Harbor Capital Advisors Inc. Reduces Stock Position in Tower Semiconductor Ltd. $TSEM

Harbor Capital Advisors Inc. decreased its position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 76.4% during the 4th quarter, HoldingsChannel.com reports. The firm owned 3,806 shares of the semiconductor company’s stock after selling 12,354 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Tower Semiconductor were worth $447,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. USA Financial Formulas purchased a new position in shares of Tower Semiconductor during the fourth quarter worth about $27,000. CoreCap Advisors LLC purchased a new position in shares of Tower Semiconductor during the fourth quarter worth about $68,000. Assenagon Asset Management S.A. grew its holdings in shares of Tower Semiconductor by 137.9% during the fourth quarter. Assenagon Asset Management S.A. now owns 432,049 shares of the semiconductor company’s stock worth $50,564,000 after purchasing an additional 250,477 shares during the last quarter. AdviceOne Advisory Services LLC purchased a new position in shares of Tower Semiconductor during the fourth quarter worth about $235,000. Finally, FNY Investment Advisers LLC grew its holdings in shares of Tower Semiconductor by 1,174.0% during the third quarter. FNY Investment Advisers LLC now owns 1,274 shares of the semiconductor company’s stock worth $92,000 after purchasing an additional 1,174 shares during the last quarter. Hedge funds and other institutional investors own 70.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Benchmark raised their price objective on Tower Semiconductor from $165.00 to $230.00 and gave the stock a “buy” rating in a report on Thursday, March 26th. Susquehanna reaffirmed a “positive” rating and set a $180.00 price objective on shares of Tower Semiconductor in a report on Thursday, February 12th. Wedbush raised their price objective on Tower Semiconductor from $125.00 to $140.00 and gave the stock a “neutral” rating in a report on Thursday, February 12th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Tower Semiconductor in a report on Monday, December 29th. Finally, Barclays raised their price objective on Tower Semiconductor from $114.00 to $142.00 and gave the stock an “equal weight” rating in a report on Friday, February 13th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $173.00.

Tower Semiconductor Price Performance

Shares of TSEM opened at $190.19 on Tuesday. Tower Semiconductor Ltd. has a fifty-two week low of $30.02 and a fifty-two week high of $203.18. The company has a market capitalization of $21.39 billion, a price-to-earnings ratio of 98.54 and a beta of 0.71. The firm has a 50-day simple moving average of $142.17 and a 200-day simple moving average of $114.74. The company has a debt-to-equity ratio of 0.05, a quick ratio of 5.51 and a current ratio of 6.48.

Tower Semiconductor (NASDAQ:TSEM) last announced its earnings results on Wednesday, February 11th. The semiconductor company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.11. Tower Semiconductor had a net margin of 14.08% and a return on equity of 7.86%. The business had revenue of $440.21 million during the quarter, compared to the consensus estimate of $439.81 million. During the same quarter in the prior year, the firm earned $0.49 earnings per share. The business’s quarterly revenue was up 13.7% compared to the same quarter last year. On average, equities research analysts anticipate that Tower Semiconductor Ltd. will post 1.67 earnings per share for the current year.

About Tower Semiconductor

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.