Wellington Management Group LLP Decreases Stake in Tower Semiconductor Ltd. $TSEM

Wellington Management Group LLP cut its stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 61.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 372,445 shares of the semiconductor company’s stock after selling 586,503 shares during the quarter. Wellington Management Group LLP’s holdings in Tower Semiconductor were worth $96,852,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its holdings 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 valued at $549,779,000 after acquiring an additional 4,541,235 shares in the last quarter. Capital International Investors purchased a new position in Tower Semiconductor in the fourth quarter worth approximately $222,530,000. Goldman Sachs Group Inc. grew its holdings in Tower Semiconductor by 214.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,206,467 shares of the semiconductor company’s stock worth $259,083,000 after acquiring an additional 1,505,421 shares in the last quarter. Turiya Advisors Asia Ltd purchased a new stake in shares of Tower Semiconductor in the 4th quarter valued at approximately $172,848,000. Finally, Janus Henderson Group PLC increased its position in shares of Tower Semiconductor by 293.8% in the 4th quarter. Janus Henderson Group PLC now owns 1,074,717 shares of the semiconductor company’s stock valued at $126,193,000 after purchasing an additional 801,820 shares during the last quarter. 70.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Tower Semiconductor

In other Tower Semiconductor news, CEO Russell Craig Ellwanger sold 104,226 shares of the company’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $248.34, for a total value of $25,883,484.84. Following the completion of the transaction, the chief executive officer owned 526,788 shares in the company, valued at $130,822,531.92. This represents a 16.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.00% of the stock is owned by corporate insiders.

Tower Semiconductor Stock Down 2.9%

TSEM stock opened at $199.06 on Wednesday. The stock has a market cap of $22.38 billion, a P/E ratio of 78.68 and a beta of 0.89. The company has a current ratio of 4.91, a quick ratio of 4.31 and a debt-to-equity ratio of 0.04. Tower Semiconductor Ltd. has a twelve month low of $56.54 and a twelve month high of $319.94. The company’s 50 day moving average is $233.28 and its two-hundred day moving average is $213.07.

Tower Semiconductor (NASDAQ:TSEM) last issued its earnings results on Tuesday, August 4th. The semiconductor company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.12. The business had revenue of $460.08 million during the quarter, compared to analysts’ expectations of $454.68 million. Tower Semiconductor had a net margin of 16.94% and a return on equity of 9.83%. The company’s revenue for the quarter was up 23.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.41 EPS. Research analysts expect that Tower Semiconductor Ltd. will post 3.57 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on TSEM. Wedbush raised their price objective on shares of Tower Semiconductor from $140.00 to $300.00 and gave the company a “neutral” rating in a report on Thursday, May 14th. Barclays upgraded shares of Tower Semiconductor from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 20th. Bank of America assumed coverage on Tower Semiconductor in a report on Friday, August 7th. They issued a “buy” rating and a $367.00 target price on the stock. Susquehanna raised their price target 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, Benchmark reaffirmed a “buy” rating on shares of Tower Semiconductor in a report on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $290.67.

Tower Semiconductor Company 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.