Tower Semiconductor Ltd. (NASDAQ:TSEM) Shares Sold by ARK Investment Management LLC

ARK Investment Management LLC reduced its stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 10.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 37,159 shares of the semiconductor company’s stock after selling 4,192 shares during the period. ARK Investment Management LLC’s holdings in Tower Semiconductor were worth $1,325,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in TSEM. Cambridge Investment Research Advisors Inc. purchased a new position in Tower Semiconductor in the 1st quarter worth $551,000. Wealth Enhancement Advisory Services LLC raised its stake in shares of Tower Semiconductor by 8.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 14,715 shares of the semiconductor company’s stock worth $525,000 after purchasing an additional 1,138 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in shares of Tower Semiconductor during the fourth quarter worth about $247,000. Fifth Third Bancorp boosted 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 valued at $352,000 after buying an additional 1,509 shares during the last quarter. Finally, Cetera Investment Advisers acquired a new position in Tower Semiconductor in the 4th quarter worth approximately $249,000. 70.51% of the stock is owned by hedge funds and other institutional investors.

Tower Semiconductor Price Performance

Shares of TSEM opened at $47.02 on Friday. The business’s 50-day moving average is $42.98 and its two-hundred day moving average is $41.99. The company has a market capitalization of $5.21 billion, a P/E ratio of 25.98 and a beta of 0.79. Tower Semiconductor Ltd. has a fifty-two week low of $28.64 and a fifty-two week high of $55.31. The company has a debt-to-equity ratio of 0.05, a quick ratio of 5.82 and a current ratio of 6.93.

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

Analyst Upgrades and Downgrades

Separately, Benchmark reissued a “buy” rating and set a $60.00 price target on shares of Tower Semiconductor in a research report on Thursday, May 15th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Tower Semiconductor currently has an average rating of “Moderate Buy” and an average price target of $60.00.

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.