Oppenheimer & Co. Inc. raised its stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 52.7% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 16,800 shares of the semiconductor company’s stock after purchasing an additional 5,800 shares during the period. Oppenheimer & Co. Inc.’s holdings in Tower Semiconductor were worth $401,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of the stock. Swiss National Bank increased its position in Tower Semiconductor by 8.8% during the second quarter. Swiss National Bank now owns 149,821 shares of the semiconductor company’s stock worth $3,612,000 after purchasing an additional 12,055 shares during the last quarter. Principal Financial Group Inc. increased its position in Tower Semiconductor by 4.7% during the second quarter. Principal Financial Group Inc. now owns 533,581 shares of the semiconductor company’s stock worth $12,726,000 after purchasing an additional 23,765 shares during the last quarter. Renaissance Group LLC increased its position in Tower Semiconductor by 8.9% during the second quarter. Renaissance Group LLC now owns 19,195 shares of the semiconductor company’s stock worth $458,000 after purchasing an additional 1,576 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Tower Semiconductor by 21.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,850 shares of the semiconductor company’s stock worth $354,000 after purchasing an additional 2,648 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in Tower Semiconductor during the second quarter worth approximately $4,781,000. 49.38% of the stock is owned by hedge funds and other institutional investors.
Several brokerages recently commented on TSEM. BidaskClub lowered shares of Tower Semiconductor from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. ValuEngine raised shares of Tower Semiconductor from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $35.00 price target on shares of Tower Semiconductor in a research report on Friday, June 9th. Three equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $31.50.
Tower Semiconductor Ltd. (NASDAQ TSEM) opened at 30.02 on Friday. The company’s 50-day moving average is $27.23 and its 200 day moving average is $24.69. Tower Semiconductor Ltd. has a 12 month low of $14.83 and a 12 month high of $30.44. The firm has a market cap of $2.94 billion, a price-to-earnings ratio of 15.37 and a beta of 1.02.
Tower Semiconductor (NASDAQ:TSEM) last released its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported $0.53 EPS for the quarter, beating the Zacks’ 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 firm posted $0.45 earnings per share. The company’s quarterly revenue was up 13.1% compared to the same quarter last year. On average, equities research analysts predict that Tower Semiconductor Ltd. will post $2.05 earnings per share for the current year.
Tower Semiconductor Company 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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