Public Employees Retirement System of Ohio Makes New Investment in Tower Semiconductor Ltd. $TSEM

Public Employees Retirement System of Ohio bought a new stake in Tower Semiconductor Ltd. (NASDAQ:TSEM) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 7,967 shares of the semiconductor company’s stock, valued at approximately $2,044,000.

Other institutional investors have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its stake in shares of Tower Semiconductor by 3,222.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,682,152 shares of the semiconductor company’s stock worth $549,779,000 after acquiring an additional 4,541,235 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Tower Semiconductor by 214.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,206,467 shares of the semiconductor company’s stock valued at $259,083,000 after purchasing an additional 1,505,421 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Tower Semiconductor by 0.7% during the third quarter. Wellington Management Group LLP now owns 2,108,004 shares of the semiconductor company’s stock valued at $152,409,000 after purchasing an additional 15,461 shares during the last quarter. Capital International Investors bought a new position in Tower Semiconductor during the fourth quarter worth about $222,530,000. Finally, Invesco Ltd. increased its stake in shares of Tower Semiconductor by 12.5% in the third quarter. Invesco Ltd. now owns 1,596,815 shares of the semiconductor company’s stock worth $115,450,000 after purchasing an additional 176,998 shares in the last quarter. Hedge funds and other institutional investors own 70.51% of the company’s stock.

Insiders Place Their Bets

In other Tower Semiconductor news, CEO Russell Ellwanger sold 104,226 shares of the company’s stock in a transaction on Tuesday, August 11th. The shares were 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 directly owned 526,788 shares in the company, valued at approximately $130,822,531.92. This represents a 16.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on TSEM. Wedbush boosted their price target on shares of Tower Semiconductor from $140.00 to $300.00 and gave the company a “neutral” rating in a research report on Thursday, May 14th. Susquehanna lifted their price objective on shares of Tower Semiconductor from $180.00 to $330.00 and gave the company a “positive” rating in a research note on Thursday, May 14th. Bank of America started coverage on shares of Tower Semiconductor in a report on Friday, August 7th. They set a “buy” rating and a $367.00 target price on the stock. National Bank Financial raised Tower Semiconductor to a “buy” rating in a report on Friday, August 7th. Finally, Benchmark reissued a “buy” rating on shares of Tower Semiconductor in a report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $290.67.

Tower Semiconductor Stock Performance

Shares of TSEM stock opened at $222.34 on Monday. The firm has a market cap of $25.00 billion, a P/E ratio of 87.88 and a beta of 0.88. The business has a 50-day moving average price of $230.09 and a two-hundred day moving average price 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 Ltd. has a 12-month low of $62.36 and a 12-month high of $319.94.

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