Renaissance Group LLC reduced its stake in Tower Semiconductor Ltd. (NASDAQ:TSEM – Free Report) by 56.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 62,928 shares of the semiconductor company’s stock after selling 82,087 shares during the period. Renaissance Group LLC owned approximately 0.06% of Tower Semiconductor worth $7,389,000 at the end of the most recent quarter.
A number of other large investors also recently bought and sold shares of the stock. Amundi increased its position in shares of Tower Semiconductor by 86.8% during the first quarter. Amundi now owns 21,617 shares of the semiconductor company’s stock valued at $771,000 after acquiring an additional 10,042 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Tower Semiconductor by 4.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 99,633 shares of the semiconductor company’s stock worth $3,553,000 after purchasing an additional 3,954 shares during the period. Geode Capital Management LLC grew its position in Tower Semiconductor by 0.7% in the 2nd quarter. Geode Capital Management LLC now owns 95,384 shares of the semiconductor company’s stock valued at $4,135,000 after acquiring an additional 662 shares in the last quarter. Hsbc Holdings PLC purchased a new stake in shares of Tower Semiconductor during the second quarter worth $438,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in Tower Semiconductor in the 2nd quarter valued at about $5,809,000. Institutional investors and hedge funds own 70.51% of the company’s stock.
Wall Street Analyst Weigh In
TSEM has been the subject of a number of research reports. Susquehanna boosted their price target on shares of Tower Semiconductor from $180.00 to $330.00 and gave the company a “positive” rating in a research report on Thursday, May 14th. Barclays boosted their price target on 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 increased their price objective on Tower Semiconductor from $140.00 to $300.00 and gave the stock a “neutral” rating in a research report on Thursday, May 14th. Finally, Benchmark raised their target price on shares of Tower Semiconductor from $230.00 to $335.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $276.75.
Tower Semiconductor Stock Up 2.4%
Tower Semiconductor stock opened at $233.54 on Thursday. Tower Semiconductor Ltd. has a fifty-two week low of $37.48 and a fifty-two week high of $302.86. The firm has a market capitalization of $26.26 billion, a price-to-earnings ratio of 108.62 and a beta of 0.87. The stock’s fifty day moving average is $230.74 and its two-hundred day moving average is $163.93. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.92 and a current ratio of 5.63.
Tower Semiconductor (NASDAQ:TSEM – Get Free Report) last released its quarterly earnings results on Wednesday, May 13th. The semiconductor company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.09. The business had revenue of $413.63 million during the quarter, compared to the consensus estimate of $410.72 million. Tower Semiconductor had a return on equity of 8.54% and a net margin of 15.13%.The business’s revenue was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.35 EPS. Analysts predict that Tower Semiconductor Ltd. will post 2.84 EPS for the current fiscal year.
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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