Leucadia National Corp acquired a new stake in Tower Semiconductor Ltd. (NASDAQ:TSEM) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 25,000 shares of the semiconductor company’s stock, valued at approximately $576,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Wellington Management Group LLP boosted its stake in Tower Semiconductor by 34.8% in the first quarter. Wellington Management Group LLP now owns 4,450,943 shares of the semiconductor company’s stock valued at $102,595,000 after buying an additional 1,148,547 shares in the last quarter. Acadian Asset Management LLC boosted its stake in Tower Semiconductor by 37.9% in the first quarter. Acadian Asset Management LLC now owns 1,546,513 shares of the semiconductor company’s stock valued at $35,647,000 after buying an additional 425,132 shares during the period. Macquarie Group Ltd. bought a new stake in Tower Semiconductor during the fourth quarter valued at $28,658,000. Alkeon Capital Management LLC boosted its stake in Tower Semiconductor by 27.9% in the fourth quarter. Alkeon Capital Management LLC now owns 1,496,955 shares of the semiconductor company’s stock valued at $28,487,000 after buying an additional 326,540 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. boosted its stake in Tower Semiconductor by 342.4% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,175,064 shares of the semiconductor company’s stock valued at $17,837,000 after buying an additional 909,474 shares during the period. 48.58% of the stock is owned by institutional investors.
Tower Semiconductor Ltd. (NASDAQ TSEM) traded down 1.76% on Tuesday, hitting $23.95. 206,070 shares of the stock traded hands. The company has a market capitalization of $2.25 billion, a PE ratio of 12.84 and a beta of 0.85. The firm has a 50-day moving average price of $24.38 and a 200-day moving average price of $22.12. Tower Semiconductor Ltd. has a 12 month low of $11.25 and a 12 month high of $25.89.
Tower Semiconductor (NASDAQ:TSEM) last issued its quarterly earnings data on Monday, May 8th. The semiconductor company reported $0.49 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.02. Tower Semiconductor had a return on equity of 28.41% and a net margin of 14.10%. The company had revenue of $330.10 million during the quarter, compared to analysts’ expectations of $330 million. During the same quarter in the previous year, the business earned $0.34 earnings per share. The firm’s revenue for the quarter was up 18.7% on a year-over-year basis. Analysts forecast that Tower Semiconductor Ltd. will post $2.03 earnings per share for the current year.
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Several research firms recently commented on TSEM. TheStreet raised shares of Tower Semiconductor from a “c” rating to a “b-” rating in a report on Monday, May 8th. Needham & Company LLC reissued a “strong-buy” rating and issued a $35.00 price target (up previously from $30.00) on shares of Tower Semiconductor in a report on Tuesday, May 9th. Finally, ValuEngine raised shares of Tower Semiconductor from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 2nd.
Tower Semiconductor Company Profile
Tower Semiconductor Ltd. operates as an independent semiconductor foundry focused primarily on specialty process technologies. The Company focuses on producing integrated circuits (ICs) based on the design specifications of its customers. The Company manufactures semiconductors for its customers primarily based on third-party designs.
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