6,053 Tower Semiconductor Ltd. $TSEM Shares Sold by China Universal Asset Management Co. Ltd.

China Universal Asset Management Co. Ltd. cut its stake in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 63.7% in the 3rd quarter, Holdings Channel.com reports. The firm owned 3,450 shares of the semiconductor company’s stock after selling 6,053 shares during the quarter. China Universal Asset Management Co. Ltd.’s holdings in Tower Semiconductor were worth $809,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Swiss National Bank grew its position in shares of Tower Semiconductor by 86.0% during the 1st quarter. Swiss National Bank now owns 414,850 shares of the semiconductor company’s stock valued at $70,625,000 after purchasing an additional 191,839 shares in the last quarter. Empowered Funds LLC bought a new position in shares of Tower Semiconductor in the first quarter worth approximately $754,000. Public Employees Retirement System of Ohio bought a new stake in Tower Semiconductor during the second quarter valued at approximately $2,044,000. Plato Investment Management Ltd purchased a new position in Tower Semiconductor in the 2nd quarter worth approximately $3,491,000. Finally, Altshuler Shaham Ltd increased its stake in Tower Semiconductor by 1,175.6% in the first quarter. Altshuler Shaham Ltd now owns 340,108 shares of the semiconductor company’s stock valued at $58,025,000 after acquiring an additional 313,445 shares during the last quarter. Hedge funds and other institutional investors own 70.51% of the company’s stock.

Insider Transactions at Tower Semiconductor

In other news, Director Yoav Chelouche sold 232 shares of the business’s stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $215.06, for a total value of $49,893.92. Following the transaction, the director owned 33,734 shares of the company’s stock, valued at approximately $7,254,834.04. The trade was a 0.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Russell Ellwanger sold 104,226 shares of the business’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 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 SEC filing for this sale provides additional information. In the last quarter, insiders sold 181,767 shares of company stock worth $45,610,065. Company insiders own 1.00% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on TSEM. Stifel Nicolaus started coverage on Tower Semiconductor in a report on Tuesday, September 1st. They issued a “buy” rating and a $270.00 price objective on the stock. Barclays started coverage on Tower Semiconductor in a research report on Friday, September 18th. They set an “overweight” rating and a $310.00 target price for the company. Mizuho initiated coverage on Tower Semiconductor in a report on Friday, September 25th. They issued an “outperform” rating and a $300.00 price objective for the company. Weiss Ratings downgraded Tower Semiconductor from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, August 18th. Finally, National Bank Financial upgraded Tower Semiconductor to a “buy” rating in a research note on Friday, August 7th. 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. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $316.00.

Tower Semiconductor Stock Performance

Shares of Tower Semiconductor stock opened at $166.48 on Friday. Tower Semiconductor Ltd. has a 52 week low of $80.63 and a 52 week high of $319.94. The business’s fifty day simple moving average is $212.65 and its 200-day simple moving average is $204.23. The firm has a market cap of $18.72 billion, a PE ratio of 65.80 and a beta of 0.89. 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 (NASDAQ:TSEM) last posted its quarterly earnings results 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 business had revenue of $460.08 million during the quarter, compared to the consensus estimate of $454.68 million. Tower Semiconductor had a net margin of 16.94% and a return on equity of 9.83%. The company’s quarterly revenue was up 23.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.41 earnings per share. Equities analysts forecast that Tower Semiconductor Ltd. will post 3.56 earnings per share for the current year.

Tower Semiconductor Company Profile

Tower Semiconductor Ltd. is an Israeli specialty semiconductor foundry that manufactures integrated circuits for fabless semiconductor companies, integrated device manufacturers and system companies. The company provides process technologies and production services rather than selling branded end-user electronics.

Its offerings include analog and mixed-signal technologies, radio-frequency and high-voltage circuits, power management solutions, image sensors, and specialty memory products.