7,493 Tower Semiconductor Ltd. $TSEM Shares Sold by State of Wyoming

State of Wyoming decreased its position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 48.5% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 7,956 shares of the semiconductor company’s stock after selling 7,493 shares during the quarter. State of Wyoming’s holdings in Tower Semiconductor were worth $1,809,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in TSEM. Swiss National Bank boosted its stake in shares of Tower Semiconductor by 86.0% in the 1st quarter. Swiss National Bank now owns 414,850 shares of the semiconductor company’s stock valued at $70,625,000 after purchasing an additional 191,839 shares during the last quarter. Empowered Funds LLC acquired a new position in shares of Tower Semiconductor in the 1st quarter valued at $754,000. Public Employees Retirement System of Ohio bought a new stake in shares of Tower Semiconductor in the second quarter worth about $2,044,000. Plato Investment Management Ltd bought a new stake in Tower Semiconductor during the 2nd quarter worth approximately $3,491,000. Finally, Assenagon Asset Management S.A. increased its position in shares of Tower Semiconductor by 4.4% during the second quarter. Assenagon Asset Management S.A. now owns 118,406 shares of the semiconductor company’s stock worth $30,378,000 after acquiring an additional 4,965 shares in the last quarter. Institutional investors and hedge funds own 70.51% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Stifel Nicolaus started coverage on shares of Tower Semiconductor in a research note on Tuesday, September 1st. They set a “buy” rating and a $270.00 price target for the company. Mizuho started coverage on shares of Tower Semiconductor in a report on Friday, September 25th. They set an “outperform” rating and a $300.00 target price on the stock. Barclays began coverage on shares of Tower Semiconductor in a report on Friday, September 18th. They issued an “overweight” rating and a $310.00 target price on the stock. National Bank Financial upgraded Tower Semiconductor to a “buy” rating in a report on Friday, August 7th. Finally, Weiss Ratings downgraded Tower Semiconductor from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $316.00.

Insider Transactions at Tower Semiconductor

In other news, Director Yoav Chelouche sold 232 shares of Tower Semiconductor stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $215.06, for a total value of $49,893.92. Following the transaction, the director owned 33,734 shares in the company, valued at approximately $7,254,834.04. This trade represents a 0.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Russell 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 value of $25,883,484.84. Following the transaction, the chief executive officer directly owned 526,788 shares of the company’s stock, valued at approximately $130,822,531.92. The trade was a 16.52% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 181,767 shares of company stock worth $45,610,065 over the last quarter. Corporate insiders own 1.00% of the company’s stock.

Tower Semiconductor Stock Down 11.4%

TSEM opened at $166.48 on Friday. Tower Semiconductor Ltd. has a fifty-two week low of $80.63 and a fifty-two week high of $319.94. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.31 and a current ratio of 4.91. The company has a market capitalization of $18.72 billion, a P/E ratio of 74.28 and a beta of 0.89. The stock has a fifty day moving average of $212.65 and a 200-day moving average of $204.23.

Tower Semiconductor (NASDAQ:TSEM) last announced its earnings results on Tuesday, August 4th. The semiconductor company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.12. The firm had revenue of $460.08 million for the quarter, compared to analyst estimates of $454.68 million. Tower Semiconductor had a net margin of 16.94% and a return on equity of 9.83%. The business’s revenue was up 23.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.41 EPS. On average, equities analysts expect that Tower Semiconductor Ltd. will post 3.56 EPS for the current year.

Tower Semiconductor Profile

Tower Semiconductor Ltd. is an Israeli specialty semiconductor foundry that manufactures integrated circuits for fabless semiconductor companies, integrated device manufacturers and system companies. The company provides process technologies and production services rather than selling branded end-user electronics.

Its offerings include analog and mixed-signal technologies, radio-frequency and high-voltage circuits, power management solutions, image sensors, and specialty memory products.