Tower Semiconductor Ltd. $TSEM Stake Lifted by Migdal Insurance & Financial Holdings Ltd.

Migdal Insurance & Financial Holdings Ltd. raised its position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 10.9% in the third quarter, HoldingsChannel.com reports. The firm owned 1,918,723 shares of the semiconductor company’s stock after buying an additional 188,000 shares during the period. Tower Semiconductor comprises about 2.7% of Migdal Insurance & Financial Holdings Ltd.’s investment portfolio, making the stock its 12th biggest holding. Migdal Insurance & Financial Holdings Ltd.’s holdings in Tower Semiconductor were worth $436,375,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of TSEM. E20 Capital Ltd acquired a new position in Tower Semiconductor during the first quarter worth about $107,708,000. Altshuler Shaham Ltd raised its position in Tower Semiconductor by 1,175.6% in the first quarter. Altshuler Shaham Ltd now owns 340,108 shares of the semiconductor company’s stock worth $58,025,000 after acquiring an additional 313,445 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in Tower Semiconductor in the third quarter worth about $46,661,000. Swiss National Bank lifted its holdings in Tower Semiconductor by 86.0% in the 1st quarter. Swiss National Bank now owns 414,850 shares of the semiconductor company’s stock valued at $70,625,000 after acquiring an additional 191,839 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new stake in Tower Semiconductor in the 1st quarter valued at about $33,976,000. 70.51% of the stock is currently owned by institutional investors and hedge funds.

Tower Semiconductor Stock Down 6.9%

Shares of TSEM traded down $10.97 during trading hours on Friday, reaching $146.89. The company’s stock had a trading volume of 3,313,965 shares, compared to its average volume of 3,461,596. The firm has a market cap of $16.52 billion, a price-to-earnings ratio of 47.23 and a beta of 0.95. Tower Semiconductor Ltd. has a 1-year low of $87.30 and a 1-year high of $319.94. The company has a quick ratio of 3.23, a current ratio of 3.72 and a debt-to-equity ratio of 0.04. The company has a 50 day moving average of $200.38 and a two-hundred day moving average of $205.31.

Tower Semiconductor (NASDAQ:TSEM) last issued its earnings results on Monday, November 2nd. The semiconductor company reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). Tower Semiconductor had a net margin of 19.36% and a return on equity of 11.72%. The company had revenue of $526.16 million for the quarter, compared to analyst estimates of $521.83 million. During the same period last year, the business earned $0.47 EPS. The company’s quarterly revenue was up 32.8% on a year-over-year basis. As a group, research analysts predict that Tower Semiconductor Ltd. will post 3.56 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on TSEM. Stifel Nicolaus lowered their price objective on shares of Tower Semiconductor from $270.00 to $235.00 and set a “buy” rating on the stock in a research note on Tuesday, November 3rd. Susquehanna cut their target price on shares of Tower Semiconductor from $355.00 to $305.00 and set a “positive” rating for the company in a research note on Tuesday, November 3rd. Barclays started coverage on shares of Tower Semiconductor in a report on Friday, September 18th. They set an “overweight” rating and a $310.00 target price for the company. Wedbush decreased their price target on shares of Tower Semiconductor from $300.00 to $190.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 3rd. Finally, Weiss Ratings raised Tower Semiconductor from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, November 3rd. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $297.12.

Insider Buying and Selling

In related news, Director Yoav Chelouche sold 232 shares of the business’s stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $215.06, for a total value of $49,893.92. Following the completion of the sale, the director directly owned 33,734 shares in the company, valued at approximately $7,254,834.04. The trade was a 0.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.00% of the stock is owned by insiders.

Tower Semiconductor Company Profile

Tower Semiconductor Ltd. is an Israel-based specialty semiconductor foundry that manufactures chips for companies that design and market their own products. Its services include wafer fabrication, process development and engineering support, helping customers bring semiconductor designs from development into production. The company focuses on analog and mixed-signal technologies used in areas such as radio-frequency communications, power management, image sensing, automotive electronics and silicon photonics.