Legal & General Group Plc Lowers Stock Holdings in Tower Semiconductor Ltd. $TSEM

Legal & General Group Plc lowered its holdings in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 10.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 340,462 shares of the semiconductor company’s stock after selling 40,545 shares during the quarter. Legal & General Group Plc’s holdings in Tower Semiconductor were worth $39,874,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of TSEM. USA Financial Formulas purchased a new position in Tower Semiconductor during the fourth quarter worth approximately $27,000. CIBC Private Wealth Group LLC lifted its position in shares of Tower Semiconductor by 254.2% in the third quarter. CIBC Private Wealth Group LLC now owns 418 shares of the semiconductor company’s stock valued at $30,000 after acquiring an additional 300 shares in the last quarter. Westside Investment Management Inc. lifted 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 acquiring an additional 226 shares in the last quarter. Advisory Services Network LLC purchased a new position in shares of Tower Semiconductor in the third quarter valued at approximately $48,000. Finally, SBI Securities Co. Ltd. lifted its position in shares of Tower Semiconductor by 344.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 520 shares of the semiconductor company’s stock valued at $61,000 after acquiring an additional 403 shares in the last quarter. Hedge funds and other institutional investors own 70.51% of the company’s stock.

Tower Semiconductor Price Performance

NASDAQ:TSEM opened at $255.23 on Friday. Tower Semiconductor Ltd. has a one year low of $37.48 and a one year high of $302.86. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.92 and a current ratio of 5.63. The stock has a market cap of $28.70 billion, a PE ratio of 118.71 and a beta of 0.85. The stock has a 50 day moving average price of $218.36 and a 200 day moving average price of $155.02.

Tower Semiconductor (NASDAQ:TSEM) last posted its quarterly earnings results on Wednesday, May 13th. The semiconductor company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.56 by $0.09. Tower Semiconductor had a return on equity of 8.54% and a net margin of 15.13%.The firm had revenue of $413.63 million during the quarter, compared to analysts’ expectations of $410.72 million. During the same quarter last year, the firm earned $0.35 earnings per share. The business’s revenue for the quarter was up 15.5% on a year-over-year basis. Equities research analysts expect that Tower Semiconductor Ltd. will post 2.64 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on TSEM shares. Wedbush raised their target price on Tower Semiconductor from $140.00 to $300.00 and gave the company a “neutral” rating in a research report on Thursday, May 14th. Benchmark raised their target price on Tower Semiconductor from $230.00 to $335.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Barclays raised their target price on Tower Semiconductor from $114.00 to $142.00 and gave the company an “equal weight” rating in a research report on Friday, February 13th. Finally, Susquehanna increased their price target on Tower Semiconductor from $180.00 to $330.00 and gave the company a “positive” rating in a report on Thursday, May 14th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, Tower Semiconductor currently has a consensus rating of “Hold” and a consensus target price of $276.75.

Tower Semiconductor Profile

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.