Hodges Capital Management Inc. Sells 43,545 Shares of Tower Semiconductor Ltd. $TSEM

Hodges Capital Management Inc. decreased its position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 25.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 126,232 shares of the semiconductor company’s stock after selling 43,545 shares during the period. Hodges Capital Management Inc. owned 0.11% of Tower Semiconductor worth $9,127,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of TSEM. Westside Investment Management Inc. raised its position in shares of Tower Semiconductor by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 452 shares of the semiconductor company’s stock valued at $34,000 after purchasing an additional 226 shares during the period. Covestor Ltd bought a new stake in Tower Semiconductor during the third quarter valued at about $52,000. GF Fund Management CO. LTD. bought a new stake in Tower Semiconductor during the third quarter valued at about $83,000. E Fund Management Hong Kong Co. Ltd. purchased a new position in shares of Tower Semiconductor in the third quarter valued at about $92,000. Finally, Spinnaker Investment Group LLC bought a new position in shares of Tower Semiconductor in the third quarter worth about $202,000. 70.51% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

TSEM has been the topic of a number of research analyst reports. Benchmark boosted their price target on Tower Semiconductor from $150.00 to $165.00 and gave the stock a “buy” rating in a report on Thursday, February 12th. Wedbush boosted their target price on shares of Tower Semiconductor from $125.00 to $140.00 and gave the stock a “neutral” rating in a report on Thursday, February 12th. Susquehanna reaffirmed a “positive” rating and set a $180.00 target price on shares of Tower Semiconductor in a research note on Thursday, February 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of Tower Semiconductor in a report on Monday, December 29th. Finally, Barclays increased their price objective on shares of Tower Semiconductor from $114.00 to $142.00 and gave the company an “equal weight” rating in a report on Friday. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $156.75.

Tower Semiconductor Price Performance

TSEM stock opened at $127.78 on Wednesday. Tower Semiconductor Ltd. has a 52 week low of $28.64 and a 52 week high of $149.57. The firm has a market capitalization of $14.16 billion, a P/E ratio of 66.21 and a beta of 0.89. The company has a fifty day simple moving average of $126.07 and a two-hundred day simple moving average of $93.39. The company has a quick ratio of 5.51, a current ratio of 6.48 and a debt-to-equity ratio of 0.05.

Tower Semiconductor (NASDAQ:TSEM) last announced its earnings results on Wednesday, February 11th. The semiconductor company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.11. Tower Semiconductor had a net margin of 14.08% and a return on equity of 7.86%. The firm had revenue of $440.21 million for the quarter, compared to analysts’ expectations of $439.81 million. During the same period in the prior year, the company earned $0.49 EPS. The business’s revenue was up 13.7% compared to the same quarter last year. Analysts anticipate that Tower Semiconductor Ltd. will post 1.67 earnings per share for the current fiscal year.

About Tower Semiconductor

Tower Semiconductor, traded on NASDAQ under the symbol TSEM, is a specialty foundry company that provides analog and mixed-signal semiconductor manufacturing services to a broad array of customers worldwide. The company focuses on delivering tailored process technologies for high-growth markets, including radio frequency (RF), power management, imaging, automotive electronics, and Internet of Things (IoT) applications. By combining deep process know-how with flexible manufacturing capabilities, Tower Semiconductor supports the development and volume production of advanced semiconductor devices for fabless and integrated device manufacturer customers.

The company’s technology portfolio spans standard and specialty processes such as CMOS, BiCMOS, high-voltage, radio frequency, silicon photonics, micro-electromechanical systems (MEMS) and image sensor production.