Pictet Asset Management Holding SA Increases Stock Position in Tower Semiconductor Ltd. $TSEM

Pictet Asset Management Holding SA increased its holdings in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 70.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 46,385 shares of the semiconductor company’s stock after purchasing an additional 19,236 shares during the period. Pictet Asset Management Holding SA’s holdings in Tower Semiconductor were worth $7,914,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of TSEM. Price T Rowe Associates Inc. MD raised its stake in Tower Semiconductor by 3,222.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,682,152 shares of the semiconductor company’s stock worth $549,779,000 after buying an additional 4,541,235 shares in the last quarter. Vanguard Group Inc. boosted its position in Tower Semiconductor by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 4,338,080 shares of the semiconductor company’s stock valued at $507,317,000 after acquiring an additional 53,112 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its holdings in shares of Tower Semiconductor by 0.8% in the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,002,806 shares of the semiconductor company’s stock valued at $352,589,000 after acquiring an additional 25,000 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Tower Semiconductor by 214.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,206,467 shares of the semiconductor company’s stock valued at $259,083,000 after acquiring an additional 1,505,421 shares during the period. Finally, Wellington Management Group LLP raised its position in shares of Tower Semiconductor by 0.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,108,004 shares of the semiconductor company’s stock worth $152,409,000 after acquiring an additional 15,461 shares in the last quarter. 70.51% of the stock is owned by hedge funds and other institutional investors.

Tower Semiconductor Price Performance

NASDAQ TSEM opened at $219.05 on Friday. The firm’s fifty day simple moving average is $251.41 and its two-hundred day simple moving average is $181.79. The company has a current ratio of 5.63, a quick ratio of 4.92 and a debt-to-equity ratio of 0.04. Tower Semiconductor Ltd. has a 12-month low of $43.12 and a 12-month high of $319.94. The firm has a market capitalization of $24.63 billion, a P/E ratio of 101.88 and a beta of 0.87.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on TSEM. Benchmark upped their price objective on Tower Semiconductor from $230.00 to $335.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. Susquehanna lifted their target price on Tower Semiconductor from $180.00 to $330.00 and gave the company a “positive” rating in a research note on Thursday, May 14th. Finally, Wedbush boosted their target price on shares of Tower Semiconductor from $140.00 to $300.00 and gave the stock a “neutral” rating in a report on Thursday, May 14th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus 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.