Kayne Anderson Rudnick Investment Management LLC lessened its stake in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 3.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 154,395 shares of the semiconductor company’s stock after selling 5,312 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC owned about 0.16% of Tower Semiconductor worth $3,682,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Bank of America Corp DE increased its position in Tower Semiconductor by 4.2% in the 1st quarter. Bank of America Corp DE now owns 360,835 shares of the semiconductor company’s stock valued at $8,318,000 after acquiring an additional 14,577 shares in the last quarter. Cipher Capital LP increased its position in Tower Semiconductor by 74.1% in the 1st quarter. Cipher Capital LP now owns 193,631 shares of the semiconductor company’s stock valued at $4,464,000 after acquiring an additional 82,437 shares in the last quarter. Wellington Management Group LLP increased its position in Tower Semiconductor by 34.8% in the 1st quarter. Wellington Management Group LLP now owns 4,450,943 shares of the semiconductor company’s stock valued at $102,595,000 after acquiring an additional 1,148,547 shares in the last quarter. Edmond DE Rothschild Holding S.A. increased its position in Tower Semiconductor by 19.1% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 48,148 shares of the semiconductor company’s stock valued at $1,114,000 after acquiring an additional 7,725 shares in the last quarter. Finally, Sei Investments Co. increased its position in Tower Semiconductor by 12.7% in the 1st quarter. Sei Investments Co. now owns 10,593 shares of the semiconductor company’s stock valued at $244,000 after acquiring an additional 1,190 shares in the last quarter. Hedge funds and other institutional investors own 49.38% of the company’s stock.

Shares of Tower Semiconductor Ltd. (TSEM) opened at 29.21 on Thursday. Tower Semiconductor Ltd. has a 12 month low of $14.83 and a 12 month high of $30.44. The firm has a market cap of $2.86 billion, a PE ratio of 14.96 and a beta of 1.02. The stock’s 50 day moving average is $26.79 and its 200 day moving average is $24.40.

Tower Semiconductor (NASDAQ:TSEM) last announced its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.03. Tower Semiconductor had a return on equity of 28.28% and a net margin of 14.53%. The company had revenue of $345.10 million during the quarter, compared to analyst estimates of $344.98 million. During the same quarter last year, the firm posted $0.45 EPS. The firm’s revenue for the quarter was up 13.1% on a year-over-year basis. Analysts forecast that Tower Semiconductor Ltd. will post $2.05 EPS for the current fiscal year.

Several equities research analysts have weighed in on the stock. BidaskClub upgraded shares of Tower Semiconductor from a “hold” rating to a “buy” rating in a research report on Thursday, August 24th. ValuEngine upgraded shares of Tower Semiconductor from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. Finally, Needham & Company LLC restated a “buy” rating and issued a $35.00 price objective on shares of Tower Semiconductor in a research report on Friday, June 9th. Three research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $31.50.

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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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Institutional Ownership by Quarter for Tower Semiconductor (NASDAQ:TSEM)

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