Granite Investment Partners LLC Sells 5,771 Shares of Tower Semiconductor Ltd. $TSEM

Granite Investment Partners LLC cut its holdings in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 5.3% during the 1st quarter, HoldingsChannel reports. The fund owned 102,856 shares of the semiconductor company’s stock after selling 5,771 shares during the quarter. Tower Semiconductor makes up 1.1% of Granite Investment Partners LLC’s investment portfolio, making the stock its 19th biggest position. Granite Investment Partners LLC’s holdings in Tower Semiconductor were worth $18,049,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Amundi grew its holdings in shares of Tower Semiconductor by 86.8% during the 1st quarter. Amundi now owns 21,617 shares of the semiconductor company’s stock valued at $771,000 after purchasing an additional 10,042 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Tower Semiconductor by 4.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 99,633 shares of the semiconductor company’s stock worth $3,553,000 after purchasing an additional 3,954 shares during the last quarter. Geode Capital Management LLC lifted its stake in Tower Semiconductor by 0.7% in the second quarter. Geode Capital Management LLC now owns 95,384 shares of the semiconductor company’s stock worth $4,135,000 after purchasing an additional 662 shares during the last quarter. Hsbc Holdings PLC purchased a new stake in Tower Semiconductor during the second quarter valued at about $438,000. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of Tower Semiconductor during the second quarter valued at about $5,809,000. 70.51% of the stock is currently owned by institutional investors.

Tower Semiconductor Trading Up 2.3%

Shares of TSEM opened at $216.70 on Thursday. The stock has a market capitalization of $24.37 billion, a P/E ratio of 100.79 and a beta of 0.87. Tower Semiconductor Ltd. has a twelve month low of $43.12 and a twelve month high of $319.94. The company has a quick ratio of 4.92, a current ratio of 5.63 and a debt-to-equity ratio of 0.04. The firm has a fifty day simple moving average of $252.27 and a two-hundred day simple moving average of $184.38.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Susquehanna lifted their price objective on Tower Semiconductor from $180.00 to $330.00 and gave the stock a “positive” rating in a report on Thursday, May 14th. Wedbush lifted their price target on Tower Semiconductor from $140.00 to $300.00 and gave the stock a “neutral” rating in a research note on Thursday, May 14th. Finally, Benchmark boosted their price objective on Tower Semiconductor from $230.00 to $335.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Tower Semiconductor presently 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.