Victory Capital Management Inc. Sells 837,925 Shares of Tower Semiconductor Ltd. $TSEM

Key Points

• Victory Capital Management cut its position in Tower Semiconductor by 37.2%, selling 837,925 shares and now holds 1,416,910 shares (about 1.28% of the company) valued at roughly $102.4 million.
• Tower Semiconductor beat quarterly estimates with $0.78 EPS (vs. $0.67 expected) and $440.21M revenue (up 13.7% YoY), leading several firms to raise price targets even as the consensus rating remains a Hold with an average target of $156.75.
• Institutional ownership is high at about 70.5%; shares trade near $123.50 with a market cap of $13.69 billion and a trailing P/E around 64.

Victory Capital Management Inc. cut its position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 37.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,416,910 shares of the semiconductor company's stock after selling 837,925 shares during the period. Victory Capital Management Inc. owned 1.28% of Tower Semiconductor worth $102,443,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of TSEM. Royce & Associates LP bought a new position in Tower Semiconductor during the third quarter worth about $8,127,000. Argent Trust Co bought a new position in shares of Tower Semiconductor during the 3rd quarter worth approximately $287,000. AlphaCore Capital LLC acquired a new position in shares of Tower Semiconductor during the 3rd quarter worth approximately $226,000. Neumeier Poma Investment Counsel LLC increased its holdings in shares of Tower Semiconductor by 9.3% during the 3rd quarter. Neumeier Poma Investment Counsel LLC now owns 781,368 shares of the semiconductor company's stock worth $56,493,000 after acquiring an additional 66,333 shares during the last quarter. Finally, US Bancorp DE raised its stake in Tower Semiconductor by 168.7% in the 3rd quarter. US Bancorp DE now owns 6,578 shares of the semiconductor company's stock valued at $476,000 after acquiring an additional 4,130 shares during the period. 70.51% of the stock is currently owned by institutional investors and hedge funds.

Tower Semiconductor Stock Down 1.6%

Shares of TSEM opened at $123.50 on Thursday. The company has a current ratio of 6.48, a quick ratio of 5.51 and a debt-to-equity ratio of 0.05. Tower Semiconductor Ltd. has a 12 month low of $28.64 and a 12 month high of $149.57. The firm's 50 day moving average is $127.68 and its 200-day moving average is $99.16. The stock has a market capitalization of $13.69 billion, a PE ratio of 63.99 and a beta of 0.91.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last issued its quarterly 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 business had revenue of $440.21 million for the quarter, compared to the consensus estimate of $439.81 million. Tower Semiconductor had a return on equity of 7.86% and a net margin of 14.08%.The firm's quarterly revenue was up 13.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.49 earnings per share. Equities research analysts forecast that Tower Semiconductor Ltd. will post 1.67 EPS for the current year.

Wall Street Analyst Weigh In

TSEM has been the topic of several research reports. Barclays upped their price objective on shares of Tower Semiconductor from $114.00 to $142.00 and gave the company an "equal weight" rating in a report on Friday, February 13th. Susquehanna reiterated a "positive" rating and issued a $180.00 price target on shares of Tower Semiconductor in a research note on Thursday, February 12th. Wedbush raised their price objective on shares of Tower Semiconductor from $125.00 to $140.00 and gave the stock a "neutral" rating in a research report on Thursday, February 12th. Benchmark upped their target price on Tower Semiconductor from $150.00 to $165.00 and gave the company a "buy" rating in a research report on Thursday, February 12th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Tower Semiconductor in a research note on Monday, December 29th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $156.75.

Tower Semiconductor 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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