13,690 Shares in Tower Semiconductor Ltd. $TSEM Bought by Plato Investment Management Ltd

Plato Investment Management Ltd bought a new position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 13,690 shares of the semiconductor company’s stock, valued at approximately $3,491,000.

Other hedge funds also recently modified their holdings of the company. Price T Rowe Associates Inc. MD grew its position in Tower Semiconductor by 3,222.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,682,152 shares of the semiconductor company’s stock worth $549,779,000 after buying an additional 4,541,235 shares in the last quarter. Capital International Investors bought a new stake in shares of Tower Semiconductor during the fourth quarter valued at approximately $222,530,000. Goldman Sachs Group Inc. raised its stake in shares of Tower Semiconductor by 214.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,206,467 shares of the semiconductor company’s stock valued at $259,083,000 after purchasing an additional 1,505,421 shares in the last quarter. Turiya Advisors Asia Ltd bought a new position in Tower Semiconductor in the fourth quarter worth $172,848,000. Finally, Janus Henderson Group PLC boosted its stake in Tower Semiconductor by 293.8% during the fourth quarter. Janus Henderson Group PLC now owns 1,074,717 shares of the semiconductor company’s stock worth $126,193,000 after buying an additional 801,820 shares in the last quarter. 70.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on TSEM shares. UBS Group restated a “buy” rating on shares of Tower Semiconductor in a research note on Wednesday, July 15th. National Bank Financial upgraded Tower Semiconductor to a “buy” rating in a research note on Friday, August 7th. Susquehanna lifted their price objective on Tower Semiconductor from $180.00 to $330.00 and gave the company a “positive” rating in a report on Thursday, May 14th. Benchmark restated a “buy” rating on shares of Tower Semiconductor in a research report on Wednesday, August 5th. Finally, Wedbush increased their price objective on shares of Tower Semiconductor from $140.00 to $300.00 and gave the stock a “neutral” rating in a report on Thursday, May 14th. Five research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $294.80.

Insiders Place Their Bets

In other news, CEO Russell Craig Ellwanger sold 104,226 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $248.34, for a total value of $25,883,484.84. Following the completion of the transaction, the chief executive officer owned 526,788 shares in the company, valued at $130,822,531.92. This represents a 16.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.00% of the company’s stock.

Tower Semiconductor Price Performance

Shares of TSEM opened at $265.48 on Monday. The stock has a market cap of $29.85 billion, a P/E ratio of 104.93 and a beta of 0.90. The stock’s 50-day moving average price is $244.61 and its two-hundred day moving average price is $205.80. The company has a current ratio of 4.91, a quick ratio of 4.31 and a debt-to-equity ratio of 0.04. Tower Semiconductor Ltd. has a 1 year low of $46.25 and a 1 year high of $319.94.

Tower Semiconductor (NASDAQ:TSEM) last issued its earnings results on Wednesday, August 5th. The semiconductor company reported $0.88 EPS for the quarter, beating the consensus estimate of $0.76 by $0.12. The firm had revenue of $460.08 million during the quarter, compared to the consensus estimate of $454.68 million. Tower Semiconductor had a net margin of 16.94% and a return on equity of 9.83%. The business’s quarterly revenue was up 23.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.41 earnings per share. On average, equities analysts predict that Tower Semiconductor Ltd. will post 3.57 earnings per share for the current year.

Tower Semiconductor Company 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.