Norges Bank Takes Position in Tower Semiconductor Ltd. $TSEM

Norges Bank bought a new stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 368,669 shares of the semiconductor company’s stock, valued at approximately $43,224,000.

Several other hedge funds also recently modified their holdings of TSEM. Amundi boosted its stake in Tower Semiconductor by 86.8% in the first quarter. Amundi now owns 21,617 shares of the semiconductor company’s stock valued at $771,000 after acquiring an additional 10,042 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Tower Semiconductor by 4.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 99,633 shares of the semiconductor company’s stock valued at $3,553,000 after acquiring an additional 3,954 shares during the last quarter. Geode Capital Management LLC boosted its stake in Tower Semiconductor by 0.7% in the second quarter. Geode Capital Management LLC now owns 95,384 shares of the semiconductor company’s stock valued at $4,135,000 after acquiring an additional 662 shares during the last quarter. Hsbc Holdings PLC purchased a new position in Tower Semiconductor in the second quarter valued at about $438,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Tower Semiconductor during the 2nd quarter valued at $5,809,000. Hedge funds and other institutional investors own 70.51% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Susquehanna upped their price target on Tower Semiconductor from $180.00 to $330.00 and gave the company a “positive” rating in a research report on Thursday, May 14th. Wedbush upped their price target on Tower Semiconductor from $140.00 to $300.00 and gave the company a “neutral” rating in a research report on Thursday, May 14th. Benchmark upped their price target on Tower Semiconductor from $230.00 to $335.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Finally, Barclays upped their price target on Tower Semiconductor from $114.00 to $142.00 and gave the company an “equal weight” rating in a research report on Friday, February 13th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Tower Semiconductor presently has an average rating of “Hold” and a consensus target price of $276.75.

Tower Semiconductor Stock Performance

Shares of TSEM stock opened at $242.04 on Tuesday. The stock has a market capitalization of $27.22 billion, a P/E ratio of 112.58 and a beta of 0.87. The company has a current ratio of 5.63, a quick ratio of 4.92 and a debt-to-equity ratio of 0.04. The firm’s 50 day moving average is $228.12 and its 200 day moving average is $162.02. Tower Semiconductor Ltd. has a 12 month low of $37.48 and a 12 month high of $302.86.

Tower Semiconductor (NASDAQ:TSEM) last issued its quarterly earnings data on Wednesday, May 13th. The semiconductor company reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.09. The business had revenue of $413.63 million for the quarter, compared to analysts’ expectations of $410.72 million. Tower Semiconductor had a return on equity of 8.54% and a net margin of 15.13%.The firm’s quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.35 EPS. On average, sell-side analysts anticipate that Tower Semiconductor Ltd. will post 2.84 earnings per share for the current year.

Tower Semiconductor Profile

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.