Victory Capital Management Inc. Acquires 50,980 Shares of Tower Semiconductor Ltd. (NASDAQ:TSEM)

Victory Capital Management Inc. raised its position in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 2.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,985,110 shares of the semiconductor company's stock after purchasing an additional 50,980 shares during the period. Victory Capital Management Inc. owned 1.79% of Tower Semiconductor worth $70,789,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in TSEM. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Tower Semiconductor in the 1st quarter worth approximately $551,000. Wealth Enhancement Advisory Services LLC grew its position in Tower Semiconductor by 8.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 14,715 shares of the semiconductor company's stock valued at $525,000 after buying an additional 1,138 shares during the last quarter. Squarepoint Ops LLC acquired a new position in shares of Tower Semiconductor during the 4th quarter worth $247,000. Cetera Investment Advisers acquired a new position in shares of Tower Semiconductor during the 4th quarter valued at about $249,000. Finally, Fifth Third Bancorp boosted its holdings in Tower Semiconductor by 18.0% in the 1st quarter. Fifth Third Bancorp now owns 9,885 shares of the semiconductor company's stock worth $352,000 after acquiring an additional 1,509 shares during the period. Hedge funds and other institutional investors own 70.51% of the company's stock.

Tower Semiconductor Stock Up 7.2%

Shares of NASDAQ:TSEM opened at $48.94 on Friday. The firm has a market capitalization of $5.42 billion, a P/E ratio of 27.04 and a beta of 0.79. Tower Semiconductor Ltd. has a 52-week low of $28.64 and a 52-week high of $55.31. The company has a debt-to-equity ratio of 0.05, a quick ratio of 5.82 and a current ratio of 6.93. The stock has a 50 day moving average price of $42.04 and a 200-day moving average price of $42.20.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last posted its quarterly earnings results on Wednesday, May 14th. The semiconductor company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.01). The firm had revenue of $358.17 million for the quarter, compared to analysts' expectations of $358.09 million. Tower Semiconductor had a return on equity of 7.73% and a net margin of 13.86%. The company's revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.40 earnings per share. As a group, equities research analysts anticipate that Tower Semiconductor Ltd. will post 1.67 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Benchmark reissued a "buy" rating and issued a $60.00 target price on shares of Tower Semiconductor in a research note on Thursday, May 15th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $60.00.

Tower Semiconductor Profile

Tower Semiconductor Ltd., an independent semiconductor foundry, focus on specialty process technologies to manufacture analog intensive mixed-signal semiconductor devices in Israel, the United States, Japan, Europe, and internationally. It provides various customizable process technologies, including SiGe, BiCMOS, mixed signal/CMOS, RF CMOS, CMOS image sensor, integrated power management, and MEMS.

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