Bank Hapoalim BM boosted its stake in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 2.3% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 971,207 shares of the semiconductor company’s stock after acquiring an additional 21,520 shares during the period. Tower Semiconductor accounts for about 5.5% of Bank Hapoalim BM’s holdings, making the stock its 2nd biggest position. Bank Hapoalim BM owned approximately 1.03% of Tower Semiconductor worth $23,163,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently modified their holdings of the stock. Edmond DE Rothschild Holding S.A. increased its position in Tower Semiconductor by 41.9% in the 2nd quarter. Edmond DE Rothschild Holding S.A. now owns 68,322 shares of the semiconductor company’s stock valued at $1,645,000 after acquiring an additional 20,174 shares during the period. Ameriprise Financial Inc. increased its position in Tower Semiconductor by 6.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 500,563 shares of the semiconductor company’s stock valued at $11,937,000 after acquiring an additional 31,572 shares during the period. NorthCoast Asset Management LLC acquired a new position in Tower Semiconductor in the 2nd quarter valued at about $2,350,000. Trigran Investments Inc. increased its position in Tower Semiconductor by 12.7% in the 2nd quarter. Trigran Investments Inc. now owns 162,506 shares of the semiconductor company’s stock valued at $3,876,000 after acquiring an additional 18,300 shares during the period. Finally, Wells Fargo & Company MN increased its position in Tower Semiconductor by 9.2% in the 2nd quarter. Wells Fargo & Company MN now owns 88,285 shares of the semiconductor company’s stock valued at $2,106,000 after acquiring an additional 7,445 shares during the period. Hedge funds and other institutional investors own 49.38% of the company’s stock.
Shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) traded down 0.40% during midday trading on Friday, reaching $30.02. The company’s stock had a trading volume of 583,693 shares. The stock has a 50 day moving average of $27.23 and a 200-day moving average of $24.69. The company has a market capitalization of $2.94 billion, a P/E ratio of 15.37 and a beta of 1.02. Tower Semiconductor Ltd. has a 1-year low of $14.83 and a 1-year high of $30.44.
Tower Semiconductor (NASDAQ:TSEM) last announced its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.50 by $0.03. Tower Semiconductor had a net margin of 14.53% and a return on equity of 28.28%. The company had revenue of $345.10 million for the quarter, compared to analyst estimates of $344.98 million. During the same quarter last year, the business earned $0.45 earnings per share. Tower Semiconductor’s revenue was up 13.1% compared to the same quarter last year. On average, equities research analysts anticipate that Tower Semiconductor Ltd. will post $2.05 earnings per share for the current year.
Several brokerages recently issued reports on TSEM. ValuEngine upgraded Tower Semiconductor from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. BidaskClub upgraded Tower Semiconductor from a “hold” rating to a “buy” rating in a research report on Thursday, August 24th. Finally, Needham & Company LLC restated a “buy” rating and issued a $35.00 price target on shares of Tower Semiconductor in a research report on Wednesday, June 21st. Three analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $31.50.
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Tower Semiconductor Profile
Tower Semiconductor Ltd. operates as an independent semiconductor foundry focused primarily on specialty process technologies. The Company focuses on producing integrated circuits (ICs) based on the design specifications of its customers. The Company manufactures semiconductors for its customers primarily based on third-party designs.
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