Tower Semiconductor Ltd. $TSEM Stock: Pictet Asset Management Holding SA Cuts Position

Key Points

• Pictet Asset Management cut its Tower Semiconductor stake by 9.9% in the third quarter, selling 26,760 shares and retaining 243,305 shares valued at about $55.6 million. Institutional investors collectively own 70.51% of the stock.
• Tower reported quarterly revenue of $526.2 million, up 32.8% year over year and above expectations, but earnings per share of $1.05 narrowly missed the $1.07 consensus estimate.
• Analysts have a “Moderate Buy” consensus rating and an average price target of $297.12. The stock opened at $152.29, well below its 50-day and 200-day moving averages, both near $205.

Pictet Asset Management Holding SA decreased its position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 9.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 243,305 shares of the semiconductor company's stock after selling 26,760 shares during the period. Pictet Asset Management Holding SA owned about 0.22% of Tower Semiconductor worth $55,583,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Versant Capital Management Inc grew its position in Tower Semiconductor by 20.8% in the 3rd quarter. Versant Capital Management Inc now owns 319 shares of the semiconductor company's stock valued at $73,000 after acquiring an additional 55 shares in the last quarter. Sterling Capital Management LLC acquired a new stake in shares of Tower Semiconductor during the third quarter worth about $75,000. Pinnacle Wealth Planning Services Inc. lifted its position in shares of Tower Semiconductor by 83.2% during the third quarter. Pinnacle Wealth Planning Services Inc. now owns 339 shares of the semiconductor company's stock worth $77,000 after purchasing an additional 154 shares in the last quarter. TD Waterhouse Canada Inc. lifted its position in shares of Tower Semiconductor by 230.7% during the second quarter. TD Waterhouse Canada Inc. now owns 334 shares of the semiconductor company's stock worth $82,000 after purchasing an additional 233 shares in the last quarter. Finally, Western Wealth Management LLC purchased a new position in shares of Tower Semiconductor in the first quarter valued at approximately $141,000. 70.51% of the stock is currently owned by hedge funds and other institutional investors.

Tower Semiconductor Price Performance

TSEM stock opened at $152.29 on Tuesday. The business's 50-day moving average is $204.50 and its two-hundred day moving average is $204.84. The firm has a market capitalization of $17.13 billion, a P/E ratio of 47.85 and a beta of 0.95. Tower Semiconductor Ltd. has a 1 year low of $86.52 and a 1 year high of $319.94. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.72 and a quick ratio of 4.31.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last posted its earnings results on Monday, November 2nd. The semiconductor company reported $1.05 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.02). The business had revenue of $526.16 million for the quarter, compared to analysts' expectations of $521.83 million. Tower Semiconductor had a return on equity of 11.72% and a net margin of 19.36%. Tower Semiconductor's revenue for the quarter was up 32.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.47 EPS. Analysts anticipate that Tower Semiconductor Ltd. will post 3.56 earnings per share for the current fiscal year.

Insider Transactions at Tower Semiconductor

In other news, Director Yoav Chelouche sold 232 shares of the company'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 completion of the sale, the director directly owned 33,734 shares of the company's stock, valued at approximately $7,254,834.04. This represents a 0.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.00% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. DA Davidson set a $335.00 price objective on shares of Tower Semiconductor in a report on Tuesday, November 3rd. Weiss Ratings raised shares of Tower Semiconductor from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, November 3rd. Benchmark reiterated a "buy" rating on shares of Tower Semiconductor in a report on Wednesday, August 5th. Barclays started coverage on shares of Tower Semiconductor in a research report on Friday, September 18th. They issued an "overweight" rating and a $310.00 price target for the company. Finally, UBS Group reissued a "buy" rating on shares of Tower Semiconductor in a research report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $297.12.

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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