WCM Investment Management LLC Has $3.81 Million Position in Tower Semiconductor Ltd. $TSEM

Key Points

• WCM Investment Management cut its Tower Semiconductor stake by 88.3% in the first quarter, selling 164,272 shares and ending with 21,710 shares worth about $3.81 million.
• Despite the reduction by WCM, institutional ownership remains high, with about 70.51% of Tower Semiconductor shares held by institutions, and several other funds recently adding to positions.
• Analysts remain generally constructive on TSEM: UBS and Benchmark reiterated Buy ratings, while the stock carries a Moderate Buy consensus and an average price target of $276.75.

WCM Investment Management LLC lessened its stake in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 88.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 21,710 shares of the semiconductor company's stock after selling 164,272 shares during the period. WCM Investment Management LLC's holdings in Tower Semiconductor were worth $3,810,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Covestor Ltd raised its holdings in Tower Semiconductor by 10.8% in the 4th quarter. Covestor Ltd now owns 793 shares of the semiconductor company's stock valued at $93,000 after acquiring an additional 77 shares in the last quarter. Mackenzie Financial Corp increased its position in shares of Tower Semiconductor by 2.6% during the third quarter. Mackenzie Financial Corp now owns 5,053 shares of the semiconductor company's stock valued at $359,000 after purchasing an additional 127 shares during the period. Evergreen Capital Management LLC increased its position in shares of Tower Semiconductor by 2.6% during the fourth quarter. Evergreen Capital Management LLC now owns 5,118 shares of the semiconductor company's stock valued at $601,000 after purchasing an additional 131 shares during the period. Mariner LLC raised its stake in shares of Tower Semiconductor by 2.4% in the third quarter. Mariner LLC now owns 8,815 shares of the semiconductor company's stock valued at $637,000 after purchasing an additional 207 shares in the last quarter. Finally, Wells Fargo & Company MN raised its stake in shares of Tower Semiconductor by 2.9% in the fourth quarter. Wells Fargo & Company MN now owns 7,848 shares of the semiconductor company's stock valued at $922,000 after purchasing an additional 218 shares in the last quarter. 70.51% of the stock is currently owned by institutional investors.

Tower Semiconductor Trading Down 2.9%

TSEM stock opened at $227.21 on Tuesday. Tower Semiconductor Ltd. has a 1-year low of $43.12 and a 1-year high of $319.94. The company has a current ratio of 5.63, a quick ratio of 4.92 and a debt-to-equity ratio of 0.04. The business's 50 day moving average is $255.84 and its 200-day moving average is $190.84. The firm has a market cap of $25.55 billion, a P/E ratio of 105.68 and a beta of 0.87.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on TSEM shares. UBS Group reiterated a "buy" rating on shares of Tower Semiconductor in a research note on Wednesday, July 15th. Benchmark restated a "buy" rating on shares of Tower Semiconductor in a research note on Wednesday, July 15th. Susquehanna raised their price objective on shares of Tower Semiconductor from $180.00 to $330.00 and gave the stock a "positive" rating in a report on Thursday, May 14th. Finally, Wedbush lifted their target price on shares of Tower Semiconductor from $140.00 to $300.00 and gave the company a "neutral" rating in a research report on Thursday, May 14th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $276.75.

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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