William Blair Investment Management LLC Sells 323,369 Shares of Tower Semiconductor Ltd. $TSEM

William Blair Investment Management LLC lowered its position in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 46.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 378,980 shares of the semiconductor company’s stock after selling 323,369 shares during the period. William Blair Investment Management LLC’s holdings in Tower Semiconductor were worth $44,500,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Y.D. More Investments Ltd boosted its holdings in Tower Semiconductor by 4.6% in the 4th quarter. Y.D. More Investments Ltd now owns 1,009,846 shares of the semiconductor company’s stock worth $118,084,000 after buying an additional 44,401 shares during the period. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in Tower Semiconductor by 0.8% in the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,002,806 shares of the semiconductor company’s stock worth $352,589,000 after buying an additional 25,000 shares during the period. Argent Trust Co bought a new position in Tower Semiconductor in the 3rd quarter worth $287,000. Granahan Investment Management LLC lifted its stake in Tower Semiconductor by 42.6% in the 3rd quarter. Granahan Investment Management LLC now owns 178,188 shares of the semiconductor company’s stock worth $12,883,000 after purchasing an additional 53,208 shares in the last quarter. Finally, Rockingstone Advisors LLC purchased a new stake in Tower Semiconductor in the 4th quarter worth $5,296,000. Institutional investors own 70.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on TSEM. Wedbush boosted their price target on shares of Tower Semiconductor from $140.00 to $300.00 and gave the stock a “neutral” rating in a research note on Thursday, May 14th. Susquehanna boosted their price target on shares of Tower Semiconductor from $180.00 to $330.00 and gave the stock a “positive” rating in a research note on Thursday, May 14th. Barclays boosted their price target on shares of 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, Benchmark upped their target price on shares of Tower Semiconductor from $230.00 to $335.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $276.75.

Tower Semiconductor Stock Performance

Shares of NASDAQ:TSEM opened at $283.43 on Monday. The company has a market capitalization of $31.87 billion, a price-to-earnings ratio of 131.83 and a beta of 0.85. Tower Semiconductor Ltd. has a 12 month low of $37.48 and a 12 month high of $288.19. The firm’s 50-day moving average is $203.98 and its 200 day moving average is $148.77. The company has a current ratio of 5.63, a quick ratio of 4.92 and a debt-to-equity ratio of 0.04.

Tower Semiconductor (NASDAQ:TSEM) last issued its quarterly earnings results on Wednesday, May 13th. The semiconductor company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.56 by $0.09. The company had revenue of $413.63 million for the quarter, compared to the consensus estimate of $410.72 million. Tower Semiconductor had a net margin of 15.13% and a return on equity of 8.54%. The firm’s revenue was up 15.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.35 EPS. Research analysts predict that Tower Semiconductor Ltd. will post 2.64 EPS 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.