Tower Semiconductor Ltd. $TSEM Shares Sold by Katamaran Capital LLP

Key Points

• Katamaran Capital LLP cut its Tower Semiconductor stake by 63.7% in the fourth quarter, selling 46,929 shares and leaving it with 26,706 shares valued at about $3.1 million.
• Institutional ownership remains high, with hedge funds and other investors holding 70.51% of Tower Semiconductor’s stock. Several firms, including Amundi and UBS AM, increased their positions during recent quarters.
• Tower Semiconductor beat quarterly expectations with EPS of $0.78 versus $0.67 expected, while revenue rose 13.7% year over year to $440.21 million. Analysts currently rate the stock Hold on average, with a target price of $173.

Katamaran Capital LLP lowered its stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 63.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 26,706 shares of the semiconductor company's stock after selling 46,929 shares during the quarter. Tower Semiconductor makes up approximately 2.4% of Katamaran Capital LLP's holdings, making the stock its 18th largest position. Katamaran Capital LLP's holdings in Tower Semiconductor were worth $3,136,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Amundi boosted its position in Tower Semiconductor by 86.8% during the 1st quarter. Amundi now owns 21,617 shares of the semiconductor company's stock worth $771,000 after acquiring an additional 10,042 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Tower Semiconductor by 4.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 99,633 shares of the semiconductor company's stock worth $3,553,000 after acquiring an additional 3,954 shares during the period. Geode Capital Management LLC boosted its position in Tower Semiconductor by 0.7% during the 2nd quarter. Geode Capital Management LLC now owns 95,384 shares of the semiconductor company's stock worth $4,135,000 after acquiring an additional 662 shares during the period. Hsbc Holdings PLC acquired a new position in Tower Semiconductor during the 2nd quarter worth $438,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in Tower Semiconductor during the 2nd quarter worth $5,809,000. Institutional investors and hedge funds own 70.51% of the company's stock.

Analyst Upgrades and Downgrades

TSEM has been the topic of a number of research reports. Wedbush boosted their price objective on Tower Semiconductor from $125.00 to $140.00 and gave the stock a "neutral" rating in a research note on Thursday, February 12th. Barclays boosted their price objective on Tower Semiconductor from $114.00 to $142.00 and gave the stock an "equal weight" rating in a research note on Friday, February 13th. Benchmark boosted their price objective on Tower Semiconductor from $165.00 to $230.00 and gave the stock a "buy" rating in a research note on Thursday, March 26th. Finally, Susquehanna reissued a "positive" rating and issued a $180.00 price objective on shares of Tower Semiconductor in a research note on Thursday, February 12th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $173.00.

Tower Semiconductor Price Performance

Shares of Tower Semiconductor stock opened at $211.02 on Monday. The stock's fifty day moving average is $174.64 and its 200-day moving average is $135.08. The firm has a market capitalization of $23.73 billion, a PE ratio of 109.34 and a beta of 0.85. The company has a quick ratio of 5.51, a current ratio of 6.48 and a debt-to-equity ratio of 0.05. Tower Semiconductor Ltd. has a 12-month low of $37.33 and a 12-month high of $232.67.

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

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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