State of Tennessee Treasury Department lessened its holdings in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 46.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 60,953 shares of the semiconductor company’s stock after selling 51,867 shares during the quarter. State of Tennessee Treasury Department owned approximately 0.06% of Tower Semiconductor worth $1,454,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in TSEM. American Century Companies Inc. acquired a new stake in Tower Semiconductor during the 1st quarter worth $986,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Tower Semiconductor by 53.8% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,202 shares of the semiconductor company’s stock worth $281,000 after purchasing an additional 4,270 shares during the last quarter. Swiss National Bank boosted its stake in Tower Semiconductor by 3.2% during the 1st quarter. Swiss National Bank now owns 137,766 shares of the semiconductor company’s stock worth $3,177,000 after purchasing an additional 4,270 shares during the last quarter. Sei Investments Co. boosted its stake in Tower Semiconductor by 12.7% during the 1st quarter. Sei Investments Co. now owns 10,593 shares of the semiconductor company’s stock worth $244,000 after purchasing an additional 1,190 shares during the last quarter. Finally, Parametric Portfolio Associates LLC acquired a new stake in Tower Semiconductor during the 1st quarter worth $217,000. 49.19% of the stock is currently owned by institutional investors.

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TSEM has been the topic of several recent research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $35.00 target price on shares of Tower Semiconductor in a research note on Friday, June 9th. BidaskClub lowered Tower Semiconductor from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Finally, ValuEngine upgraded Tower Semiconductor from a “buy” rating to a “strong-buy” rating in a report on Friday, June 2nd. Three investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $31.50.

Tower Semiconductor Ltd. (TSEM) opened at 29.66 on Friday. The stock’s 50 day moving average price is $27.45 and its 200 day moving average price is $24.82. The stock has a market cap of $2.90 billion, a price-to-earnings ratio of 15.19 and a beta of 1.02. Tower Semiconductor Ltd. has a 12-month low of $14.85 and a 12-month high of $30.54.

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

Tower Semiconductor Profile

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.

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

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