JPMorgan Chase & Co. Has $1.91 Million Stake in Tower Semiconductor Ltd. (TSEM)
JPMorgan Chase & Co. grew its holdings in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 687.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 80,243 shares of the semiconductor company’s stock after acquiring an additional 70,049 shares during the period. JPMorgan Chase & Co. owned about 0.09% of Tower Semiconductor worth $1,914,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in the company. Oppenheimer & Co. Inc. raised its stake in shares of Tower Semiconductor by 52.7% during the second quarter. Oppenheimer & Co. Inc. now owns 16,800 shares of the semiconductor company’s stock valued at $401,000 after acquiring an additional 5,800 shares during the last quarter. Swiss National Bank raised its stake in shares of Tower Semiconductor by 8.8% during the second quarter. Swiss National Bank now owns 149,821 shares of the semiconductor company’s stock valued at $3,612,000 after acquiring an additional 12,055 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Tower Semiconductor by 4.7% during the second quarter. Principal Financial Group Inc. now owns 533,581 shares of the semiconductor company’s stock valued at $12,726,000 after acquiring an additional 23,765 shares during the last quarter. Renaissance Group LLC raised its stake in shares of Tower Semiconductor by 8.9% during the second quarter. Renaissance Group LLC now owns 19,195 shares of the semiconductor company’s stock valued at $458,000 after acquiring an additional 1,576 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Tower Semiconductor by 21.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,850 shares of the semiconductor company’s stock valued at $354,000 after acquiring an additional 2,648 shares during the last quarter. 49.20% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts recently weighed in on the stock. Needham & Company LLC reissued a “buy” rating and set a $35.00 target price on shares of Tower Semiconductor in a research note on Wednesday, June 21st. BidaskClub downgraded shares of Tower Semiconductor from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Credit Suisse Group assumed coverage on shares of Tower Semiconductor in a research note on Tuesday, September 26th. They set an “outperform” rating and a $36.00 target price for the company. Finally, ValuEngine raised shares of Tower Semiconductor from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 1st. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $33.00.
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Tower Semiconductor Ltd. (NASDAQ:TSEM) opened at 31.03 on Friday. The company has a market cap of $3.04 billion, a P/E ratio of 15.89 and a beta of 1.00. The company’s 50-day moving average is $30.07 and its 200-day moving average is $25.80. Tower Semiconductor Ltd. has a 52 week low of $15.22 and a 52 week high of $32.33.
Tower Semiconductor (NASDAQ:TSEM) last issued its quarterly earnings data 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 business had revenue of $345.10 million during the quarter, compared to analyst estimates of $344.98 million. During the same period in the prior year, the business earned $0.45 EPS. The company’s revenue for the quarter was up 13.1% on a year-over-year basis. On average, analysts anticipate that Tower Semiconductor Ltd. will post $2.06 EPS for the current fiscal year.
About Tower Semiconductor
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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