287,818 Shares in Tower Semiconductor Ltd. (NASDAQ:TSEM) Purchased by Polar Capital Holdings Plc

Polar Capital Holdings Plc purchased a new position in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 287,818 shares of the semiconductor company's stock, valued at approximately $14,826,000. Polar Capital Holdings Plc owned approximately 0.26% of Tower Semiconductor at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of TSEM. Invesco Ltd. increased its position in Tower Semiconductor by 251.9% during the fourth quarter. Invesco Ltd. now owns 1,761,235 shares of the semiconductor company's stock worth $90,721,000 after purchasing an additional 1,260,683 shares during the last quarter. Neumeier Poma Investment Counsel LLC acquired a new stake in Tower Semiconductor during the fourth quarter worth about $33,034,000. American Century Companies Inc. acquired a new stake in Tower Semiconductor during the fourth quarter worth about $20,015,000. Arvin Capital Management LP acquired a new stake in Tower Semiconductor during the fourth quarter worth about $11,243,000. Finally, Norges Bank acquired a new stake in Tower Semiconductor during the fourth quarter worth about $11,126,000. 70.51% of the stock is owned by hedge funds and other institutional investors.

Tower Semiconductor Stock Up 0.9%

Shares of Tower Semiconductor stock traded up $0.38 during trading hours on Wednesday, hitting $41.57. The company had a trading volume of 104,720 shares, compared to its average volume of 570,555. The company's 50-day moving average is $36.62 and its two-hundred day moving average is $43.90. Tower Semiconductor Ltd. has a twelve month low of $28.64 and a twelve month high of $55.31. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.18 and a quick ratio of 5.23. The company has a market cap of $4.61 billion, a P/E ratio of 22.35 and a beta of 0.75.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last released its earnings results on Wednesday, May 14th. The semiconductor company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.01). The firm had revenue of $358.17 million during the quarter, compared to analyst estimates of $358.09 million. Tower Semiconductor had a return on equity of 8.11% and a net margin of 14.47%. The firm's revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the business posted $0.40 EPS. Analysts anticipate that Tower Semiconductor Ltd. will post 1.67 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

TSEM has been the subject of a number of recent analyst reports. Benchmark reiterated a "buy" rating and set a $60.00 price target on shares of Tower Semiconductor in a research report on Thursday, May 15th. Wedbush reissued an "outperform" rating and issued a $60.00 price objective on shares of Tower Semiconductor in a research report on Tuesday, February 11th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $60.00.

About Tower Semiconductor

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.