Victory Capital Management Inc. Sells 837,925 Shares of Tower Semiconductor Ltd. $TSEM

Victory Capital Management Inc. lessened its position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 37.2% in the third quarter, HoldingsChannel.com reports. The fund owned 1,416,910 shares of the semiconductor company’s stock after selling 837,925 shares during the period. Victory Capital Management Inc.’s holdings in Tower Semiconductor were worth $102,443,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Argent Trust Co acquired a new stake in shares of Tower Semiconductor in the 3rd quarter valued at $287,000. Harbor Capital Advisors Inc. acquired a new position in Tower Semiconductor during the third quarter worth about $1,168,000. American Century Companies Inc. lifted its holdings in shares of Tower Semiconductor by 43.6% in the second quarter. American Century Companies Inc. now owns 548,700 shares of the semiconductor company’s stock worth $23,786,000 after acquiring an additional 166,533 shares during the last quarter. Jennison Associates LLC grew its holdings in shares of Tower Semiconductor by 18.8% during the 3rd quarter. Jennison Associates LLC now owns 2,331,831 shares of the semiconductor company’s stock valued at $168,591,000 after purchasing an additional 369,600 shares during the last quarter. Finally, Penserra Capital Management LLC increased its position in Tower Semiconductor by 40.6% during the 2nd quarter. Penserra Capital Management LLC now owns 468,481 shares of the semiconductor company’s stock worth $20,308,000 after purchasing an additional 135,250 shares in the last quarter. Institutional investors and hedge funds own 70.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Susquehanna restated a “positive” rating and issued a $180.00 target price on shares of Tower Semiconductor in a research report on Thursday, February 12th. Wedbush raised their price objective on Tower Semiconductor from $125.00 to $140.00 and gave the company a “neutral” rating in a report on Thursday, February 12th. Benchmark upped their target price on Tower Semiconductor from $150.00 to $165.00 and gave the stock a “buy” rating in a report on Thursday, February 12th. Barclays lifted their price target on Tower Semiconductor from $114.00 to $142.00 and gave the company an “equal weight” rating in a research note on Friday, February 13th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Tower Semiconductor in a research note on Monday, December 29th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $156.75.

Tower Semiconductor Stock Down 1.6%

Shares of NASDAQ:TSEM opened at $123.50 on Thursday. The business has a fifty day simple moving average of $127.68 and a 200 day simple moving average of $99.16. Tower Semiconductor Ltd. has a 12-month low of $28.64 and a 12-month high of $149.57. The firm has a market cap of $13.69 billion, a P/E ratio of 63.99 and a beta of 0.91. The company has a quick ratio of 5.51, a current ratio of 6.48 and a debt-to-equity ratio of 0.05.

Tower Semiconductor (NASDAQ:TSEM) last issued its quarterly earnings data on Wednesday, February 11th. The semiconductor company reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.11. The company had revenue of $440.21 million during the quarter, compared to the consensus estimate of $439.81 million. Tower Semiconductor had a return on equity of 7.86% and a net margin of 14.08%.The firm’s revenue was up 13.7% compared to the same quarter last year. During the same period last year, the company earned $0.49 earnings per share. Analysts predict that Tower Semiconductor Ltd. will post 1.67 earnings per share for the current year.

Tower Semiconductor Company 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.