HighTower Advisors LLC Cuts Position in Tower Semiconductor Ltd. (TSEM)
HighTower Advisors LLC reduced its stake in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 19.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 196,318 shares of the semiconductor company’s stock after selling 46,039 shares during the quarter. HighTower Advisors LLC owned 0.20% of Tower Semiconductor worth $4,681,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Dupont Capital Management Corp grew its position in Tower Semiconductor by 24.4% in the second quarter. Dupont Capital Management Corp now owns 6,219 shares of the semiconductor company’s stock valued at $148,000 after purchasing an additional 1,219 shares in the last quarter. Parametric Portfolio Associates LLC bought a new position in shares of Tower Semiconductor in the first quarter valued at $217,000. JPMorgan Chase & Co. grew its stake in shares of Tower Semiconductor by 319.3% in the first quarter. JPMorgan Chase & Co. now owns 10,194 shares of the semiconductor company’s stock valued at $235,000 after buying an additional 7,763 shares in the last quarter. Sei Investments Co. grew its stake in shares of Tower Semiconductor by 12.7% in the first quarter. Sei Investments Co. now owns 10,593 shares of the semiconductor company’s stock valued at $244,000 after buying an additional 1,190 shares in the last quarter. Finally, Bayesian Capital Management LP bought a new position in shares of Tower Semiconductor in the second quarter valued at $279,000. 49.19% of the stock is currently owned by institutional investors and hedge funds.
Tower Semiconductor Ltd. (NASDAQ:TSEM) opened at 31.04 on Wednesday. The firm has a market capitalization of $3.04 billion, a price-to-earnings ratio of 15.89 and a beta of 1.00. Tower Semiconductor Ltd. has a 12-month low of $15.22 and a 12-month high of $32.33. The company’s 50 day moving average price is $28.88 and its 200-day moving average price is $25.34.
Tower Semiconductor (NASDAQ:TSEM) last posted its earnings results on Thursday, August 3rd. The semiconductor company reported $0.53 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.03. Tower Semiconductor had a net margin of 14.53% and a return on equity of 28.28%. The firm had revenue of $345.10 million for the quarter, compared to analysts’ expectations of $344.98 million. During the same quarter last year, the firm earned $0.45 EPS. The company’s quarterly revenue was up 13.1% compared to the same quarter last year. On average, equities analysts anticipate that Tower Semiconductor Ltd. will post $2.06 earnings per share for the current fiscal year.
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Several analysts have issued reports on the stock. ValuEngine raised shares of Tower Semiconductor from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. Credit Suisse Group began coverage on shares of Tower Semiconductor in a research note on Tuesday, September 26th. They set an “outperform” rating and a $36.00 price objective on the stock. BidaskClub raised shares of Tower Semiconductor from a “hold” rating to a “buy” rating in a report on Thursday, August 24th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $35.00 target price on shares of Tower Semiconductor in a research note on Friday, June 9th. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $33.00.
Tower Semiconductor Company Profile
Tower Semiconductor Ltd. operates as an independent semiconductor foundry focused primarily on specialty process technologies. The Company focuses on producing integrated circuits (ICs) based on the design specifications of its customers. The Company manufactures semiconductors for its customers primarily based on third-party designs.
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