Axa reduced its holdings in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 0.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 141,200 shares of the semiconductor company’s stock after selling 500 shares during the period. Axa owned 0.15% of Tower Semiconductor worth $3,368,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the business. American Century Companies Inc. bought a new position in shares of Tower Semiconductor in the 1st quarter valued at about $986,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Tower Semiconductor by 53.8% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,202 shares of the semiconductor company’s stock valued at $281,000 after acquiring an additional 4,270 shares during the period. Swiss National Bank grew its position in shares of Tower Semiconductor by 3.2% in the 1st quarter. Swiss National Bank now owns 137,766 shares of the semiconductor company’s stock valued at $3,177,000 after acquiring an additional 4,270 shares during the period. Sei Investments Co. grew its position in shares of Tower Semiconductor by 12.7% in the 1st quarter. Sei Investments Co. now owns 10,593 shares of the semiconductor company’s stock valued at $244,000 after acquiring an additional 1,190 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in shares of Tower Semiconductor in the 1st quarter valued at about $936,000. Hedge funds and other institutional investors own 49.19% of the company’s stock.
Tower Semiconductor Ltd. (NASDAQ TSEM) opened at 30.18 on Tuesday. Tower Semiconductor Ltd. has a 12 month low of $14.85 and a 12 month high of $30.48. The stock has a 50 day moving average of $27.34 and a 200-day moving average of $24.77. The company has a market cap of $2.95 billion, a P/E ratio of 15.45 and a beta of 1.02.
Tower Semiconductor (NASDAQ:TSEM) last announced its earnings results on Thursday, August 3rd. The semiconductor company reported $0.53 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.03. The company had revenue of $345.10 million during the quarter, compared to the consensus estimate of $344.98 million. Tower Semiconductor had a net margin of 14.53% and a return on equity of 28.28%. The firm’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.45 earnings per share. Equities research analysts expect that Tower Semiconductor Ltd. will post $2.05 EPS for the current year.
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TSEM has been the subject of a number of analyst reports. BidaskClub raised shares of Tower Semiconductor from a “hold” rating to a “buy” rating in a research report on Thursday, August 24th. Needham & Company LLC reissued a “buy” rating and issued a $35.00 price objective on shares of Tower Semiconductor in a research report on Friday, June 9th. Finally, ValuEngine raised shares of Tower Semiconductor from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 2nd. Three equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $31.50.
Tower Semiconductor Profile
Tower Semiconductor Ltd. operates as an independent semiconductor foundry focused primarily on specialty process technologies. The Company focuses on producing integrated circuits (ICs) based on the design specifications of its customers. The Company manufactures semiconductors for its customers primarily based on third-party designs.
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