Tower Semiconductor Ltd. (TSEM) Stake Decreased by Nationwide Fund Advisors
Nationwide Fund Advisors decreased its position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 58.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,793 shares of the semiconductor company’s stock after selling 28,800 shares during the period. Nationwide Fund Advisors’ holdings in Tower Semiconductor were worth $496,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently bought and sold shares of TSEM. Parametric Portfolio Associates LLC acquired a new stake in shares of Tower Semiconductor during the first quarter worth approximately $217,000. JPMorgan Chase & Co. increased its holdings in shares of Tower Semiconductor by 319.3% during the first quarter. JPMorgan Chase & Co. now owns 10,194 shares of the semiconductor company’s stock worth $235,000 after buying an additional 7,763 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Tower Semiconductor by 69.4% during the first quarter. Geode Capital Management LLC now owns 75,044 shares of the semiconductor company’s stock worth $1,728,000 after buying an additional 30,753 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Tower Semiconductor by 70.5% during the first quarter. Dimensional Fund Advisors LP now owns 232,830 shares of the semiconductor company’s stock worth $5,367,000 after buying an additional 96,283 shares in the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of Tower Semiconductor by 4.2% during the first quarter. Bank of America Corp DE now owns 360,835 shares of the semiconductor company’s stock worth $8,318,000 after buying an additional 14,577 shares in the last quarter. 45.97% of the stock is owned by institutional investors.
Several analysts have recently weighed in on TSEM shares. BidaskClub lowered shares of Tower Semiconductor from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Credit Suisse Group started coverage on shares of Tower Semiconductor in a report on Tuesday, September 26th. They set an “outperform” rating and a $36.00 price objective for the company. Finally, ValuEngine raised shares of Tower Semiconductor from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $33.00.
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Shares of Tower Semiconductor Ltd. (TSEM) opened at $32.45 on Friday. The firm has a market capitalization of $3,179.65, a price-to-earnings ratio of 15.88, a P/E/G ratio of 1.10 and a beta of 0.96. The company has a current ratio of 3.18, a quick ratio of 2.63 and a debt-to-equity ratio of 0.37.
Tower Semiconductor (NASDAQ:TSEM) last released its earnings results on Thursday, August 3rd. The semiconductor company reported $0.53 EPS for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.03. Tower Semiconductor had a return on equity of 28.28% and a net margin of 14.53%. The firm had revenue of $345.10 million during the quarter, compared to the consensus estimate of $344.98 million. During the same quarter in the previous year, the company posted $0.45 earnings per share. The company’s revenue was up 13.1% compared to the same quarter last year. equities research analysts predict that Tower Semiconductor Ltd. will post 1.97 earnings per share for the current fiscal year.
Tower Semiconductor 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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