Tower Semiconductor Ltd. $TSEM Shares Sold by Renaissance Group LLC

Renaissance Group LLC decreased its stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 56.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 62,928 shares of the semiconductor company’s stock after selling 82,087 shares during the period. Renaissance Group LLC’s holdings in Tower Semiconductor were worth $7,389,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in TSEM. Amundi lifted its position in shares of Tower Semiconductor by 86.8% in the first quarter. Amundi now owns 21,617 shares of the semiconductor company’s stock valued at $771,000 after acquiring an additional 10,042 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Tower Semiconductor by 4.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 99,633 shares of the semiconductor company’s stock worth $3,553,000 after purchasing an additional 3,954 shares in the last quarter. Geode Capital Management LLC increased its position in Tower Semiconductor by 0.7% during the 2nd quarter. Geode Capital Management LLC now owns 95,384 shares of the semiconductor company’s stock worth $4,135,000 after purchasing an additional 662 shares in the last quarter. Hsbc Holdings PLC acquired a new position in Tower Semiconductor in the 2nd quarter valued at about $438,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in Tower Semiconductor in the 2nd quarter valued at about $5,809,000. 70.51% of the stock is owned by institutional investors and hedge funds.

Tower Semiconductor Stock Performance

NASDAQ TSEM opened at $233.54 on Thursday. The company has a debt-to-equity ratio of 0.04, a current ratio of 5.63 and a quick ratio of 4.92. Tower Semiconductor Ltd. has a 1-year low of $37.48 and a 1-year high of $302.86. The firm has a market capitalization of $26.26 billion, a P/E ratio of 108.62 and a beta of 0.87. The business’s 50-day simple moving average is $230.74 and its 200-day simple moving average is $163.93.

Tower Semiconductor (NASDAQ:TSEM) last posted its 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. Tower Semiconductor had a net margin of 15.13% and a return on equity of 8.54%. The firm had revenue of $413.63 million during the quarter, compared to the consensus estimate of $410.72 million. During the same quarter in the prior year, the company earned $0.35 EPS. The company’s revenue was up 15.5% on a year-over-year basis. Equities analysts predict that Tower Semiconductor Ltd. will post 2.84 EPS for the current year.

Analyst Upgrades and Downgrades

TSEM has been the topic of several analyst reports. Barclays raised their price target on shares of Tower Semiconductor from $114.00 to $142.00 and gave the stock an “equal weight” rating in a research note on Friday, February 13th. Susquehanna upped their price objective on shares of Tower Semiconductor from $180.00 to $330.00 and gave the company a “positive” rating in a research note on Thursday, May 14th. Benchmark raised their target price on shares of Tower Semiconductor from $230.00 to $335.00 and gave the stock a “buy” rating in a research report on Thursday, May 14th. Finally, Wedbush lifted their target price on shares of Tower Semiconductor from $140.00 to $300.00 and gave the stock a “neutral” rating in a research note on Thursday, May 14th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Tower Semiconductor presently has a consensus rating of “Hold” and a consensus price target 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.