Tower Semiconductor Ltd. (TSEM) Shares Sold by Vanguard Group Inc.
Vanguard Group Inc. cut its position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 0.1% during the first quarter, Holdings Channel reports. The firm owned 1,509,118 shares of the semiconductor company’s stock after selling 1,622 shares during the period. Vanguard Group Inc.’s holdings in Tower Semiconductor were worth $34,785,000 as of its most recent filing with the SEC.
Other institutional investors also recently made changes to their positions in the company. Parametric Portfolio Associates LLC acquired a new position in Tower Semiconductor during the first quarter valued at $217,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in Tower Semiconductor during the first quarter valued at about $936,000. First Dallas Securities Inc. purchased a new stake in Tower Semiconductor during the first quarter valued at about $225,000. Sei Investments Co. increased its stake in Tower Semiconductor by 12.7% in the first quarter. Sei Investments Co. now owns 10,593 shares of the semiconductor company’s stock valued at $244,000 after buying an additional 1,190 shares during the period. Finally, Swiss National Bank increased its stake in Tower Semiconductor by 3.2% in the first quarter. Swiss National Bank now owns 137,766 shares of the semiconductor company’s stock valued at $3,177,000 after buying an additional 4,270 shares during the period. Institutional investors own 49.00% of the company’s stock.
Shares of Tower Semiconductor Ltd. (TSEM) traded down 1.35% during mid-day trading on Tuesday, hitting $25.57. 86,924 shares of the stock were exchanged. The company’s 50-day moving average is $25.47 and its 200-day moving average is $23.72. The firm has a market cap of $2.46 billion, a price-to-earnings ratio of 13.09 and a beta of 1.00. Tower Semiconductor Ltd. has a 1-year low of $14.80 and a 1-year high of $27.60.
Tower Semiconductor (NASDAQ:TSEM) last issued its earnings results on Thursday, August 3rd. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.03. The company had revenue of $345.10 million for the quarter, compared to analyst estimates of $344.98 million. Tower Semiconductor had a net margin of 14.53% and a return on equity of 28.28%. The company’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.45 EPS. Equities research analysts anticipate that Tower Semiconductor Ltd. will post $2.05 earnings per share for the current fiscal year.
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TSEM has been the topic of several analyst reports. TheStreet raised shares of Tower Semiconductor from a “c” rating to a “b-” rating in a research note on Monday, May 8th. BidaskClub raised shares of Tower Semiconductor from a “hold” rating to a “buy” rating in a research report on Sunday, July 16th. Needham & Company LLC reissued a “buy” rating and issued a $35.00 target price on shares of Tower Semiconductor in a research report on Wednesday, June 21st. Finally, ValuEngine raised shares of Tower Semiconductor from a “buy” rating to a “strong-buy” rating in a report on Friday, June 2nd. One research analyst has rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $31.50.
Tower Semiconductor Company Profile
Tower Semiconductor Ltd. operates as an independent semiconductor foundry focused primarily on specialty process technologies. The Company focuses on producing integrated circuits (ICs) based on the design specifications of its customers. The Company manufactures semiconductors for its customers primarily based on third-party designs.
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