Meitav Investment House Ltd. Sells 459,151 Shares of Tower Semiconductor Ltd. (NASDAQ:TSEM)

Meitav Investment House Ltd. decreased its stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 18.0% during the fourth quarter, Holdings Channel reports. The firm owned 2,096,379 shares of the semiconductor company’s stock after selling 459,151 shares during the quarter. Tower Semiconductor comprises about 1.8% of Meitav Investment House Ltd.’s holdings, making the stock its 16th biggest position. Meitav Investment House Ltd.’s holdings in Tower Semiconductor were worth $108,184,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. raised its stake in Tower Semiconductor by 203.8% during the 3rd quarter. Point72 Asset Management L.P. now owns 3,105,383 shares of the semiconductor company’s stock valued at $137,444,000 after buying an additional 2,083,262 shares during the last quarter. Summit Partners Public Asset Management LLC grew its holdings in shares of Tower Semiconductor by 1,146.9% in the third quarter. Summit Partners Public Asset Management LLC now owns 1,496,315 shares of the semiconductor company’s stock worth $66,227,000 after acquiring an additional 1,376,315 shares during the period. Scopia Capital Management LP purchased a new stake in Tower Semiconductor during the third quarter valued at $13,926,000. Assenagon Asset Management S.A. bought a new position in Tower Semiconductor in the third quarter valued at about $11,094,000. Finally, Y.D. More Investments Ltd boosted its position in Tower Semiconductor by 27.5% in the fourth quarter. Y.D. More Investments Ltd now owns 866,539 shares of the semiconductor company’s stock worth $44,883,000 after purchasing an additional 187,103 shares during the last quarter. Hedge funds and other institutional investors own 70.51% of the company’s stock.

Tower Semiconductor Price Performance

Shares of NASDAQ:TSEM opened at $47.18 on Thursday. The firm’s 50 day simple moving average is $50.44 and its two-hundred day simple moving average is $46.04. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.18 and a quick ratio of 5.23. The company has a market capitalization of $5.23 billion, a P/E ratio of 25.37 and a beta of 0.88. Tower Semiconductor Ltd. has a 1-year low of $30.48 and a 1-year high of $55.31.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on TSEM shares. Wedbush reiterated an “outperform” rating and issued a $60.00 price objective on shares of Tower Semiconductor in a research note on Tuesday, February 11th. Benchmark reiterated a “buy” rating and issued a $60.00 price target on shares of Tower Semiconductor in a research report on Tuesday, February 11th. StockNews.com cut shares of Tower Semiconductor from a “buy” rating to a “hold” rating in a research note on Tuesday, November 12th. Susquehanna upped their price objective on Tower Semiconductor from $55.00 to $60.00 and gave the stock a “positive” rating in a research note on Thursday, November 14th. Finally, Craig Hallum lifted 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. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $60.00.

About Tower Semiconductor

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.