Pier Capital LLC Takes $3.72 Million Position in Tower Semiconductor Ltd. $TSEM

Pier Capital LLC purchased a new position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 51,404 shares of the semiconductor company’s stock, valued at approximately $3,717,000.

Other large investors also recently added to or reduced their stakes in the company. Westside Investment Management Inc. lifted its holdings in Tower Semiconductor by 100.0% during the third quarter. Westside Investment Management Inc. now owns 452 shares of the semiconductor company’s stock valued at $34,000 after purchasing an additional 226 shares during the last quarter. Covestor Ltd bought a new position in Tower Semiconductor during the third quarter worth about $52,000. GF Fund Management CO. LTD. purchased a new position in shares of Tower Semiconductor in the third quarter worth about $83,000. E Fund Management Hong Kong Co. Ltd. purchased a new position in shares of Tower Semiconductor in the third quarter worth about $92,000. Finally, Quadrant Capital Group LLC bought a new stake in shares of Tower Semiconductor in the third quarter valued at approximately $125,000. Hedge funds and other institutional investors own 70.51% of the company’s stock.

Analysts Set New Price Targets

TSEM has been the topic of a number of recent research reports. Susquehanna restated a “positive” rating and set a $180.00 price target on shares of Tower Semiconductor in a research note on Thursday, February 12th. Barclays lifted their price objective on shares of Tower Semiconductor from $114.00 to $142.00 and gave the company an “equal weight” rating in a research note on Friday, February 13th. Wedbush increased their target price on Tower Semiconductor from $125.00 to $140.00 and gave the stock a “neutral” rating in a research report on Thursday, February 12th. Benchmark raised their price target on Tower Semiconductor from $150.00 to $165.00 and gave the stock a “buy” rating in a report on Thursday, February 12th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Tower Semiconductor in a research report on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $156.75.

Tower Semiconductor Trading Down 0.8%

Shares of Tower Semiconductor stock opened at $118.54 on Friday. The company’s 50-day moving average price is $127.29 and its 200-day moving average price is $101.57. The company has a current ratio of 6.48, a quick ratio of 5.51 and a debt-to-equity ratio of 0.05. Tower Semiconductor Ltd. has a 12-month low of $28.64 and a 12-month high of $149.57. The company has a market cap of $13.33 billion, a price-to-earnings ratio of 61.42 and a beta of 0.91.

Tower Semiconductor (NASDAQ:TSEM) last issued its quarterly earnings data on Wednesday, February 11th. The semiconductor company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.67 by $0.11. The company had revenue of $440.21 million during the quarter, compared to analysts’ expectations of $439.81 million. Tower Semiconductor had a net margin of 14.08% and a return on equity of 7.86%. Tower Semiconductor’s revenue for the quarter was up 13.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.49 earnings per share. On average, equities analysts expect that Tower Semiconductor Ltd. will post 1.67 earnings per share for the current fiscal year.

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.