JPMorgan Chase & Co. Trims Holdings in Tower Semiconductor Ltd. $TSEM

JPMorgan Chase & Co. decreased its position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 75.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 60,378 shares of the semiconductor company’s stock after selling 185,364 shares during the quarter. JPMorgan Chase & Co. owned 0.05% of Tower Semiconductor worth $4,365,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of TSEM. CIBC Private Wealth Group LLC lifted its stake in Tower Semiconductor by 254.2% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 418 shares of the semiconductor company’s stock valued at $30,000 after acquiring an additional 300 shares during the period. Westside Investment Management Inc. increased its stake in shares of Tower Semiconductor by 100.0% in the third quarter. Westside Investment Management Inc. now owns 452 shares of the semiconductor company’s stock worth $34,000 after acquiring an additional 226 shares during the period. Advisory Services Network LLC acquired a new stake in shares of Tower Semiconductor in the third quarter worth $48,000. Covestor Ltd purchased a new position in shares of Tower Semiconductor during the third quarter worth $52,000. Finally, GF Fund Management CO. LTD. acquired a new position in Tower Semiconductor during the third quarter valued at $83,000. Hedge funds and other institutional investors own 70.51% of the company’s stock.

Analysts Set New Price Targets

TSEM has been the topic of several recent research reports. Susquehanna reaffirmed a “positive” rating and issued a $180.00 price target on shares of Tower Semiconductor in a report on Thursday, February 12th. Benchmark boosted their price objective on Tower Semiconductor from $165.00 to $230.00 and gave the company a “buy” rating in a report on Thursday, March 26th. Barclays upped 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. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Tower Semiconductor in a report on Monday, December 29th. Finally, Wedbush lifted their price target on Tower Semiconductor from $125.00 to $140.00 and gave the company a “neutral” rating in a research report on Thursday, February 12th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $173.00.

Tower Semiconductor Stock Up 5.7%

Tower Semiconductor stock opened at $197.80 on Friday. The stock has a market capitalization of $22.24 billion, a PE ratio of 102.49 and a beta of 0.71. Tower Semiconductor Ltd. has a 12 month low of $28.64 and a 12 month high of $198.94. The business has a 50 day simple moving average of $139.52 and a 200-day simple moving average of $112.31. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.48 and a quick ratio of 5.51.

Tower Semiconductor (NASDAQ:TSEM) last announced its earnings results on Wednesday, February 11th. The semiconductor company reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.11. Tower Semiconductor had a return on equity of 7.86% and a net margin of 14.08%.The firm had revenue of $440.21 million for the quarter, compared to analyst estimates of $439.81 million. During the same quarter last year, the firm posted $0.49 EPS. The business’s revenue was up 13.7% on a year-over-year basis. On average, analysts anticipate 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.