Harbor Capital Advisors Inc. Cuts Position in Tower Semiconductor Ltd. $TSEM

Harbor Capital Advisors Inc. decreased its position in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 76.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,806 shares of the semiconductor company’s stock after selling 12,354 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Tower Semiconductor were worth $447,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Argent Trust Co acquired a new stake in shares of Tower Semiconductor in the third quarter valued at $287,000. Granahan Investment Management LLC raised its stake in shares of Tower Semiconductor by 42.6% in the third quarter. Granahan Investment Management LLC now owns 178,188 shares of the semiconductor company’s stock valued at $12,883,000 after acquiring an additional 53,208 shares in the last quarter. Jennison Associates LLC raised its stake in shares of Tower Semiconductor by 18.8% in the third quarter. Jennison Associates LLC now owns 2,331,831 shares of the semiconductor company’s stock valued at $168,591,000 after acquiring an additional 369,600 shares in the last quarter. G2 Investment Partners Management LLC acquired a new stake in shares of Tower Semiconductor in the second quarter valued at $4,985,000. Finally, Calamos Advisors LLC acquired a new stake in shares of Tower Semiconductor in the third quarter valued at $699,000. Hedge funds and other institutional investors own 70.51% of the company’s stock.

Analyst Upgrades and Downgrades

TSEM has been the topic of several analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Tower Semiconductor in a research note on Monday, December 29th. Barclays increased their price objective on 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 increased their price objective on Tower Semiconductor from $165.00 to $230.00 and gave the company a “buy” rating in a research note on Thursday, March 26th. Susquehanna reiterated a “positive” rating and issued a $180.00 price objective on shares of Tower Semiconductor in a research note on Thursday, February 12th. Finally, Wedbush increased their price objective on Tower Semiconductor from $125.00 to $140.00 and gave the company a “neutral” rating in a research note on Thursday, February 12th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $173.00.

Tower Semiconductor Stock Performance

NASDAQ:TSEM opened at $190.19 on Tuesday. The firm has a market capitalization of $21.39 billion, a PE ratio of 98.54 and a beta of 0.71. The business’s fifty day moving average price is $142.17 and its 200 day moving average price is $114.74. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.48 and a quick ratio of 5.51. Tower Semiconductor Ltd. has a 12 month low of $30.02 and a 12 month high of $203.18.

Tower Semiconductor (NASDAQ:TSEM) last posted its earnings results on Wednesday, February 11th. The semiconductor company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.67 by $0.11. The firm had revenue of $440.21 million for the quarter, compared to analyst estimates of $439.81 million. Tower Semiconductor had a return on equity of 7.86% and a net margin of 14.08%.Tower Semiconductor’s revenue for the quarter was up 13.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.49 earnings per share. On average, sell-side 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.