Fmr LLC purchased a new stake in Tower Semiconductor Ltd. (NASDAQ:TSEM) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 178,200 shares of the semiconductor company’s stock, valued at approximately $3,922,000. Fmr LLC owned approximately 0.18% of Tower Semiconductor as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Mount Yale Investment Advisors LLC bought a new position in Tower Semiconductor in the first quarter valued at approximately $138,000. New England Research & Management Inc. bought a new position in Tower Semiconductor in the second quarter valued at approximately $354,000. A.R.T. Advisors LLC bought a new position in Tower Semiconductor in the first quarter valued at approximately $484,000. Trexquant Investment LP bought a new position in Tower Semiconductor in the second quarter valued at approximately $485,000. Finally, Cubist Systematic Strategies LLC grew its stake in Tower Semiconductor by 113.0% in the first quarter. Cubist Systematic Strategies LLC now owns 28,950 shares of the semiconductor company’s stock valued at $779,000 after purchasing an additional 15,357 shares in the last quarter. Hedge funds and other institutional investors own 46.66% of the company’s stock.
Shares of NASDAQ TSEM opened at $20.40 on Friday. The company has a quick ratio of 2.58, a current ratio of 3.07 and a debt-to-equity ratio of 0.11. Tower Semiconductor Ltd. has a 12 month low of $19.26 and a 12 month high of $36.69. The company has a market cap of $2.14 billion, a PE ratio of 9.44 and a beta of 1.03.
Tower Semiconductor (NASDAQ:TSEM) last issued its earnings results on Thursday, July 26th. The semiconductor company reported $0.42 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by ($0.02). Tower Semiconductor had a return on equity of 19.19% and a net margin of 19.58%. The business had revenue of $335.10 million for the quarter, compared to the consensus estimate of $335.00 million. During the same quarter in the prior year, the firm posted $0.49 earnings per share. The business’s revenue was down 2.9% compared to the same quarter last year. On average, research analysts expect that Tower Semiconductor Ltd. will post 1.63 EPS for the current year.
A number of research analysts have weighed in on the company. Craig Hallum set a $29.00 price target on Tower Semiconductor and gave the company a “buy” rating in a research note on Thursday, August 23rd. Needham & Company LLC reiterated a “buy” rating and set a $28.00 target price (down from $32.00) on shares of Tower Semiconductor in a research note on Friday, July 27th. BidaskClub upgraded Tower Semiconductor from a “sell” rating to a “hold” rating in a research note on Wednesday, August 29th. Credit Suisse Group reduced their target price on Tower Semiconductor from $31.50 to $28.50 and set an “outperform” rating for the company in a research note on Friday, July 27th. Finally, Standpoint Research upgraded Tower Semiconductor from a “hold” rating to a “buy” rating and set a $18.00 target price for the company in a research note on Tuesday, August 28th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $30.79.
Tower Semiconductor Profile
Tower Semiconductor Ltd. engages in the manufacture of integrated circuits. Its products include semiconductors and integrated circuits used in consumer electronics, personal computers, communications, automotive, industrial, and medical device products. The company was founded in 1993 and is headquartered in Migdal Haemek, Israel.
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