Y Intercept Hong Kong Ltd Purchases Shares of 22,839 Tower Semiconductor Ltd. (NASDAQ:TSEM)

Key Points

• Y Intercept Hong Kong Ltd has acquired 22,839 shares of Tower Semiconductor Ltd. (NASDAQ:TSEM), totaling approximately $814,000 during the first quarter.
• Tower Semiconductor's latest quarterly earnings fell short of analysts' expectations, reporting an EPS of $0.35 compared to a consensus of $0.36, although revenue increased by 9.4% year-over-year.
• Analysts have given Tower Semiconductor a consensus rating of "Moderate Buy" with a price target of $60.00, while institutional investors own over 70% of the company's stock.

Y Intercept Hong Kong Ltd purchased a new position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 22,839 shares of the semiconductor company's stock, valued at approximately $814,000.

A number of other institutional investors also recently modified their holdings of the business. Foundry Partners LLC raised its holdings in shares of Tower Semiconductor by 7.6% during the 1st quarter. Foundry Partners LLC now owns 12,223 shares of the semiconductor company's stock worth $436,000 after buying an additional 868 shares in the last quarter. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management acquired a new position in shares of Tower Semiconductor during the 1st quarter worth $33,211,000. Jennison Associates LLC grew its position in Tower Semiconductor by 2.3% during the 1st quarter. Jennison Associates LLC now owns 2,546,357 shares of the semiconductor company's stock worth $90,803,000 after acquiring an additional 57,544 shares during the last quarter. Verdence Capital Advisors LLC bought a new stake in Tower Semiconductor during the 1st quarter worth $477,000. Finally, Victory Capital Management Inc. grew its position in Tower Semiconductor by 2.6% during the 1st quarter. Victory Capital Management Inc. now owns 1,985,110 shares of the semiconductor company's stock worth $70,789,000 after acquiring an additional 50,980 shares during the last quarter. Institutional investors and hedge funds own 70.51% of the company's stock.

Wall Street Analyst Weigh In

Separately, Benchmark restated a "buy" rating and set a $60.00 price objective on shares of Tower Semiconductor in a research report on Thursday, May 15th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $60.00.

Tower Semiconductor Price Performance

TSEM stock traded up $0.13 during midday trading on Tuesday, reaching $48.09. 425,106 shares of the stock were exchanged, compared to its average volume of 697,858. The stock has a market capitalization of $5.33 billion, a PE ratio of 26.63 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 current ratio of 6.93 and a quick ratio of 5.82. The company has a fifty day moving average price of $43.12 and a 200 day moving average price of $41.90.

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

Tower Semiconductor Company 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.