49,893.92. Following the transaction, the director owned 33,734 shares of the company's stock, valued at approximately $7,254,834.04. This trade represents a 0.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Russell Ellwanger sold 104,226 shares of the firm's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $248.34, for a total transaction of $25,883,484.84. Following the completion of the transaction, the chief executive officer directly owned 526,788 shares in the company, valued at $130,822,531.92. This trade represents a 16.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 181,767 shares of company stock worth $45,610,065. Corporate insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on TSEM. Stifel Nicolaus decreased their target price on Tower Semiconductor from $270.00 to $235.00 and set a "buy" rating on the stock in a report on Tuesday. National Bank Financial raised Tower Semiconductor to a "buy" rating in a report on Friday, August 7th. Benchmark reissued a "buy" rating on shares of Tower Semiconductor in a report on Wednesday, August 5th. Mizuho started coverage on shares of Tower Semiconductor in a research report on Friday, September 25th. They issued an "outperform" rating and a $300.00 price objective for the company. Finally, UBS Group reaffirmed a "buy" rating on shares of Tower Semiconductor in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $297.12.

Tower Semiconductor Trading Up 4.8%

Shares of TSEM stock traded up $6.35 on Friday, reaching $137.34. 3,655,458 shares of the stock were exchanged, compared to its average volume of 2,796,499. The stock has a market cap of $15.44 billion, a PE ratio of 44.16 and a beta of 0.95. Tower Semiconductor Ltd. has a one year low of $80.63 and a one year high of $319.94. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.91 and a quick ratio of 4.31. The stock has a 50 day moving average price of $205.61 and a 200 day moving average price of $204.75.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last issued its quarterly earnings results on Monday, November 2nd. The semiconductor company reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.02). The firm had revenue of $526.16 million for the quarter, compared to analyst estimates of $521.83 million. Tower Semiconductor had a net margin of 19.36% and a return on equity of 11.94%. The company's revenue was up 32.8% compared to the same quarter last year. During the same period last year, the company earned $0.47 EPS. Equities research analysts forecast that Tower Semiconductor Ltd. will post 3.56 EPS for the current fiscal year.

Tower Semiconductor Company Profile

Tower Semiconductor Ltd. is an Israel-based specialty semiconductor foundry that manufactures chips for companies that design and market their own products. Its services include wafer fabrication, process development and engineering support, helping customers bring semiconductor designs from development into production.

The company focuses on analog and mixed-signal technologies used in areas such as radio-frequency communications, power management, image sensing, automotive electronics and silicon photonics.

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