Tower Semiconductor Ltd. $TSEM Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management cut its Tower Semiconductor position by 61.2% in the second quarter, selling 586,503 shares and retaining 372,445 shares valued at approximately $96.9 million.
• Other institutional investors generally increased their holdings, and institutional ownership now stands at 70.51% of Tower Semiconductor’s stock.
• Analysts maintain a generally positive outlook, with the stock receiving a “Moderate Buy” consensus rating and an average price target of $290.67. Tower also exceeded quarterly earnings and revenue expectations, reporting $0.88 EPS and $460.08 million in revenue.

Wellington Management Group LLP decreased its position in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 61.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 372,445 shares of the semiconductor company's stock after selling 586,503 shares during the period. Wellington Management Group LLP owned 0.33% of Tower Semiconductor worth $96,852,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Swiss National Bank increased its stake in Tower Semiconductor by 86.0% during the first 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 during the last quarter. Pier Capital LLC lifted its stake in shares of Tower Semiconductor by 31.4% in the 4th quarter. Pier Capital LLC now owns 67,520 shares of the semiconductor company's stock valued at $7,928,000 after purchasing an additional 16,116 shares during the last quarter. Empowered Funds LLC purchased a new position in shares of Tower Semiconductor during the 1st quarter worth $754,000. Altshuler Shaham Ltd increased its position in shares of Tower Semiconductor by 1,175.6% during the 1st quarter. Altshuler Shaham Ltd now owns 340,108 shares of the semiconductor company's stock worth $58,025,000 after purchasing an additional 313,445 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its position in shares of Tower Semiconductor by 4.4% during the 2nd quarter. Assenagon Asset Management S.A. now owns 118,406 shares of the semiconductor company's stock worth $30,378,000 after purchasing an additional 4,965 shares during the last quarter. Institutional investors and hedge funds own 70.51% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Weiss Ratings cut shares of Tower Semiconductor from a "hold (c)" rating to a "hold (c-)" rating in a research report on Tuesday, August 18th. Barclays upgraded shares of Tower Semiconductor from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 20th. National Bank Financial raised shares of Tower Semiconductor to a "buy" rating in a research note on Friday, August 7th. Stifel Nicolaus set a $270.00 price objective on shares of Tower Semiconductor in a report on Tuesday. Finally, UBS Group reaffirmed a "buy" rating on shares of Tower Semiconductor in a research report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $290.67.

Tower Semiconductor Stock Performance

NASDAQ TSEM opened at $199.06 on Wednesday. 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 company has a market cap of $22.38 billion, a P/E ratio of 78.68 and a beta of 0.89. The stock has a 50-day moving average of $233.28 and a two-hundred day moving average of $213.07. Tower Semiconductor Ltd. has a 1-year low of $56.54 and a 1-year high of $319.94.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The semiconductor company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.12. The business had revenue of $460.08 million for the quarter, compared to analysts' expectations of $454.68 million. Tower Semiconductor had a net margin of 16.94% and a return on equity of 9.83%. The business's quarterly revenue was up 23.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.41 earnings per share. As a group, analysts anticipate that Tower Semiconductor Ltd. will post 3.57 EPS for the current year.

Insider Transactions at Tower Semiconductor

In other Tower Semiconductor news, CEO Russell Craig Ellwanger sold 104,226 shares of the firm's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $248.34, for a total value of $25,883,484.84. Following the completion of the transaction, the chief executive officer owned 526,788 shares of the company's stock, valued at $130,822,531.92. This trade represents a 16.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 1.00% of the stock is currently owned by company insiders.

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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