Public Employees Retirement System of Ohio Invests $2.04 Million in Tower Semiconductor Ltd. $TSEM

Public Employees Retirement System of Ohio bought a new stake in Tower Semiconductor Ltd. (NASDAQ:TSEM) in the second quarter, HoldingsChannel reports. The firm bought 7,967 shares of the semiconductor company’s stock, valued at approximately $2,044,000.

Other hedge funds also recently made changes to their positions in the company. Plato Investment Management Ltd purchased a new stake in Tower Semiconductor in the second quarter worth $3,491,000. Fulcrum Equity Management bought a new stake in shares of Tower Semiconductor during the 2nd quarter valued at $313,000. Assenagon Asset Management S.A. boosted its holdings in shares of Tower Semiconductor by 4.4% during the 2nd quarter. Assenagon Asset Management S.A. now owns 118,406 shares of the semiconductor company’s stock valued at $30,378,000 after buying an additional 4,965 shares in the last quarter. 180 Wealth Advisors LLC bought a new position in shares of Tower Semiconductor in the 2nd quarter worth about $293,000. Finally, Baron Wealth Management LLC increased its stake in shares of Tower Semiconductor by 19.1% in the 2nd quarter. Baron Wealth Management LLC now owns 2,423 shares of the semiconductor company’s stock worth $632,000 after acquiring an additional 388 shares in the last quarter. 70.51% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Tower Semiconductor

In other news, CEO Russell Ellwanger sold 104,226 shares of the business’s stock in a transaction 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 completion of the transaction, the chief executive officer owned 526,788 shares in the company, valued at $130,822,531.92. The trade was a 16.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.00% of the stock is owned by corporate insiders.

Tower Semiconductor Price Performance

Shares of TSEM opened at $222.34 on Monday. Tower Semiconductor Ltd. has a twelve month low of $62.36 and a twelve month high of $319.94. The company has a market capitalization of $25.00 billion, a P/E ratio of 87.88 and a beta of 0.88. The firm has a 50 day moving average of $230.09 and a 200 day moving average of $214.79. The company has a quick ratio of 4.31, a current ratio of 4.91 and a debt-to-equity ratio of 0.04.

Tower Semiconductor (NASDAQ:TSEM) last released its quarterly earnings data on Tuesday, August 4th. The semiconductor company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.12. Tower Semiconductor had a return on equity of 9.83% and a net margin of 16.94%.The business had revenue of $460.08 million for the quarter, compared to analysts’ expectations of $454.68 million. During the same period in the prior year, the firm posted $0.41 EPS. The firm’s quarterly revenue was up 23.7% on a year-over-year basis. As a group, equities research analysts anticipate that Tower Semiconductor Ltd. will post 3.58 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

TSEM has been the topic of several research reports. UBS Group reissued a “buy” rating on shares of Tower Semiconductor in a research note on Wednesday, July 15th. Barclays upgraded shares of Tower Semiconductor from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 20th. Benchmark reissued a “buy” rating on shares of Tower Semiconductor in a research report on Wednesday, August 5th. Wedbush upped their price target on Tower Semiconductor from $140.00 to $300.00 and gave the stock a “neutral” rating in a research note on Thursday, May 14th. Finally, Bank of America initiated coverage on Tower Semiconductor in a research report on Friday, August 7th. They set a “buy” rating and a $367.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $290.67.

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.