K2 Principal Fund L.P. Trims Stock Holdings in Tower Semiconductor Ltd. $TSEM

K2 Principal Fund L.P. decreased its position in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 45.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,411 shares of the semiconductor company’s stock after selling 6,101 shares during the period. K2 Principal Fund L.P.’s holdings in Tower Semiconductor were worth $870,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TSEM. USA Financial Formulas purchased a new position in Tower Semiconductor in the 4th quarter worth $27,000. CIBC Private Wealth Group LLC raised its stake in Tower Semiconductor by 254.2% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 418 shares of the semiconductor company’s stock worth $30,000 after acquiring an additional 300 shares during the last quarter. Advisory Services Network LLC purchased a new position in Tower Semiconductor in the 3rd quarter worth $48,000. Kestra Advisory Services LLC purchased a new position in Tower Semiconductor in the 4th quarter worth $52,000. Finally, SBI Securities Co. Ltd. raised its stake in Tower Semiconductor by 344.4% in the 4th quarter. SBI Securities Co. Ltd. now owns 520 shares of the semiconductor company’s stock worth $61,000 after acquiring an additional 403 shares during the last quarter. Hedge funds and other institutional investors own 70.51% of the company’s stock.

Tower Semiconductor Stock Performance

NASDAQ TSEM opened at $262.92 on Friday. The stock has a 50-day simple moving average of $233.92 and a two-hundred day simple moving average of $165.78. The firm has a market capitalization of $29.57 billion, a P/E ratio of 122.29 and a beta of 0.87. Tower Semiconductor Ltd. has a fifty-two week low of $37.48 and a fifty-two week high of $302.86. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.92 and a current ratio of 5.63.

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

Wall Street Analysts Forecast Growth

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

About Tower Semiconductor

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.