WT Asset Management Ltd Makes New $78.97 Million Investment in Tower Semiconductor Ltd. $TSEM

Key Points

• WT Asset Management bought 672,515 shares of Tower Semiconductor in Q4 — about $78.97 million — representing roughly 3.1% of its portfolio and the fund's 11th-largest position.
• Tower beat quarterly expectations with $0.78 EPS versus $0.67 expected and $440.21 million in revenue (up 13.7% YoY), posting a 14.08% net margin, indicating improving fundamentals.
• Analyst views are mixed: MarketBeat's consensus is "Hold" with an average target of $173, though several firms have raised targets (e.g., Benchmark to $230), and institutional ownership is about 70.5%.

WT Asset Management Ltd purchased a new position in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 672,515 shares of the semiconductor company's stock, valued at approximately $78,967,000. Tower Semiconductor accounts for about 3.1% of WT Asset Management Ltd's portfolio, making the stock its 11th largest position.

Other institutional investors have also added to or reduced their stakes in the company. Y.D. More Investments Ltd raised its position in shares of Tower Semiconductor by 4.6% during the 4th quarter. Y.D. More Investments Ltd now owns 1,009,846 shares of the semiconductor company's stock valued at $118,084,000 after purchasing an additional 44,401 shares during the period. Argent Trust Co bought a new stake in shares of Tower Semiconductor during the 3rd quarter valued at $287,000. Migdal Insurance & Financial Holdings Ltd. raised its position in shares of Tower Semiconductor by 0.8% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,002,806 shares of the semiconductor company's stock valued at $352,589,000 after purchasing an additional 25,000 shares during the period. Granahan Investment Management LLC raised its position in shares of Tower Semiconductor by 42.6% during the 3rd quarter. Granahan Investment Management LLC now owns 178,188 shares of the semiconductor company's stock valued at $12,883,000 after purchasing an additional 53,208 shares during the period. Finally, Harbor Capital Advisors Inc. bought a new stake in shares of Tower Semiconductor during the 3rd quarter valued at $1,168,000. 70.51% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on TSEM shares. Susquehanna restated a "positive" rating and set a $180.00 price objective on shares of Tower Semiconductor in a research report on Thursday, February 12th. Benchmark raised their price objective on shares of Tower Semiconductor from $165.00 to $230.00 and gave the company a "buy" rating in a research report on Thursday, March 26th. Barclays raised their price objective on shares of Tower Semiconductor from $114.00 to $142.00 and gave the company an "equal weight" rating in a research report on Friday, February 13th. Wedbush raised their price objective on shares of Tower Semiconductor from $125.00 to $140.00 and gave the company a "neutral" rating in a research report on Thursday, February 12th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Tower Semiconductor in a research note on Monday, December 29th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Tower Semiconductor currently has a consensus rating of "Hold" and an average target price of $173.00.

Tower Semiconductor Stock Performance

TSEM opened at $199.96 on Friday. The stock has a market capitalization of $22.49 billion, a price-to-earnings ratio of 103.61 and a beta of 0.71. The company has a fifty day moving average of $163.10 and a 200 day moving average of $127.59. Tower Semiconductor Ltd. has a fifty-two week low of $34.73 and a fifty-two week high of $228.73. The company has a debt-to-equity ratio of 0.05, a quick ratio of 5.51 and a current ratio of 6.48.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last posted its earnings results on Wednesday, February 11th. The semiconductor company reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.11. The company had revenue of $440.21 million during the quarter, compared to analysts' expectations of $439.81 million. Tower Semiconductor had a net margin of 14.08% and a return on equity of 7.86%. Tower Semiconductor's quarterly revenue was up 13.7% on a year-over-year basis. During the same period last year, the company posted $0.49 earnings per share. As a group, sell-side analysts forecast that Tower Semiconductor Ltd. will post 2.64 earnings per share for the current fiscal year.

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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