Tower Semiconductor Ltd. $TSEM Stock: Phoenix Financial Ltd. Decreases Stake

Phoenix Financial Ltd. lowered its position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 32.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 2,372,509 shares of the semiconductor company’s stock after selling 1,133,269 shares during the period. Tower Semiconductor comprises about 3.6% of Phoenix Financial Ltd.’s investment portfolio, making the stock its 4th largest position. Phoenix Financial Ltd.’s holdings in Tower Semiconductor were worth $539,751,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. grew its position in shares of Tower Semiconductor by 10.9% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,918,723 shares of the semiconductor company’s stock worth $436,375,000 after buying an additional 188,000 shares during the period. Aberdeen Group plc bought a new position in shares of Tower Semiconductor in the 3rd quarter worth about $21,288,000. Private Advisory Group LLC bought a new position in shares of Tower Semiconductor in the 3rd quarter worth about $1,658,000. Lido Advisors LLC bought a new position in shares of Tower Semiconductor in the 3rd quarter worth about $1,541,000. Finally, Allspring Global Investments Holdings LLC lifted its position in Tower Semiconductor by 0.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 181,691 shares of the semiconductor company’s stock valued at $43,842,000 after acquiring an additional 1,318 shares during the period. Institutional investors own 70.51% of the company’s stock.

Insiders Place Their Bets

In other Tower Semiconductor news, Director Yoav Chelouche sold 232 shares of the firm’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $215.06, for a total transaction of $49,893.92. Following the completion of the sale, the director directly owned 33,734 shares in the company, valued at approximately $7,254,834.04. This trade represents a 0.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.00% of the company’s stock.

Tower Semiconductor Stock Down 6.9%

Shares of NASDAQ:TSEM traded down $10.97 on Friday, hitting $146.89. 3,313,965 shares of the company traded hands, compared to its average volume of 3,461,596. Tower Semiconductor Ltd. has a 52 week low of $87.30 and a 52 week high of $319.94. The company has a quick ratio of 3.23, a current ratio of 3.72 and a debt-to-equity ratio of 0.04. The stock has a 50 day simple moving average of $200.38 and a 200-day simple moving average of $205.31. The company has a market cap of $16.52 billion, a PE ratio of 47.23 and a beta of 0.95.

Tower Semiconductor (NASDAQ:TSEM) last announced its quarterly earnings results 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%. The business’s revenue for the quarter was up 32.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.47 EPS. As a group, research analysts expect that Tower Semiconductor Ltd. will post 3.56 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on TSEM. Mizuho started coverage on shares of Tower Semiconductor in a research note on Friday, September 25th. They set an “outperform” rating and a $300.00 price objective on the stock. Benchmark restated a “buy” rating on shares of Tower Semiconductor in a report on Wednesday, August 5th. Wedbush decreased their target price on shares of Tower Semiconductor from $300.00 to $190.00 and set a “neutral” rating for the company in a research note on Tuesday, November 3rd. Stifel Nicolaus decreased their target price on shares of Tower Semiconductor from $270.00 to $235.00 and set a “buy” rating for the company in a research note 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, November 3rd. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $297.12.

About Tower Semiconductor

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.