First Trust Advisors LP Acquires Shares of 3,811 Tower Semiconductor Ltd. $TSEM

First Trust Advisors LP bought a new position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) during the first quarter, HoldingsChannel reports. The firm bought 3,811 shares of the semiconductor company’s stock, valued at approximately $660,000.

Several other hedge funds also recently made changes to their positions in TSEM. Amundi increased its holdings in shares of Tower Semiconductor by 86.8% in the 1st 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 lifted its stake in Tower Semiconductor by 4.1% during the first 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 boosted its holdings in Tower Semiconductor by 0.7% in the second 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 period. Hsbc Holdings PLC acquired a new position in Tower Semiconductor in the second quarter worth $438,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in Tower Semiconductor in the second quarter worth $5,809,000. Institutional investors and hedge funds own 70.51% of the company’s stock.

Tower Semiconductor Price Performance

Shares of NASDAQ TSEM opened at $249.58 on Wednesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.91 and a quick ratio of 4.31. The firm has a market capitalization of $28.07 billion, a PE ratio of 98.65 and a beta of 0.90. Tower Semiconductor Ltd. has a 1-year low of $45.51 and a 1-year high of $319.94. The business’s fifty day moving average price is $244.33 and its two-hundred day moving average price is $203.03.

Tower Semiconductor (NASDAQ:TSEM) last announced its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.12. The company had revenue of $460.08 million during the quarter, compared to the consensus estimate of $454.68 million. Tower Semiconductor had a net margin of 16.94% and a return on equity of 9.83%. The company’s revenue for the quarter was up 23.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.41 earnings per share. On average, research analysts expect that Tower Semiconductor Ltd. will post 3.04 EPS for the current year.

Analyst Upgrades and Downgrades

TSEM has been the topic of a number of research reports. National Bank Financial raised shares of Tower Semiconductor to a “buy” rating in a report on Friday. Susquehanna lifted their price target on shares of Tower Semiconductor from $180.00 to $330.00 and gave the company a “positive” rating in a report on Thursday, May 14th. Benchmark reaffirmed a “buy” rating on shares of Tower Semiconductor in a report on Wednesday, August 5th. Bank of America started coverage on shares of Tower Semiconductor in a research report on Friday, August 7th. They set a “buy” rating and a $367.00 price objective for the company. Finally, Wedbush increased their price objective on shares of Tower Semiconductor from $140.00 to $300.00 and gave the stock a “neutral” rating in a research note on Thursday, May 14th. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Tower Semiconductor has an average rating of “Moderate Buy” and a consensus target price of $294.80.

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.