Norges Bank Makes New Investment in Tower Semiconductor Ltd. $TSEM

Norges Bank bought a new position in Tower Semiconductor Ltd. (NASDAQ:TSEM) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 368,669 shares of the semiconductor company’s stock, valued at approximately $43,224,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. USA Financial Formulas purchased a new stake in Tower Semiconductor in the 4th quarter worth approximately $27,000. CIBC Private Wealth Group LLC raised its holdings in shares of 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 acquiring an additional 300 shares in the last quarter. SBI Securities Co. Ltd. raised its holdings in shares of Tower Semiconductor by 344.4% in the 4th quarter. SBI Securities Co. Ltd. now owns 520 shares of the semiconductor company’s stock valued at $61,000 after acquiring an additional 403 shares in the last quarter. CoreCap Advisors LLC purchased a new stake in shares of Tower Semiconductor in the 4th quarter valued at about $68,000. Finally, Farther Finance Advisors LLC raised its holdings in shares of Tower Semiconductor by 575.3% in the 4th quarter. Farther Finance Advisors LLC now owns 655 shares of the semiconductor company’s stock valued at $77,000 after acquiring an additional 558 shares in the last quarter. 70.51% of the stock is currently owned by hedge funds and other institutional investors.

Tower Semiconductor Price Performance

Shares of NASDAQ:TSEM opened at $242.04 on Tuesday. The stock has a market cap of $27.22 billion, a PE ratio of 112.58 and a beta of 0.87. The company’s fifty day moving average is $228.12 and its 200 day moving average is $162.02. Tower Semiconductor Ltd. has a 52 week low of $37.48 and a 52 week high of $302.86. The company has a quick ratio of 4.92, a current ratio of 5.63 and a debt-to-equity ratio of 0.04.

Tower Semiconductor (NASDAQ:TSEM) last announced its quarterly earnings results on Wednesday, May 13th. The semiconductor company reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.09. The business had revenue of $413.63 million for 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 business’s quarterly revenue was up 15.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.35 EPS. Research analysts anticipate that Tower Semiconductor Ltd. will post 2.84 earnings per share for the current year.

Analyst Ratings Changes

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

Tower Semiconductor Company 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.