Citigroup Inc. Acquires 45,138 Shares of Tower Semiconductor Ltd. $TSEM

Citigroup Inc. raised its holdings in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 242.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 63,766 shares of the semiconductor company’s stock after purchasing an additional 45,138 shares during the quarter. Citigroup Inc.’s holdings in Tower Semiconductor were worth $4,544,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Westside Investment Management Inc. raised its position in shares of Tower Semiconductor by 100.0% in the third 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 position in Tower Semiconductor in the 3rd quarter valued at about $52,000. GF Fund Management CO. LTD. acquired a new stake in Tower Semiconductor during the third quarter worth approximately $83,000. E Fund Management Hong Kong Co. Ltd. bought a new stake in shares of Tower Semiconductor during the third quarter worth approximately $92,000. Finally, Spinnaker Investment Group LLC acquired a new position in shares of Tower Semiconductor in the third quarter valued at approximately $202,000. 70.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on TSEM. Wedbush boosted their price target on Tower Semiconductor from $125.00 to $140.00 and gave the company a “neutral” rating in a research note on Thursday, February 12th. Weiss Ratings reissued a “hold (c)” rating on shares of Tower Semiconductor in a report on Monday, December 29th. Barclays upped their price target on shares of Tower Semiconductor from $114.00 to $142.00 and gave the company an “equal weight” rating in a research note on Friday, February 13th. Benchmark lifted their price objective on shares of Tower Semiconductor from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Thursday, February 12th. Finally, Susquehanna reissued a “positive” rating and issued a $180.00 price objective on shares of Tower Semiconductor in a report on Thursday, February 12th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Tower Semiconductor currently has a consensus rating of “Hold” and an average price target of $156.75.

Tower Semiconductor Stock Down 1.6%

Shares of NASDAQ:TSEM opened at $123.50 on Thursday. Tower Semiconductor Ltd. has a 12 month low of $28.64 and a 12 month high of $149.57. The company has a debt-to-equity ratio of 0.05, a quick ratio of 5.51 and a current ratio of 6.48. The firm has a 50 day moving average of $127.68 and a 200-day moving average of $99.16.

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