5,010 Shares of Tower Semiconductor Ltd. $TSEM Purchased by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. purchased a new stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) during the third quarter, HoldingsChannel.com reports. The firm purchased 5,010 shares of the semiconductor company’s stock, valued at approximately $1,139,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Versant Capital Management Inc lifted its holdings in Tower Semiconductor by 20.8% in the 3rd quarter. Versant Capital Management Inc now owns 319 shares of the semiconductor company’s stock worth $73,000 after buying an additional 55 shares during the period. Sterling Capital Management LLC bought a new stake in shares of Tower Semiconductor in the 3rd quarter worth approximately $75,000. TD Waterhouse Canada Inc. grew its position in shares of Tower Semiconductor by 230.7% in the 2nd 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. Pinnacle Wealth Planning Services Inc. increased its stake in shares of Tower Semiconductor by 83.2% during the third quarter. Pinnacle Wealth Planning Services Inc. now owns 339 shares of the semiconductor company’s stock valued at $77,000 after buying an additional 154 shares during the period. Finally, Greenleaf Trust purchased a new position in shares of Tower Semiconductor during the second quarter valued at approximately $201,000. Institutional investors own 70.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Benchmark restated a “buy” rating on shares of Tower Semiconductor in a report on Wednesday, August 5th. Mizuho initiated coverage on shares of Tower Semiconductor in a report on Friday, September 25th. They issued an “outperform” rating and a $300.00 price target on the stock. UBS Group reiterated a “buy” rating on shares of Tower Semiconductor in a report on Wednesday, July 15th. Susquehanna reduced their price objective on shares of Tower Semiconductor from $355.00 to $305.00 and set a “positive” rating on the stock in a research report on Tuesday, November 3rd. Finally, Weiss Ratings upgraded shares of Tower Semiconductor from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $297.12.

Tower Semiconductor Trading Up 4.8%

NASDAQ TSEM opened at $137.34 on Friday. The company has a quick ratio of 4.31, a current ratio of 3.72 and a debt-to-equity ratio of 0.04. Tower Semiconductor Ltd. has a twelve month low of $80.63 and a twelve month high of $319.94. The firm has a market capitalization of $15.44 billion, a PE ratio of 44.16 and a beta of 0.95. The stock’s 50 day moving average is $205.61 and its 200 day moving average is $204.75.

Tower Semiconductor (NASDAQ:TSEM) last posted its quarterly earnings data on Monday, November 2nd. The semiconductor company reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The firm had revenue of $526.16 million during the quarter, compared to the consensus estimate of $521.83 million. Tower Semiconductor had a return on equity of 11.72% and a net margin of 19.36%. Tower Semiconductor’s revenue for the quarter was up 32.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.47 EPS. Research analysts forecast that Tower Semiconductor Ltd. will post 3.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Yoav Chelouche sold 232 shares of the business’s stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $215.06, for a total transaction of $49,893.92. Following the sale, the director owned 33,734 shares in the company, valued at approximately $7,254,834.04. The trade was a 0.68% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 completion of the sale, the chief executive officer directly owned 526,788 shares in the company, valued at $130,822,531.92. This represents a 16.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 181,767 shares of company stock worth $45,610,065. Company insiders own 1.00% of the company’s stock.

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.