Harel Insurance Investments & Financial Services Ltd. Cuts Position in Tower Semiconductor Ltd. (NASDAQ:TSEM)

Harel Insurance Investments & Financial Services Ltd. trimmed its stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 34.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,318,330 shares of the semiconductor company’s stock after selling 1,226,567 shares during the period. Tower Semiconductor accounts for 1.1% of Harel Insurance Investments & Financial Services Ltd.’s holdings, making the stock its 26th biggest position. Harel Insurance Investments & Financial Services Ltd.’s holdings in Tower Semiconductor were worth $82,672,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of TSEM. Caption Management LLC purchased a new stake in shares of Tower Semiconductor in the fourth quarter valued at about $155,000. Squarepoint Ops LLC purchased a new stake in shares of Tower Semiconductor during the 4th quarter valued at approximately $247,000. Cetera Investment Advisers acquired a new position in Tower Semiconductor in the fourth quarter valued at approximately $249,000. Callan Family Office LLC purchased a new position in Tower Semiconductor in the fourth quarter worth approximately $323,000. Finally, Fifth Third Bancorp grew its position in Tower Semiconductor by 18.0% in the first quarter. Fifth Third Bancorp now owns 9,885 shares of the semiconductor company’s stock worth $352,000 after acquiring an additional 1,509 shares during the period. Institutional investors and hedge funds own 70.51% of the company’s stock.

Analyst Ratings Changes

Separately, Benchmark restated a “buy” rating and issued a $60.00 target price on shares of Tower Semiconductor in a research report on Thursday, May 15th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Tower Semiconductor presently has an average rating of “Moderate Buy” and a consensus price target of $60.00.

Tower Semiconductor Stock Up 7.7%

Shares of NASDAQ TSEM opened at $47.05 on Friday. The company has a quick ratio of 5.82, a current ratio of 6.93 and a debt-to-equity ratio of 0.05. The business’s 50 day moving average is $40.23 and its two-hundred day moving average is $42.62. Tower Semiconductor Ltd. has a 52-week low of $28.64 and a 52-week high of $55.31. The firm has a market cap of $5.21 billion, a price-to-earnings ratio of 25.99 and a beta of 0.79.

Tower Semiconductor (NASDAQ:TSEM) last posted its quarterly earnings data on Wednesday, May 14th. The semiconductor company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.01). Tower Semiconductor had a net margin of 13.86% and a return on equity of 7.73%. The firm had revenue of $358.17 million during the quarter, compared to analysts’ expectations of $358.09 million. During the same quarter in the prior year, the firm posted $0.40 EPS. Tower Semiconductor’s quarterly revenue was up 9.4% compared to the same quarter last year. Research analysts predict that Tower Semiconductor Ltd. will post 1.67 EPS for the current year.

Tower Semiconductor Profile

Tower Semiconductor Ltd., an independent semiconductor foundry, focus on specialty process technologies to manufacture analog intensive mixed-signal semiconductor devices in Israel, the United States, Japan, Europe, and internationally. It provides various customizable process technologies, including SiGe, BiCMOS, mixed signal/CMOS, RF CMOS, CMOS image sensor, integrated power management, and MEMS.