Tower Semiconductor Ltd. $TSEM Shares Sold by Clal Insurance Enterprises Holdings Ltd

Clal Insurance Enterprises Holdings Ltd lowered its stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 4.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,395,560 shares of the semiconductor company’s stock after selling 235,600 shares during the quarter. Tower Semiconductor comprises about 2.9% of Clal Insurance Enterprises Holdings Ltd’s holdings, making the stock its 8th largest position. Clal Insurance Enterprises Holdings Ltd owned approximately 4.87% of Tower Semiconductor worth $386,466,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Jennison Associates LLC grew its stake in shares of Tower Semiconductor by 18.8% in the 3rd quarter. Jennison Associates LLC now owns 2,331,831 shares of the semiconductor company’s stock valued at $168,591,000 after purchasing an additional 369,600 shares during the last quarter. Schwartz Investment Counsel Inc. acquired a new stake in shares of Tower Semiconductor during the third quarter worth $18,798,000. Marshall Wace LLP grew its position in Tower Semiconductor by 2,402.5% in the 2nd quarter. Marshall Wace LLP now owns 239,994 shares of the semiconductor company’s stock valued at $10,404,000 after buying an additional 230,404 shares during the last quarter. Penserra Capital Management LLC grew its position in Tower Semiconductor by 43.4% in the 3rd quarter. Penserra Capital Management LLC now owns 671,657 shares of the semiconductor company’s stock valued at $48,560,000 after buying an additional 203,176 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. increased its stake in Tower Semiconductor by 7.2% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,977,806 shares of the semiconductor company’s stock valued at $215,295,000 after buying an additional 200,000 shares during the period. 70.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on TSEM. Susquehanna reaffirmed a “positive” rating and issued a $180.00 target price on shares of Tower Semiconductor in a report on Thursday, February 12th. Benchmark raised their price objective on shares of Tower Semiconductor from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Thursday, February 12th. Wedbush lifted their price objective on Tower Semiconductor from $125.00 to $140.00 and gave the company a “neutral” rating in a report on Thursday, February 12th. Barclays increased their target price on Tower Semiconductor from $114.00 to $142.00 and gave the stock an “equal weight” rating in a research note on Friday, February 13th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Tower Semiconductor in a research note on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $156.75.

Tower Semiconductor Stock Up 0.8%

TSEM opened at $124.87 on Friday. The company has a current ratio of 6.48, a quick ratio of 5.51 and a debt-to-equity ratio of 0.05. Tower Semiconductor Ltd. has a one year low of $28.64 and a one year high of $149.57. The business’s fifty day moving average is $127.16 and its two-hundred day moving average is $97.08.

Tower Semiconductor (NASDAQ:TSEM) last released its quarterly earnings results on Wednesday, February 11th. The semiconductor company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.11. Tower Semiconductor had a return on equity of 7.86% and a net margin of 14.08%.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 previous year, the company posted $0.49 EPS. The business’s revenue was up 13.7% on a year-over-year basis. As a group, equities analysts forecast that Tower Semiconductor Ltd. will post 1.67 EPS for the current fiscal 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.