Goldman Sachs Group Inc. Buys 1,505,421 Shares of Tower Semiconductor Ltd. $TSEM

Goldman Sachs Group Inc. increased its stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 214.7% during the 4th quarter, HoldingsChannel.com reports. The fund owned 2,206,467 shares of the semiconductor company’s stock after acquiring an additional 1,505,421 shares during the period. Goldman Sachs Group Inc.’s holdings in Tower Semiconductor were worth $259,083,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Tower Semiconductor by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 4,338,080 shares of the semiconductor company’s stock worth $507,317,000 after acquiring an additional 53,112 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its stake in Tower Semiconductor by 0.8% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,002,806 shares of the semiconductor company’s stock valued at $352,589,000 after buying an additional 25,000 shares during the period. Wellington Management Group LLP raised its stake in Tower Semiconductor by 0.7% in the third quarter. Wellington Management Group LLP now owns 2,108,004 shares of the semiconductor company’s stock valued at $152,409,000 after buying an additional 15,461 shares during the period. Invesco Ltd. raised its stake in Tower Semiconductor by 12.5% in the third quarter. Invesco Ltd. now owns 1,596,815 shares of the semiconductor company’s stock valued at $115,450,000 after buying an additional 176,998 shares during the period. Finally, Y.D. More Investments Ltd raised its stake in Tower Semiconductor by 4.6% in the fourth quarter. Y.D. More Investments Ltd now owns 1,009,846 shares of the semiconductor company’s stock valued at $118,084,000 after buying an additional 44,401 shares during the period. Institutional investors own 70.51% of the company’s stock.

Tower Semiconductor Price Performance

Tower Semiconductor stock opened at $235.48 on Friday. Tower Semiconductor Ltd. has a 12 month low of $37.48 and a 12 month high of $302.86. The stock’s 50 day moving average is $226.77 and its 200-day moving average is $160.54. The company has a current ratio of 5.63, a quick ratio of 4.92 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $26.48 billion, a price-to-earnings ratio of 109.53 and a beta of 0.87.

Tower Semiconductor (NASDAQ:TSEM) last posted its earnings results on Wednesday, May 13th. The semiconductor company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.56 by $0.09. Tower Semiconductor had a return on equity of 8.54% and a net margin of 15.13%.The company had revenue of $413.63 million for the quarter, compared to the consensus estimate of $410.72 million. During the same quarter in the prior year, the business earned $0.35 earnings per share. The firm’s revenue for the quarter was up 15.5% on a year-over-year basis. Equities research analysts expect that Tower Semiconductor Ltd. will post 2.84 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on TSEM shares. Wedbush upped their price objective on Tower Semiconductor from $140.00 to $300.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. Barclays upped their price objective on Tower Semiconductor from $114.00 to $142.00 and gave the company an “equal weight” rating in a research note on Friday, February 13th. Benchmark upped their price objective on Tower Semiconductor from $230.00 to $335.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Finally, Susquehanna upped their price objective on Tower Semiconductor from $180.00 to $330.00 and gave the company a “positive” rating in a research note on Thursday, May 14th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $276.75.

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.