Public Employees Retirement System of Ohio Buys Shares of 790,751 Tower Semiconductor Ltd. $TSEM

Public Employees Retirement System of Ohio bought a new position in Tower Semiconductor Ltd. (NASDAQ:TSEM) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 790,751 shares of the semiconductor company’s stock, valued at approximately $377,639,000. Tower Semiconductor accounts for 1.1% of Public Employees Retirement System of Ohio’s investment portfolio, making the stock its 12th largest holding. Public Employees Retirement System of Ohio owned about 0.70% of Tower Semiconductor at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CIBC Private Wealth Group LLC raised its stake in Tower Semiconductor by 254.2% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 418 shares of the semiconductor company’s stock worth $30,000 after buying an additional 300 shares during the period. Advisory Services Network LLC acquired a new position in Tower Semiconductor in the third quarter valued at about $48,000. Kestra Advisory Services LLC bought a new stake in shares of Tower Semiconductor in the fourth quarter worth about $52,000. Hanson & Doremus Investment Management bought a new stake in shares of Tower Semiconductor in the first quarter worth about $53,000. Finally, SBI Securities Co. Ltd. raised its position in shares of Tower Semiconductor by 344.4% during the fourth quarter. SBI Securities Co. Ltd. now owns 520 shares of the semiconductor company’s stock worth $61,000 after purchasing an additional 403 shares during the period. 70.51% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on TSEM. Weiss Ratings cut Tower Semiconductor from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, August 18th. National Bank Financial raised Tower Semiconductor to a “buy” rating in a research note on Friday, August 7th. UBS Group reissued a “buy” rating on shares of Tower Semiconductor in a research note on Wednesday, July 15th. Susquehanna raised their target price on shares of Tower Semiconductor from $180.00 to $330.00 and gave the stock a “positive” rating in a report on Thursday, May 14th. Finally, Wedbush lifted their price target on shares of Tower Semiconductor from $140.00 to $300.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $294.80.

Insider Buying and Selling

In other Tower Semiconductor news, CEO Russell Craig Ellwanger sold 104,226 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $248.34, for a total value of $25,883,484.84. Following 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.00% of the company’s stock.

Tower Semiconductor Stock Performance

TSEM opened at $219.85 on Friday. The business’s 50-day moving average price is $238.76 and its two-hundred day moving average price is $211.71. Tower Semiconductor Ltd. has a 1 year low of $56.54 and a 1 year high of $319.94. The company has a market capitalization of $24.72 billion, a price-to-earnings ratio of 86.90 and a beta of 0.90. 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 (NASDAQ:TSEM) last issued its quarterly earnings results on Tuesday, August 4th. The semiconductor company reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.12. The company had revenue of $460.08 million for the quarter, compared to analyst estimates of $454.68 million. Tower Semiconductor had a return on equity of 9.83% and a net margin of 16.94%.The company’s quarterly revenue was up 23.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.41 earnings per share. Equities analysts expect that Tower Semiconductor Ltd. will post 3.57 EPS for the current fiscal year.

Tower Semiconductor 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.