Tidal Investments LLC Reduces Holdings in Tower Semiconductor Ltd. $TSEM

Tidal Investments LLC reduced its stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 40.0% during the 2nd quarter, Holdings Channel.com reports. The fund owned 31,713 shares of the semiconductor company’s stock after selling 21,147 shares during the quarter. Tidal Investments LLC’s holdings in Tower Semiconductor were worth $8,266,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. WINTON GROUP Ltd purchased a new position in shares of Tower Semiconductor during the second quarter worth about $9,592,000. Engineers Gate Manager LP lifted its holdings in shares of Tower Semiconductor by 1,039.1% in the 2nd quarter. Engineers Gate Manager LP now owns 23,921 shares of the semiconductor company’s stock valued at $6,235,000 after purchasing an additional 21,821 shares during the last quarter. Integrated Wealth Concepts LLC lifted its holdings in shares of Tower Semiconductor by 8.1% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 1,428 shares of the semiconductor company’s stock valued at $372,000 after purchasing an additional 107 shares during the last quarter. TD Waterhouse Canada Inc. boosted its position in shares of Tower Semiconductor by 230.7% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 334 shares of the semiconductor company’s stock valued at $82,000 after purchasing an additional 233 shares during the period. Finally, Nwam LLC acquired a new stake in shares of Tower Semiconductor in the 2nd quarter valued at about $212,000. 70.51% of the stock is owned by hedge funds and other institutional investors.

Tower Semiconductor Price Performance

Shares of NASDAQ TSEM opened at $211.52 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.91 and a quick ratio of 4.31. The stock has a fifty day moving average price of $227.66 and a 200 day moving average price of $217.26. Tower Semiconductor Ltd. has a 1-year low of $64.81 and a 1-year high of $319.94. The company has a market cap of $23.79 billion, a PE ratio of 83.61 and a beta of 0.88.

Tower Semiconductor (NASDAQ:TSEM) last announced its quarterly earnings data on Tuesday, August 4th. The semiconductor company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.12. The company had revenue of $460.08 million for the quarter, compared to analysts’ expectations of $454.68 million. Tower Semiconductor had a net margin of 16.94% and a return on equity of 9.83%. Tower Semiconductor’s revenue was up 23.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.41 EPS. Sell-side analysts forecast that Tower Semiconductor Ltd. will post 3.58 EPS for the current year.

Analyst Ratings Changes

Several research analysts have commented on the company. Stifel Nicolaus started coverage on Tower Semiconductor in a research report on Tuesday, September 1st. They set a “buy” rating and a $270.00 price target on the stock. Benchmark restated a “buy” rating on shares of Tower Semiconductor in a research report on Wednesday, August 5th. Weiss Ratings downgraded shares of Tower Semiconductor from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, August 18th. UBS Group reiterated a “buy” rating on shares of Tower Semiconductor in a research note on Wednesday, July 15th. Finally, Bank of America assumed coverage on shares of Tower Semiconductor in a research note on Friday, August 7th. They issued a “buy” rating and a $367.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $290.67.

Insider Activity at Tower Semiconductor

In other news, CEO Russell Ellwanger sold 104,226 shares of Tower Semiconductor stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $248.34, for a total value of $25,883,484.84. Following the sale, the chief executive officer owned 526,788 shares of the company’s stock, valued at $130,822,531.92. The trade was a 16.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.00% of the company’s stock.

About Tower Semiconductor

Tower Semiconductor Ltd. (NASDAQ:TSEM) is a specialty semiconductor foundry that manufactures integrated circuits for fabless chip companies, integrated device manufacturers and original equipment manufacturers. The company focuses on analog and mixed-signal technologies rather than high-volume digital logic, providing process development, wafer manufacturing, design enablement and other foundry services.

Its technology portfolio includes radio-frequency and high-performance analog circuits, power management, CMOS image sensors, medical and industrial sensors, silicon photonics, microelectromechanical systems (MEMS), and automotive and industrial semiconductor solutions.