Hodges Capital Management Inc. Reduces Holdings in Tower Semiconductor Ltd. $TSEM

Hodges Capital Management Inc. lowered its position in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 25.6% during the 3rd quarter, HoldingsChannel reports. The fund owned 126,232 shares of the semiconductor company’s stock after selling 43,545 shares during the period. Hodges Capital Management Inc.’s holdings in Tower Semiconductor were worth $9,127,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Jennison Associates LLC grew its holdings in Tower Semiconductor by 18.8% during 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. bought a new position in shares of Tower Semiconductor during the third quarter valued at approximately $18,798,000. Marshall Wace LLP raised its holdings in shares of Tower Semiconductor by 2,402.5% in the second quarter. Marshall Wace LLP now owns 239,994 shares of the semiconductor company’s stock worth $10,404,000 after buying an additional 230,404 shares during the period. Penserra Capital Management LLC raised its holdings in shares of Tower Semiconductor by 43.4% in the third quarter. Penserra Capital Management LLC now owns 671,657 shares of the semiconductor company’s stock worth $48,560,000 after buying an additional 203,176 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. lifted its stake in shares of Tower Semiconductor by 7.2% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,977,806 shares of the semiconductor company’s stock worth $215,295,000 after acquiring an additional 200,000 shares during the last quarter. Institutional investors own 70.51% of the company’s stock.

Tower Semiconductor Price Performance

NASDAQ TSEM opened at $127.78 on Wednesday. The company has a market cap of $14.16 billion, a PE ratio of 66.21 and a beta of 0.89. The firm’s 50 day moving average price is $126.07 and its 200-day moving average price is $93.39. The company has a debt-to-equity ratio of 0.05, a quick ratio of 5.51 and a current ratio of 6.48. Tower Semiconductor Ltd. has a 52-week low of $28.64 and a 52-week high of $149.57.

Tower Semiconductor (NASDAQ:TSEM) last posted its earnings results on Wednesday, February 11th. The semiconductor company reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.11. The company had revenue of $440.21 million during the quarter, compared to analyst estimates of $439.81 million. Tower Semiconductor had a return on equity of 7.86% and a net margin of 14.08%.Tower Semiconductor’s revenue was up 13.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.49 earnings per share. Sell-side analysts forecast that Tower Semiconductor Ltd. will post 1.67 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

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.