K2 Principal Fund L.P. Cuts Position in Tower Semiconductor Ltd. $TSEM

K2 Principal Fund L.P. lessened its holdings in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 45.2% in the 4th quarter, Holdings Channel.com reports. The firm owned 7,411 shares of the semiconductor company’s stock after selling 6,101 shares during the quarter. K2 Principal Fund L.P.’s holdings in Tower Semiconductor were worth $870,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of TSEM. Amundi increased its stake in shares of Tower Semiconductor by 86.8% in the 1st quarter. Amundi now owns 21,617 shares of the semiconductor company’s stock valued at $771,000 after purchasing an additional 10,042 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Tower Semiconductor by 4.1% in the 1st 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 purchasing an additional 3,954 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Tower Semiconductor by 0.7% in the 2nd quarter. Geode Capital Management LLC now owns 95,384 shares of the semiconductor company’s stock valued at $4,135,000 after purchasing an additional 662 shares in the last quarter. Hsbc Holdings PLC purchased a new position in shares of Tower Semiconductor in the 2nd quarter valued at about $438,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Tower Semiconductor in the 2nd quarter valued at about $5,809,000. Hedge funds and other institutional investors own 70.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on TSEM. Wedbush lifted their price objective on Tower Semiconductor from $140.00 to $300.00 and gave the stock a “neutral” rating in a report on Thursday, May 14th. Benchmark lifted their price objective on Tower Semiconductor from $230.00 to $335.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. Finally, Susquehanna lifted their price objective on Tower Semiconductor from $180.00 to $330.00 and gave the stock a “positive” rating in a report on Thursday, May 14th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $276.75.

Tower Semiconductor Trading Up 1.8%

TSEM stock opened at $262.92 on Friday. 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 Ltd. has a 12-month low of $37.48 and a 12-month high of $302.86. The stock has a market cap of $29.57 billion, a price-to-earnings ratio of 122.29 and a beta of 0.87. The business’s 50-day moving average is $233.92 and its 200 day moving average is $165.78.

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