Insider Selling: Tower Semiconductor (NASDAQ:TSEM) CEO Sells $25,883,484.84 in Stock

Tower Semiconductor Ltd. (NASDAQ:TSEM) CEO Russell Craig Ellwanger sold 104,226 shares of the business’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $248.34, for a total transaction of $25,883,484.84. Following the completion of the sale, the chief executive officer directly owned 526,788 shares of the company’s stock, valued at $130,822,531.92. The trade was a 16.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Russell Craig Ellwanger also recently made the following trade(s):

• On Monday, August 10th, Russell Craig Ellwanger sold 77,309 shares of Tower Semiconductor stock. The shares were sold at an average price of $254.52, for a total transaction of $19,676,686.68.

Tower Semiconductor Stock Performance

Shares of TSEM stock opened at $265.48 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.31 and a current ratio of 4.91. Tower Semiconductor Ltd. has a one year low of $46.25 and a one year high of $319.94. The company’s 50-day simple moving average is $244.61 and its 200-day simple moving average is $205.25. The stock has a market capitalization of $29.85 billion, a price-to-earnings ratio of 104.93 and a beta of 0.90.

Tower Semiconductor (NASDAQ:TSEM) last announced its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.12. Tower Semiconductor had a return on equity of 9.83% and a net margin of 16.94%.The firm had revenue of $460.08 million during the quarter, compared to analyst estimates of $454.68 million. During the same period in the previous year, the company earned $0.41 earnings per share. Tower Semiconductor’s quarterly revenue was up 23.7% on a year-over-year basis. Equities analysts anticipate that Tower Semiconductor Ltd. will post 3.57 earnings per share for the current fiscal year.

Institutional Trading of Tower Semiconductor

Several hedge funds have recently made changes to their positions in the stock. CIBC Private Wealth Group LLC boosted its position in Tower Semiconductor by 254.2% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 418 shares of the semiconductor company’s stock valued at $30,000 after purchasing an additional 300 shares during the period. Advisory Services Network LLC acquired a new stake in Tower Semiconductor in the third quarter worth $48,000. Kestra Advisory Services LLC bought a new stake in Tower Semiconductor in the fourth quarter valued at $52,000. Hanson & Doremus Investment Management bought a new stake in Tower Semiconductor in the first quarter valued at $53,000. Finally, SBI Securities Co. Ltd. boosted its holdings in shares of Tower Semiconductor by 344.4% during the fourth quarter. SBI Securities Co. Ltd. now owns 520 shares of the semiconductor company’s stock valued at $61,000 after acquiring an additional 403 shares during the period. Institutional investors own 70.51% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on TSEM. National Bank Financial raised Tower Semiconductor to a “buy” rating in a research report on Friday, August 7th. Wedbush lifted their price objective on shares of Tower Semiconductor from $140.00 to $300.00 and gave the stock a “neutral” rating in a report on Thursday, May 14th. Benchmark reiterated a “buy” rating on shares of Tower Semiconductor in a research note on Wednesday, August 5th. Bank of America initiated coverage on shares of Tower Semiconductor in a report on Friday, August 7th. They set a “buy” rating and a $367.00 target price on the stock. Finally, UBS Group reaffirmed a “buy” rating on shares of Tower Semiconductor in a report on Wednesday, July 15th. Five investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $294.80.

Tower Semiconductor Company 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.