Menora Mivtachim Holdings LTD. Reduces Stock Position in Tower Semiconductor Ltd. $TSEM

Menora Mivtachim Holdings LTD. cut its holdings in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 16.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,703,343 shares of the semiconductor company’s stock after selling 323,964 shares during the period. Menora Mivtachim Holdings LTD.’s holdings in Tower Semiconductor were worth $123,152,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Tower Semiconductor by 26.2% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 168,982 shares of the semiconductor company’s stock valued at $12,197,000 after acquiring an additional 35,054 shares during the last quarter. Pier Capital LLC bought a new stake in Tower Semiconductor during the third quarter worth approximately $3,717,000. Invesco Ltd. increased its stake in Tower Semiconductor by 12.5% during the third quarter. Invesco Ltd. now owns 1,596,815 shares of the semiconductor company’s stock worth $115,450,000 after acquiring an additional 176,998 shares during the last quarter. Sei Investments Co. raised its position in Tower Semiconductor by 168.6% during the third quarter. Sei Investments Co. now owns 71,287 shares of the semiconductor company’s stock valued at $5,154,000 after purchasing an additional 44,747 shares during the period. Finally, BNP Paribas Financial Markets raised its position in Tower Semiconductor by 68.5% during the third quarter. BNP Paribas Financial Markets now owns 13,382 shares of the semiconductor company’s stock valued at $968,000 after purchasing an additional 5,440 shares during the period. 70.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Tower Semiconductor Stock Down 0.8%

Shares of NASDAQ:TSEM opened at $118.54 on Friday. The firm has a market capitalization of $13.33 billion, a PE ratio of 61.42 and a beta of 0.91. The business has a 50 day simple moving average of $127.29 and a two-hundred day simple moving average of $101.57. Tower Semiconductor Ltd. has a 1 year low of $28.64 and a 1 year high of $149.57. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.48 and a quick ratio of 5.51.

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