Pictet Asset Management Holding SA lowered its position in Tower Semiconductor Ltd. (NASDAQ:TSEM – Free Report) by 9.9% in the third quarter, Holdings Channel.com reports. The firm owned 243,305 shares of the semiconductor company’s stock after selling 26,760 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Tower Semiconductor were worth $55,583,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently added to or reduced their stakes in the business. QRG Capital Management Inc. increased its position in Tower Semiconductor by 4.1% during the 2nd quarter. QRG Capital Management Inc. now owns 1,295 shares of the semiconductor company’s stock worth $338,000 after purchasing an additional 51 shares during the period. Versant Capital Management Inc lifted its holdings in shares of Tower Semiconductor by 20.8% in the 3rd quarter. Versant Capital Management Inc now owns 319 shares of the semiconductor company’s stock valued at $73,000 after buying an additional 55 shares during the period. Silverleafe Capital Partners LLC boosted its stake in shares of Tower Semiconductor by 3.0% in the second quarter. Silverleafe Capital Partners LLC now owns 2,860 shares of the semiconductor company’s stock valued at $745,000 after buying an additional 84 shares in the last quarter. SBI Securities Co. Ltd. boosted its stake in shares of Tower Semiconductor by 1.8% in the third quarter. SBI Securities Co. Ltd. now owns 5,111 shares of the semiconductor company’s stock valued at $1,162,000 after buying an additional 92 shares in the last quarter. Finally, Integrated Wealth Concepts LLC boosted its stake in shares of Tower Semiconductor by 8.1% in the second quarter. Integrated Wealth Concepts LLC now owns 1,428 shares of the semiconductor company’s stock valued at $372,000 after buying an additional 107 shares in the last quarter. Hedge funds and other institutional investors own 70.51% of the company’s stock.
Analyst Ratings Changes
TSEM has been the subject of several research analyst reports. Barclays began coverage on Tower Semiconductor in a research report on Friday, September 18th. They issued an “overweight” rating and a $310.00 price objective for the company. UBS Group restated a “buy” rating on shares of Tower Semiconductor in a research report on Wednesday, July 15th. DA Davidson set a $335.00 target price on shares of Tower Semiconductor in a research report on Tuesday, November 3rd. Stifel Nicolaus lowered their price target on shares of Tower Semiconductor from $270.00 to $235.00 and set a “buy” rating on the stock in a research note on Tuesday, November 3rd. Finally, Benchmark reiterated a “buy” rating on shares of Tower Semiconductor in a report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Tower Semiconductor presently has a consensus rating of “Moderate Buy” and an average price target of $297.12.
View Our Latest Research Report on TSEM
Tower Semiconductor Price Performance
TSEM stock opened at $152.29 on Tuesday. The firm has a 50 day moving average of $204.50 and a 200-day moving average of $204.84. Tower Semiconductor Ltd. has a 12-month low of $86.52 and a 12-month high of $319.94. The company has a current ratio of 3.72, a quick ratio of 4.31 and a debt-to-equity ratio of 0.04. The company has a market cap of $17.13 billion, a price-to-earnings ratio of 47.85 and a beta of 0.95.
Tower Semiconductor (NASDAQ:TSEM – Get Free Report) last released its quarterly earnings results on Monday, November 2nd. The semiconductor company reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The firm had revenue of $526.16 million during the quarter, compared to analyst estimates of $521.83 million. Tower Semiconductor had a return on equity of 11.72% and a net margin of 19.36%. The business’s revenue was up 32.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.47 EPS. As a group, equities analysts expect that Tower Semiconductor Ltd. will post 3.56 EPS for the current fiscal year.
Insider Transactions at Tower Semiconductor
In other Tower Semiconductor news, Director Yoav Chelouche sold 232 shares of the business’s stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $215.06, for a total transaction of $49,893.92. Following the sale, the director directly owned 33,734 shares in the company, valued at approximately $7,254,834.04. The trade was a 0.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.00% of the company’s stock.
Tower Semiconductor Profile
Tower Semiconductor Ltd. is an Israel-based specialty semiconductor foundry that manufactures chips for companies that design and market their own products. Its services include wafer fabrication, process development and engineering support, helping customers bring semiconductor designs from development into production.
The company focuses on analog and mixed-signal technologies used in areas such as radio-frequency communications, power management, image sensing, automotive electronics and silicon photonics.
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