William Blair Investment Management LLC Sells 323,369 Shares of Tower Semiconductor Ltd. $TSEM

William Blair Investment Management LLC reduced its stake in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 46.0% during the fourth quarter, Holdings Channel.com reports. The fund owned 378,980 shares of the semiconductor company’s stock after selling 323,369 shares during the quarter. William Blair Investment Management LLC’s holdings in Tower Semiconductor were worth $44,500,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in TSEM. USA Financial Formulas bought a new position in Tower Semiconductor in the 4th quarter worth about $27,000. CIBC Private Wealth Group LLC grew its stake 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 worth $30,000 after acquiring an additional 300 shares in the last quarter. Westside Investment Management Inc. grew its stake in Tower Semiconductor by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 452 shares of the semiconductor company’s stock worth $34,000 after acquiring an additional 226 shares in the last quarter. Advisory Services Network LLC bought a new position in Tower Semiconductor in the 3rd quarter worth about $48,000. Finally, Covestor Ltd bought a new position in Tower Semiconductor in the 3rd quarter worth about $52,000. 70.51% of the stock is currently owned by institutional investors.

Tower Semiconductor Price Performance

NASDAQ TSEM opened at $283.43 on Monday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.92 and a current ratio of 5.63. The firm’s 50 day moving average price is $203.98 and its 200-day moving average price is $148.77. Tower Semiconductor Ltd. has a 52-week low of $37.48 and a 52-week high of $288.19. The company has a market cap of $31.87 billion, a PE ratio of 131.83 and a beta of 0.85.

Tower Semiconductor (NASDAQ:TSEM) last released its quarterly earnings data on Wednesday, May 13th. The semiconductor company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.09. Tower Semiconductor had a net margin of 15.13% and a return on equity of 8.54%. The firm had revenue of $413.63 million for the quarter, compared to the consensus estimate of $410.72 million. During the same period last year, the firm earned $0.35 earnings per share. The company’s quarterly revenue was up 15.5% on a year-over-year basis. Sell-side analysts forecast that Tower Semiconductor Ltd. will post 2.64 EPS for the current fiscal year.

Analyst Ratings Changes

TSEM has been the topic of a number of research analyst reports. Benchmark upped their target price on shares of Tower Semiconductor from $230.00 to $335.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. Wedbush upped their target price on shares of Tower Semiconductor from $140.00 to $300.00 and gave the stock a “neutral” rating in a research note on Thursday, May 14th. Barclays upped their target price on shares of Tower Semiconductor from $114.00 to $142.00 and gave the stock an “equal weight” rating in a research note on Friday, February 13th. Finally, Susquehanna upped their target price on shares of Tower Semiconductor from $180.00 to $330.00 and gave the stock a “positive” rating in a research note on Thursday, May 14th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Tower Semiconductor has a consensus rating of “Hold” and an average price target of $276.75.

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.