King Luther Capital Management Corp cut its holdings in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM – Free Report) by 9.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 261,466 shares of the semiconductor company’s stock after selling 26,885 shares during the quarter. King Luther Capital Management Corp’s holdings in Tower Semiconductor were worth $30,701,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TSEM. WT Asset Management Ltd purchased a new position in Tower Semiconductor in the 4th quarter valued at approximately $78,967,000. Park West Asset Management LLC purchased a new position in Tower Semiconductor in the 3rd quarter valued at approximately $42,657,000. Balyasny Asset Management L.P. boosted its position in Tower Semiconductor by 565.6% in the 3rd quarter. Balyasny Asset Management L.P. now owns 444,800 shares of the semiconductor company’s stock valued at $32,159,000 after buying an additional 377,975 shares during the period. Schonfeld Strategic Advisors LLC boosted its position in Tower Semiconductor by 99.0% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 702,993 shares of the semiconductor company’s stock valued at $50,826,000 after buying an additional 349,759 shares during the period. Finally, GF Fund Management CO. LTD. boosted its position in Tower Semiconductor by 26,835.5% in the 4th quarter. GF Fund Management CO. LTD. now owns 308,412 shares of the semiconductor company’s stock valued at $36,214,000 after buying an additional 307,267 shares during the period. Hedge funds and other institutional investors own 70.51% of the company’s stock.
Analyst Ratings Changes
Several equities analysts have commented on the stock. Barclays raised their price target on shares of Tower Semiconductor from $114.00 to $142.00 and gave the company an “equal weight” rating in a research report on Friday, February 13th. Benchmark raised their price target on shares of Tower Semiconductor from $230.00 to $335.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Susquehanna raised 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. Finally, Wedbush raised their price target on shares of Tower Semiconductor from $140.00 to $300.00 and gave the company a “neutral” rating in a research report on Thursday, May 14th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $276.75.
Tower Semiconductor Price Performance
Shares of TSEM opened at $288.53 on Wednesday. Tower Semiconductor Ltd. has a twelve month low of $37.48 and a twelve month high of $302.86. The firm’s fifty day simple moving average is $210.56 and its 200-day simple moving average is $151.60. The firm has a market capitalization of $32.45 billion, a price-to-earnings ratio of 134.20 and a beta of 0.85. 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 (NASDAQ:TSEM – Get Free Report) last announced its quarterly earnings data on Wednesday, May 13th. The semiconductor company reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.09. Tower Semiconductor had a net margin of 15.13% and a return on equity of 8.54%. The business had revenue of $413.63 million for the quarter, compared to analyst estimates of $410.72 million. During the same period last year, the business earned $0.35 EPS. The company’s revenue was up 15.5% on a year-over-year basis. Equities analysts forecast that Tower Semiconductor Ltd. will post 2.64 EPS for the current fiscal year.
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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