Fifth Third Bancorp Buys 1,509 Shares of Tower Semiconductor Ltd. (NASDAQ:TSEM)

Fifth Third Bancorp boosted its stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 18.0% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 9,885 shares of the semiconductor company’s stock after purchasing an additional 1,509 shares during the period. Fifth Third Bancorp’s holdings in Tower Semiconductor were worth $352,000 as of its most recent filing with the SEC.

Several other institutional investors also recently added to or reduced their stakes in the stock. Squarepoint Ops LLC purchased a new stake in Tower Semiconductor during the fourth quarter valued at about $247,000. State of New Jersey Common Pension Fund D lifted its holdings in Tower Semiconductor by 292.0% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 29,230 shares of the semiconductor company’s stock valued at $1,506,000 after purchasing an additional 21,773 shares during the last quarter. Truist Financial Corp lifted its holdings in Tower Semiconductor by 34.6% during the fourth quarter. Truist Financial Corp now owns 17,330 shares of the semiconductor company’s stock valued at $893,000 after purchasing an additional 4,455 shares during the last quarter. Cetera Investment Advisers purchased a new stake in Tower Semiconductor during the fourth quarter valued at about $249,000. Finally, Blue Trust Inc. lifted its holdings in Tower Semiconductor by 12.7% during the fourth quarter. Blue Trust Inc. now owns 2,037 shares of the semiconductor company’s stock valued at $105,000 after purchasing an additional 230 shares during the last quarter. Institutional investors own 70.51% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Benchmark reaffirmed a “buy” rating and set a $60.00 price objective on shares of Tower Semiconductor in a report on Thursday, May 15th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $60.00.

Tower Semiconductor Trading Up 2.4%

Shares of Tower Semiconductor stock opened at $39.88 on Thursday. Tower Semiconductor Ltd. has a 12-month low of $28.64 and a 12-month high of $55.31. The company has a market cap of $4.42 billion, a price-to-earnings ratio of 22.03 and a beta of 0.77. The company has a current ratio of 6.93, a quick ratio of 5.82 and a debt-to-equity ratio of 0.05. The company’s 50-day moving average price is $38.56 and its 200-day moving average price is $43.15.

Tower Semiconductor (NASDAQ:TSEM) last announced its quarterly earnings results on Wednesday, May 14th. The semiconductor company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). Tower Semiconductor had a return on equity of 7.73% and a net margin of 13.86%. The firm had revenue of $358.17 million during the quarter, compared to analysts’ expectations of $358.09 million. During the same period in the previous year, the company posted $0.40 earnings per share. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. On average, equities analysts expect that Tower Semiconductor Ltd. will post 1.67 earnings per share for the current fiscal year.

Tower Semiconductor Company 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.