Rakuten Investment Management Inc. Purchases 17,303 Shares of Tower Semiconductor Ltd. $TSEM

Rakuten Investment Management Inc. purchased a new position in Tower Semiconductor Ltd. (NASDAQ:TSEM) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm purchased 17,303 shares of the semiconductor company’s stock, valued at approximately $4,056,000.

A number of other institutional investors have also made changes to their positions in TSEM. Versant Capital Management Inc increased its holdings in Tower Semiconductor by 20.8% in the third quarter. Versant Capital Management Inc now owns 319 shares of the semiconductor company’s stock valued at $73,000 after purchasing an additional 55 shares during the last quarter. Sterling Capital Management LLC acquired a new position in Tower Semiconductor in the third quarter valued at about $75,000. Pinnacle Wealth Planning Services Inc. boosted its holdings in Tower Semiconductor by 83.2% during the third quarter. Pinnacle Wealth Planning Services Inc. now owns 339 shares of the semiconductor company’s stock worth $77,000 after buying an additional 154 shares during the last quarter. TD Waterhouse Canada Inc. boosted its holdings in Tower Semiconductor by 230.7% during the second quarter. TD Waterhouse Canada Inc. now owns 334 shares of the semiconductor company’s stock worth $82,000 after buying an additional 233 shares during the last quarter. Finally, Western Wealth Management LLC bought a new position in Tower Semiconductor during the first quarter worth about $141,000. 70.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Wedbush decreased their target price on Tower Semiconductor from $300.00 to $190.00 and set a “neutral” rating for the company in a research report on Tuesday. Weiss Ratings raised shares of Tower Semiconductor from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday. Susquehanna decreased their price objective on shares of Tower Semiconductor from $355.00 to $305.00 and set a “positive” rating for the company in a report on Tuesday. Stifel Nicolaus decreased their price objective on shares of Tower Semiconductor from $270.00 to $235.00 and set a “buy” rating for the company in a report on Tuesday. Finally, DA Davidson set a $335.00 target price on shares of Tower Semiconductor in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $297.12.

Insider Activity

In related news, CEO Russell Ellwanger sold 104,226 shares of the company’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $248.34, for a total transaction of $25,883,484.84. Following the sale, the chief executive officer owned 526,788 shares in the company, valued at approximately $130,822,531.92. This represents a 16.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Yoav Chelouche sold 232 shares of the stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $215.06, for a total value of $49,893.92. Following the transaction, the director directly owned 33,734 shares of the company’s stock, valued at $7,254,834.04. This trade represents a 0.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 181,767 shares of company stock valued at $45,610,065 in the last 90 days. 1.00% of the stock is owned by corporate insiders.

Tower Semiconductor Stock Up 4.8%

NASDAQ TSEM traded up $6.35 during trading on Friday, hitting $137.34. The stock had a trading volume of 3,655,458 shares, compared to its average volume of 2,796,499. The company has a market capitalization of $15.44 billion, a PE ratio of 44.16 and a beta of 0.95. The company’s 50-day moving average price is $205.61 and its two-hundred day moving average price is $204.75. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.31 and a current ratio of 4.91. Tower Semiconductor Ltd. has a 12 month low of $80.63 and a 12 month high of $319.94.

Tower Semiconductor (NASDAQ:TSEM) last released its earnings results on Monday, November 2nd. The semiconductor company reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). Tower Semiconductor had a net margin of 19.36% and a return on equity of 11.94%. The business had revenue of $526.16 million during the quarter, compared to the consensus estimate of $521.83 million. During the same period last year, the business posted $0.47 EPS. The firm’s revenue for the quarter was up 32.8% on a year-over-year basis. As a group, sell-side analysts forecast that Tower Semiconductor Ltd. will post 3.56 EPS for the current year.

Tower Semiconductor Company Profile

Tower Semiconductor Ltd. is an Israel-based specialty semiconductor foundry that manufactures chips for companies that design and market their own products. Its services include wafer fabrication, process development and engineering support, helping customers bring semiconductor designs from development into production.

The company focuses on analog and mixed-signal technologies used in areas such as radio-frequency communications, power management, image sensing, automotive electronics and silicon photonics.