Oppenheimer & Co. Inc. reduced its position in Tower Semiconductor (NASDAQ:TSEM) by 72.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 8,900 shares of the semiconductor company’s stock after selling 23,800 shares during the period. Oppenheimer & Co. Inc.’s holdings in Tower Semiconductor were worth $239,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. First Dallas Securities Inc. purchased a new stake in Tower Semiconductor in the 4th quarter worth approximately $119,000. Advisor Group Inc. grew its stake in Tower Semiconductor by 264.8% in the 4th quarter. Advisor Group Inc. now owns 3,827 shares of the semiconductor company’s stock worth $130,000 after acquiring an additional 2,778 shares during the period. Villere ST Denis J & Co. LLC purchased a new stake in Tower Semiconductor in the 4th quarter worth approximately $204,000. FineMark National Bank & Trust purchased a new stake in Tower Semiconductor in the 4th quarter worth approximately $208,000. Finally, ARK Investment Management LLC purchased a new stake in Tower Semiconductor in the 4th quarter worth approximately $278,000. 47.46% of the stock is owned by hedge funds and other institutional investors.
TSEM has been the topic of a number of research analyst reports. BidaskClub lowered shares of Tower Semiconductor from a “hold” rating to a “sell” rating in a report on Friday, January 19th. ValuEngine upgraded shares of Tower Semiconductor from a “buy” rating to a “strong-buy” rating in a report on Friday, February 2nd. Drexel Hamilton reiterated a “buy” rating and issued a $46.00 price target on shares of Tower Semiconductor in a report on Thursday, February 22nd. Finally, Needham & Company LLC lowered shares of Tower Semiconductor from a “strong-buy” rating to a “buy” rating and decreased their price target for the company from $50.00 to $32.00 in a report on Tuesday, May 8th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Tower Semiconductor currently has an average rating of “Buy” and a consensus target price of $39.25.
Shares of Tower Semiconductor opened at $24.52 on Friday, according to MarketBeat.com. The firm has a market capitalization of $2.45 billion, a price-to-earnings ratio of 11.10, a P/E/G ratio of 0.87 and a beta of 1.17. Tower Semiconductor has a fifty-two week low of $22.10 and a fifty-two week high of $36.69. The company has a current ratio of 2.91, a quick ratio of 2.43 and a debt-to-equity ratio of 0.21.
Tower Semiconductor (NASDAQ:TSEM) last announced its quarterly earnings results on Monday, May 7th. The semiconductor company reported $0.31 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.05). The company had revenue of $312.70 million during the quarter, compared to analyst estimates of $325.03 million. Tower Semiconductor had a net margin of 20.34% and a return on equity of 21.96%. The firm’s revenue for the quarter was down 5.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.48 EPS. sell-side analysts forecast that Tower Semiconductor will post 1.91 earnings per share for the current fiscal year.
About Tower Semiconductor
Tower Semiconductor Ltd., an independent semiconductor foundry, manufactures and markets analog intensive mixed-signal semiconductor devices in the United States, Japan, Asia, and Europe. The company provides various customizable process technologies, including SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, integrated power management, and MEMS.
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