State Street Corp Reduces Position in Tower Semiconductor Ltd. (NASDAQ:TSEM)

State Street Corp decreased its position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 12.3% during the third quarter, Holdings Channel reports. The institutional investor owned 138,269 shares of the semiconductor company’s stock after selling 19,344 shares during the period. State Street Corp’s holdings in Tower Semiconductor were worth $6,120,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Essex Investment Management Co. LLC increased its holdings in shares of Tower Semiconductor by 7.5% in the 3rd quarter. Essex Investment Management Co. LLC now owns 179,579 shares of the semiconductor company’s stock worth $7,948,000 after buying an additional 12,551 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its holdings in Tower Semiconductor by 1.5% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,297,806 shares of the semiconductor company’s stock worth $145,961,000 after purchasing an additional 50,000 shares during the period. Summit Partners Public Asset Management LLC increased its position in Tower Semiconductor by 1,146.9% during the 3rd quarter. Summit Partners Public Asset Management LLC now owns 1,496,315 shares of the semiconductor company’s stock valued at $66,227,000 after purchasing an additional 1,376,315 shares during the period. Assenagon Asset Management S.A. bought a new stake in Tower Semiconductor during the 3rd quarter valued at $11,094,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Tower Semiconductor during the third quarter valued at about $573,000. 70.51% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on TSEM. Craig Hallum upped their target price on Tower Semiconductor from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Susquehanna increased their price objective on Tower Semiconductor from $55.00 to $60.00 and gave the company a “positive” rating in a research note on Thursday, November 14th. StockNews.com lowered Tower Semiconductor from a “buy” rating to a “hold” rating in a research note on Tuesday, November 12th. Finally, Benchmark reissued a “buy” rating and set a $55.00 target price on shares of Tower Semiconductor in a research note on Thursday, November 14th. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $58.33.

Tower Semiconductor Stock Performance

Shares of TSEM stock opened at $52.07 on Friday. The company has a current ratio of 5.82, a quick ratio of 4.89 and a debt-to-equity ratio of 0.05. Tower Semiconductor Ltd. has a 12 month low of $28.02 and a 12 month high of $54.27. The company has a market cap of $5.77 billion, a P/E ratio of 28.15 and a beta of 0.92. The firm has a fifty day moving average price of $47.38 and a 200 day moving average price of $43.39.

Tower Semiconductor (NASDAQ:TSEM) last issued its quarterly earnings data on Wednesday, November 13th. The semiconductor company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.12. The company had revenue of $370.50 million during the quarter, compared to analysts’ expectations of $370.30 million. Tower Semiconductor had a return on equity of 8.22% and a net margin of 14.75%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.47 earnings per share. Sell-side analysts predict that Tower Semiconductor Ltd. will post 1.77 earnings per share for the current fiscal year.

Tower Semiconductor Profile

Tower Semiconductor Ltd., an independent semiconductor foundry, focus on specialty process technologies to manufacture analog intensive mixed-signal semiconductor devices in Israel, the United States, Japan, Europe, and internationally. It provides various customizable process technologies, including SiGe, BiCMOS, mixed signal/CMOS, RF CMOS, CMOS image sensor, integrated power management, and MEMS.