Tower Semiconductor Ltd. $TSEM Shares Sold by Legal & General Group Plc

Legal & General Group Plc decreased its holdings in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 10.6% in the 4th quarter, Holdings Channel.com reports. The fund owned 340,462 shares of the semiconductor company’s stock after selling 40,545 shares during the quarter. Legal & General Group Plc’s holdings in Tower Semiconductor were worth $39,874,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. USA Financial Formulas acquired a new stake in Tower Semiconductor during the fourth quarter worth $27,000. CIBC Private Wealth Group LLC increased its stake in Tower Semiconductor by 254.2% during the third 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 during the last quarter. Westside Investment Management Inc. increased its stake in Tower Semiconductor by 100.0% during the third quarter. Westside Investment Management Inc. now owns 452 shares of the semiconductor company’s stock worth $34,000 after acquiring an additional 226 shares during the last quarter. Advisory Services Network LLC acquired a new stake in Tower Semiconductor during the third quarter worth $48,000. Finally, SBI Securities Co. Ltd. increased its stake in Tower Semiconductor by 344.4% during the fourth quarter. SBI Securities Co. Ltd. now owns 520 shares of the semiconductor company’s stock worth $61,000 after acquiring an additional 403 shares during the last quarter. Institutional investors and hedge funds own 70.51% of the company’s stock.

Analyst Ratings Changes

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

Tower Semiconductor Trading Down 7.4%

Shares of NASDAQ TSEM opened at $255.23 on Friday. Tower Semiconductor Ltd. has a twelve month low of $37.48 and a twelve month high of $302.86. The company has a current ratio of 5.63, a quick ratio of 4.92 and a debt-to-equity ratio of 0.04. The stock has a fifty day simple moving average of $218.36 and a 200-day simple moving average of $155.02. The stock has a market capitalization of $28.70 billion, a PE ratio of 118.71 and a beta of 0.85.

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

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.