Sei Investments Co. trimmed its holdings in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM – Free Report) by 39.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 91,554 shares of the semiconductor company’s stock after selling 59,175 shares during the period. Sei Investments Co. owned about 0.08% of Tower Semiconductor worth $16,066,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Amundi boosted its position in 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 purchasing an additional 10,042 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased 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 last quarter. Geode Capital Management LLC increased its position in shares of Tower Semiconductor by 0.7% during the 2nd quarter. Geode Capital Management LLC now owns 95,384 shares of the semiconductor company’s stock worth $4,135,000 after purchasing an additional 662 shares during the last quarter. Hsbc Holdings PLC bought a new stake in shares of Tower Semiconductor during the 2nd quarter worth approximately $438,000. Finally, Arrowstreet Capital Limited Partnership bought a new stake in shares of Tower Semiconductor during the 2nd quarter worth approximately $5,809,000. Institutional investors own 70.51% of the company’s stock.
Analyst Ratings Changes
Several research firms recently weighed in on TSEM. Wedbush raised their target price on shares of Tower Semiconductor from $140.00 to $300.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. Benchmark reaffirmed a “buy” rating on shares of Tower Semiconductor in a research report on Wednesday, July 15th. UBS Group reiterated a “buy” rating on shares of Tower Semiconductor in a research note on Wednesday, July 15th. Finally, Susquehanna lifted their price objective 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. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Tower Semiconductor presently has an average rating of “Moderate Buy” and an average price target of $276.75.
Tower Semiconductor Stock Up 12.4%
Shares of TSEM opened at $211.16 on Friday. The company has a current ratio of 5.63, a quick ratio of 4.92 and a debt-to-equity ratio of 0.04. Tower Semiconductor Ltd. has a 12 month low of $43.12 and a 12 month high of $319.94. The firm’s 50 day moving average is $250.47 and its 200-day moving average is $196.92. The stock has a market capitalization of $23.74 billion, a PE ratio of 98.21 and a beta of 0.87.
About Tower Semiconductor
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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