D. E. Shaw & Co. Inc. Lowers Stake in Tower Semiconductor Ltd. (NASDAQ:TSEM)

D. E. Shaw & Co. Inc. lessened its position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 13.5% in the first quarter, Holdings Channel.com reports. The fund owned 1,550,972 shares of the semiconductor company’s stock after selling 242,276 shares during the quarter. D. E. Shaw & Co. Inc.’s holdings in Tower Semiconductor were worth $43,489,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the business. Amundi Asset Management US Inc. purchased a new stake in shares of Tower Semiconductor in the first quarter worth about $283,000. Loomis Sayles & Co. L P boosted its position in shares of Tower Semiconductor by 14.0% in the first quarter. Loomis Sayles & Co. L P now owns 563,926 shares of the semiconductor company’s stock worth $15,812,000 after buying an additional 69,332 shares during the period. State of Wisconsin Investment Board boosted its position in shares of Tower Semiconductor by 17.5% in the first quarter. State of Wisconsin Investment Board now owns 24,268 shares of the semiconductor company’s stock worth $677,000 after buying an additional 3,610 shares during the period. Cubist Systematic Strategies LLC boosted its position in shares of Tower Semiconductor by 116.4% in the first quarter. Cubist Systematic Strategies LLC now owns 40,494 shares of the semiconductor company’s stock worth $1,135,000 after buying an additional 21,779 shares during the period. Finally, Man Group plc purchased a new stake in shares of Tower Semiconductor in the first quarter worth about $445,000. 55.20% of the stock is owned by hedge funds and other institutional investors.

Separately, Needham & Company LLC began coverage on Tower Semiconductor in a research note on Wednesday, June 30th. They issued a “buy” rating and a $37.00 price target on the stock.

NASDAQ:TSEM opened at $27.37 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 3.30 and a current ratio of 4.02. Tower Semiconductor Ltd. has a one year low of $17.61 and a one year high of $34.45. The stock has a 50-day simple moving average of $27.44. The firm has a market capitalization of $2.92 billion, a PE ratio of 30.64 and a beta of 1.38.

Tower Semiconductor (NASDAQ:TSEM) last released its quarterly earnings results on Wednesday, May 12th. The semiconductor company reported $0.31 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.04. Tower Semiconductor had a return on equity of 6.65% and a net margin of 7.13%. The business had revenue of $347.20 million for the quarter, compared to analysts’ expectations of $345.09 million. During the same quarter in the previous year, the firm posted $0.20 earnings per share. The company’s revenue was up 15.7% compared to the same quarter last year. As a group, equities research analysts expect that Tower Semiconductor Ltd. will post 1.17 EPS for the current fiscal year.

About Tower Semiconductor

Tower Semiconductor Ltd., an independent semiconductor foundry, manufactures and markets analog intensive mixed-signal semiconductor devices in the United States, Japan, Asia, and Europe. It provides various customizable process technologies, including SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, integrated power management, and MEMS.

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

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