First Trust Advisors LP Invests $660,000 in Tower Semiconductor Ltd. $TSEM

First Trust Advisors LP bought a new stake in Tower Semiconductor Ltd. (NASDAQ:TSEM) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 3,811 shares of the semiconductor company’s stock, valued at approximately $660,000.

A number of other hedge funds have also made changes to their positions in TSEM. Hanson & Doremus Investment Management purchased a new stake in Tower Semiconductor during the 1st quarter worth $53,000. CIBC Private Wealth Group LLC increased its holdings in Tower Semiconductor by 254.2% in 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 in the last quarter. Kestra Advisory Services LLC purchased a new position in Tower Semiconductor in the fourth quarter valued at about $52,000. SBI Securities Co. Ltd. raised its position in Tower Semiconductor by 344.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 520 shares of the semiconductor company’s stock valued at $61,000 after purchasing an additional 403 shares during the period. Finally, Caitong International Asset Management Co. Ltd acquired a new position in shares of Tower Semiconductor during the fourth quarter worth about $76,000. Hedge funds and other institutional investors own 70.51% of the company’s stock.

Tower Semiconductor Stock Down 1.2%

Shares of NASDAQ:TSEM opened at $249.58 on Wednesday. The company has a current ratio of 4.91, a quick ratio of 4.31 and a debt-to-equity ratio of 0.04. The company has a fifty day simple moving average of $244.33 and a 200 day simple moving average of $203.03. The firm has a market cap of $28.07 billion, a PE ratio of 98.65 and a beta of 0.90. Tower Semiconductor Ltd. has a 12-month low of $45.51 and a 12-month high of $319.94.

Tower Semiconductor (NASDAQ:TSEM) last posted its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.12. The firm had revenue of $460.08 million for the quarter, compared to analysts’ expectations of $454.68 million. Tower Semiconductor had a net margin of 16.94% and a return on equity of 9.83%. The firm’s quarterly revenue was up 23.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.41 earnings per share. On average, equities research analysts anticipate that Tower Semiconductor Ltd. will post 3.04 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently weighed in on TSEM. National Bank Financial raised Tower Semiconductor to a “buy” rating in a research report on Friday. Wedbush raised their target price on Tower Semiconductor from $140.00 to $300.00 and gave the company a “neutral” rating in a report on Thursday, May 14th. UBS Group reissued a “buy” rating on shares of Tower Semiconductor in a research report on Wednesday, July 15th. Susquehanna upped their price target on Tower Semiconductor from $180.00 to $330.00 and gave the stock a “positive” rating in a report on Thursday, May 14th. Finally, Bank of America assumed coverage on shares of Tower Semiconductor in a research report on Friday, August 7th. They issued a “buy” rating and a $367.00 price objective for the company. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Tower Semiconductor has an average rating of “Moderate Buy” and a consensus target price of $294.80.

About Tower Semiconductor

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.