Legato Capital Management LLC Buys 2,489 Shares of Tower Semiconductor Ltd. $TSEM

Legato Capital Management LLC increased its stake in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 10.0% during the fourth quarter, Holdings Channel reports. The firm owned 27,318 shares of the semiconductor company’s stock after acquiring an additional 2,489 shares during the period. Legato Capital Management LLC’s holdings in Tower Semiconductor were worth $3,208,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Y.D. More Investments Ltd increased its position in shares of Tower Semiconductor by 4.6% in the fourth quarter. Y.D. More Investments Ltd now owns 1,009,846 shares of the semiconductor company’s stock worth $118,084,000 after purchasing an additional 44,401 shares during the period. Migdal Insurance & Financial Holdings Ltd. increased its position in shares of Tower Semiconductor by 0.8% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,002,806 shares of the semiconductor company’s stock worth $352,589,000 after purchasing an additional 25,000 shares during the period. Argent Trust Co bought a new position in shares of Tower Semiconductor in the third quarter worth $287,000. Granahan Investment Management LLC increased its position in shares of Tower Semiconductor by 42.6% in the third quarter. Granahan Investment Management LLC now owns 178,188 shares of the semiconductor company’s stock worth $12,883,000 after purchasing an additional 53,208 shares during the period. Finally, Rockingstone Advisors LLC bought a new position in shares of Tower Semiconductor in the fourth quarter worth $5,296,000. Institutional investors own 70.51% of the company’s stock.

Tower Semiconductor Stock Performance

NASDAQ:TSEM opened at $283.43 on Friday. The stock’s 50-day moving average is $203.98 and its 200-day moving average is $148.32. The company has a current ratio of 5.63, a quick ratio of 4.92 and a debt-to-equity ratio of 0.04. The stock has a market cap of $31.87 billion, a P/E ratio of 131.83 and a beta of 0.85. Tower Semiconductor Ltd. has a 1-year low of $37.48 and a 1-year high of $288.19.

Tower Semiconductor (NASDAQ:TSEM) last posted its quarterly earnings data on Wednesday, May 13th. The semiconductor company reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.09. The company had revenue of $413.63 million for the quarter, compared to analyst estimates of $410.72 million. Tower Semiconductor had a return on equity of 8.54% and a net margin of 15.13%.The firm’s quarterly revenue was up 15.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.35 earnings per share. Equities research analysts anticipate that Tower Semiconductor Ltd. will post 2.64 earnings per share for the current year.

Analyst Upgrades and Downgrades

TSEM has been the topic of a number of recent analyst reports. Barclays lifted their target price 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. Susquehanna lifted their target price on Tower Semiconductor from $180.00 to $330.00 and gave the company a “positive” rating in a research report on Thursday, May 14th. Wedbush lifted their target price on Tower Semiconductor from $140.00 to $300.00 and gave the company a “neutral” rating in a research report on Thursday, May 14th. Finally, Benchmark lifted their target price on Tower Semiconductor from $230.00 to $335.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Tower Semiconductor presently has an average rating of “Hold” and a consensus price target of $276.75.

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.