Pier Capital LLC Acquires New Stake in Tower Semiconductor Ltd. $TSEM

Pier Capital LLC bought a new position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) in the 3rd quarter, HoldingsChannel.com reports. The firm bought 51,404 shares of the semiconductor company’s stock, valued at approximately $3,717,000.

Other institutional investors have also added to or reduced their stakes in the company. Westside Investment Management Inc. increased its stake in Tower Semiconductor by 100.0% in the 3rd 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 last quarter. Covestor Ltd bought a new stake in shares of Tower Semiconductor during the 3rd quarter valued at about $52,000. GF Fund Management CO. LTD. purchased a new position in shares of Tower Semiconductor during the third quarter worth about $83,000. E Fund Management Hong Kong Co. Ltd. purchased a new position in shares of Tower Semiconductor during the third quarter worth about $92,000. Finally, Quadrant Capital Group LLC bought a new position in shares of Tower Semiconductor in the third quarter worth approximately $125,000. 70.51% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on TSEM shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Tower Semiconductor in a research note on Monday, December 29th. Barclays boosted their price target on shares of Tower Semiconductor from $114.00 to $142.00 and gave the stock an “equal weight” rating in a research note on Friday, February 13th. Wedbush raised their price objective on shares of Tower Semiconductor from $125.00 to $140.00 and gave the company a “neutral” rating in a research report on Thursday, February 12th. Susquehanna reaffirmed a “positive” rating and set a $180.00 price objective on shares of Tower Semiconductor in a report on Thursday, February 12th. Finally, Benchmark upped their target price on shares of Tower Semiconductor from $150.00 to $165.00 and gave the stock a “buy” rating in a research report 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 stock presently has an average rating of “Hold” and a consensus price target of $156.75.

Tower Semiconductor Stock Performance

NASDAQ:TSEM opened at $118.54 on Friday. The company has a market capitalization of $13.33 billion, a price-to-earnings ratio of 61.42 and a beta of 0.91. The business has a 50 day moving average of $127.29 and a 200 day moving average of $101.57. 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 Ltd. has a 1-year low of $28.64 and a 1-year high of $149.57.

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

Tower Semiconductor Profile

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.