Tower Semiconductor Ltd. $TSEM Shares Purchased by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lifted its stake in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 70.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 46,385 shares of the semiconductor company’s stock after purchasing an additional 19,236 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Tower Semiconductor were worth $7,914,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of TSEM. HHM Wealth Advisors LLC purchased a new stake in Tower Semiconductor during the 1st quarter worth approximately $298,000. Hanson & Doremus Investment Management acquired a new stake in shares of Tower Semiconductor during the first quarter worth $53,000. Brookstone Capital Management acquired a new stake in shares of Tower Semiconductor during the first quarter worth $351,000. SG Americas Securities LLC acquired a new stake in shares of Tower Semiconductor during the first quarter worth $85,435,000. Finally, Park National Corp OH purchased a new stake in shares of Tower Semiconductor during the first quarter valued at $231,000. 70.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently issued reports on TSEM. Benchmark upped their target price on Tower Semiconductor from $230.00 to $335.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Wedbush lifted their price target on Tower Semiconductor from $140.00 to $300.00 and gave the stock a “neutral” rating in a research report on Thursday, May 14th. Finally, Susquehanna boosted their price target on Tower Semiconductor from $180.00 to $330.00 and gave the company a “positive” rating in a research note on Thursday, May 14th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $276.75.

Tower Semiconductor Price Performance

Shares of NASDAQ:TSEM opened at $219.05 on Friday. Tower Semiconductor Ltd. has a twelve month low of $43.12 and a twelve month high of $319.94. The company has a current ratio of 5.63, a quick ratio of 4.92 and a debt-to-equity ratio of 0.04. The company has a market cap of $24.63 billion, a PE ratio of 101.88 and a beta of 0.87. The company’s 50 day moving average is $251.41 and its 200 day moving average is $181.79.

Tower Semiconductor (NASDAQ:TSEM) last announced its quarterly earnings data on Wednesday, May 13th. The semiconductor company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.56 by $0.09. The business had revenue of $413.63 million during the quarter, compared to analysts’ expectations of $410.72 million. Tower Semiconductor had a net margin of 15.13% and a return on equity of 8.54%. The business’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.35 EPS. On average, sell-side analysts forecast that Tower Semiconductor Ltd. will post 2.84 EPS for the current year.

Tower Semiconductor 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.