205,166 Shares in Tower Semiconductor Ltd. $TSEM Bought by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. acquired a new position in Tower Semiconductor Ltd. (NASDAQ:TSEM) in the third quarter, HoldingsChannel reports. The institutional investor acquired 205,166 shares of the semiconductor company’s stock, valued at approximately $46,661,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. E20 Capital Ltd bought a new stake in shares of Tower Semiconductor during the 1st quarter valued at $107,708,000. Altshuler Shaham Ltd lifted its stake in shares of Tower Semiconductor by 1,175.6% during the 1st quarter. Altshuler Shaham Ltd now owns 340,108 shares of the semiconductor company’s stock valued at $58,025,000 after buying an additional 313,445 shares in the last quarter. Swiss National Bank lifted its stake in shares of Tower Semiconductor by 86.0% during the 1st quarter. Swiss National Bank now owns 414,850 shares of the semiconductor company’s stock valued at $70,625,000 after buying an additional 191,839 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in Tower Semiconductor in the 1st quarter worth $33,976,000. Finally, Bank of New York Mellon Corp boosted its holdings in Tower Semiconductor by 1,925.5% in the 1st quarter. Bank of New York Mellon Corp now owns 161,470 shares of the semiconductor company’s stock worth $28,335,000 after buying an additional 153,498 shares during the period. 70.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on TSEM. Weiss Ratings lowered Tower Semiconductor from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, August 18th. Benchmark restated a “buy” rating on shares of Tower Semiconductor in a research report on Wednesday, August 5th. Mizuho started coverage on Tower Semiconductor in a research report on Friday, September 25th. They issued an “outperform” rating and a $300.00 price objective on the stock. Bank of America initiated coverage on Tower Semiconductor in a research note on Friday, August 7th. They issued a “buy” rating and a $367.00 price objective for the company. Finally, Stifel Nicolaus started coverage on Tower Semiconductor in a research report on Tuesday, September 1st. They set a “buy” rating and a $270.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $316.00.

Tower Semiconductor Stock Performance

Shares of TSEM opened at $166.48 on Monday. The firm has a market cap of $18.72 billion, a P/E ratio of 65.80 and a beta of 0.95. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.91 and a quick ratio of 4.31. Tower Semiconductor Ltd. has a 1 year low of $80.63 and a 1 year high of $319.94. The company has a 50 day simple moving average of $212.65 and a two-hundred day simple moving average of $204.23.

Tower Semiconductor (NASDAQ:TSEM) last released its earnings results on Tuesday, August 4th. The semiconductor company reported $0.88 EPS for the quarter, topping the consensus estimate of $0.76 by $0.12. Tower Semiconductor had a net margin of 16.94% and a return on equity of 9.83%. The firm had revenue of $460.08 million for the quarter, compared to the consensus estimate of $454.68 million. During the same quarter in the previous year, the firm earned $0.41 earnings per share. The company’s quarterly revenue was up 23.7% compared to the same quarter last year. On average, equities analysts expect that Tower Semiconductor Ltd. will post 3.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Tower Semiconductor

In other Tower Semiconductor news, Director Yoav Chelouche sold 232 shares of Tower Semiconductor stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $215.06, for a total value of $49,893.92. Following the sale, the director directly owned 33,734 shares in the company, valued at approximately $7,254,834.04. The trade was a 0.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Russell Ellwanger sold 104,226 shares of the business’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $248.34, for a total transaction of $25,883,484.84. Following the completion of the sale, the chief executive officer owned 526,788 shares in the company, valued at approximately $130,822,531.92. The trade was a 16.52% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 181,767 shares of company stock valued at $45,610,065 over the last ninety days. 1.00% of the stock is currently owned by corporate insiders.

About Tower Semiconductor

Tower Semiconductor Ltd. is an Israeli specialty semiconductor foundry that manufactures integrated circuits for fabless semiconductor companies, integrated device manufacturers and system companies. The company provides process technologies and production services rather than selling branded end-user electronics.

Its offerings include analog and mixed-signal technologies, radio-frequency and high-voltage circuits, power management solutions, image sensors, and specialty memory products.