Hodges Capital Management Inc. Boosts Stake in Tower Semiconductor Ltd. (TSEM)
Hodges Capital Management Inc. boosted its stake in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 15.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,327,830 shares of the semiconductor company’s stock after buying an additional 175,855 shares during the period. Tower Semiconductor makes up about 1.9% of Hodges Capital Management Inc.’s portfolio, making the stock its 14th largest position. Hodges Capital Management Inc.’s holdings in Tower Semiconductor were worth $31,669,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently modified their holdings of TSEM. Acadian Asset Management LLC raised its position in shares of Tower Semiconductor by 37.9% in the first quarter. Acadian Asset Management LLC now owns 1,546,513 shares of the semiconductor company’s stock valued at $35,647,000 after buying an additional 425,132 shares during the last quarter. Bank of America Corp DE raised its position in shares of Tower Semiconductor by 4.2% in the first quarter. Bank of America Corp DE now owns 360,835 shares of the semiconductor company’s stock valued at $8,318,000 after buying an additional 14,577 shares during the last quarter. Norges Bank purchased a new position in shares of Tower Semiconductor during the fourth quarter valued at $12,015,000. Cipher Capital LP raised its position in shares of Tower Semiconductor by 74.1% in the first quarter. Cipher Capital LP now owns 193,631 shares of the semiconductor company’s stock valued at $4,464,000 after buying an additional 82,437 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Tower Semiconductor by 34.8% in the first quarter. Wellington Management Group LLP now owns 4,450,943 shares of the semiconductor company’s stock valued at $102,595,000 after buying an additional 1,148,547 shares during the last quarter. 49.24% of the stock is currently owned by institutional investors.
Shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) opened at 24.48 on Monday. Tower Semiconductor Ltd. has a 1-year low of $13.50 and a 1-year high of $27.60. The stock’s 50 day moving average price is $25.22 and its 200 day moving average price is $23.45. The company has a market cap of $2.30 billion, a P/E ratio of 13.13 and a beta of 1.00.
Tower Semiconductor (NASDAQ:TSEM) last released its earnings results on Thursday, August 3rd. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.03. The business had revenue of $345.10 million for the quarter, compared to the consensus estimate of $344.98 million. Tower Semiconductor had a return on equity of 28.28% and a net margin of 14.53%. Tower Semiconductor’s quarterly revenue was up 13.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.45 earnings per share. Equities research analysts forecast that Tower Semiconductor Ltd. will post $2.05 earnings per share for the current year.
Several research analysts have weighed in on TSEM shares. TheStreet lowered Tower Semiconductor from a “b-” rating to a “c” rating in a research report on Monday, April 17th. BidaskClub lowered Tower Semiconductor from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Needham & Company LLC reaffirmed a “buy” rating and issued a $35.00 target price on shares of Tower Semiconductor in a research report on Wednesday, June 21st. Finally, ValuEngine raised Tower Semiconductor from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 2nd. One equities research analyst has rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $31.50.
About Tower Semiconductor
Tower Semiconductor Ltd. operates as an independent semiconductor foundry focused primarily on specialty process technologies. The Company focuses on producing integrated circuits (ICs) based on the design specifications of its customers. The Company manufactures semiconductors for its customers primarily based on third-party designs.
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