Nuveen Asset Management LLC trimmed its stake in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 2.7% during the second quarter, Holdings Channel.com reports. The fund owned 716,801 shares of the semiconductor company’s stock after selling 20,196 shares during the period. Nuveen Asset Management LLC’s holdings in Tower Semiconductor were worth $11,304,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in TSEM. Vanguard Group Inc. boosted its holdings in shares of Tower Semiconductor by 8.5% in the 2nd quarter. Vanguard Group Inc. now owns 2,613,809 shares of the semiconductor company’s stock valued at $41,220,000 after buying an additional 203,707 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Tower Semiconductor by 14.6% in the second quarter. Renaissance Technologies LLC now owns 1,553,786 shares of the semiconductor company’s stock valued at $24,503,000 after buying an additional 197,500 shares during the period. Clearbridge Investments LLC raised its stake in shares of Tower Semiconductor by 3.4% during the first quarter. Clearbridge Investments LLC now owns 1,202,823 shares of the semiconductor company’s stock valued at $19,919,000 after purchasing an additional 39,661 shares during the period. Migdal Insurance & Financial Holdings Ltd. increased its stake in shares of Tower Semiconductor by 6.2% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,028,080 shares of the semiconductor company’s stock worth $16,213,000 after buying an additional 60,000 shares during the last quarter. Finally, Ibex Investors LLC boosted its holdings in Tower Semiconductor by 11.1% in the second quarter. Ibex Investors LLC now owns 1,000,000 shares of the semiconductor company’s stock worth $15,770,000 after purchasing an additional 100,000 shares during the period. 51.09% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts have weighed in on the company. BidaskClub raised Tower Semiconductor from a “hold” rating to a “buy” rating in a research note on Friday, October 4th. TheStreet cut Tower Semiconductor from a “b-” rating to a “c” rating in a report on Monday, July 29th. Finally, ValuEngine cut Tower Semiconductor from a “buy” rating to a “hold” rating in a report on Monday, October 7th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $22.34.
Tower Semiconductor (NASDAQ:TSEM) last posted its quarterly earnings results on Monday, July 29th. The semiconductor company reported $0.24 EPS for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.05. Tower Semiconductor had a return on equity of 11.19% and a net margin of 9.34%. The firm had revenue of $306.06 million during the quarter, compared to analyst estimates of $303.15 million. During the same period last year, the company earned $0.42 earnings per share. The business’s revenue for the quarter was down 8.7% on a year-over-year basis. Sell-side analysts expect that Tower Semiconductor Ltd. will post 0.89 earnings per share for the current fiscal year.
Tower Semiconductor Company Profile
Tower Semiconductor Ltd., an independent semiconductor foundry, manufactures and markets analog intensive mixed-signal semiconductor devices in the United States, Japan, Asia, and Europe. It provides various customizable process technologies, including SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, integrated power management, and MEMS.
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