Taylor Frigon Capital Management LLC raised its stake in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 23.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 138,114 shares of the semiconductor company’s stock after acquiring an additional 26,562 shares during the period. Tower Semiconductor accounts for approximately 2.3% of Taylor Frigon Capital Management LLC’s portfolio, making the stock its 8th largest position. Taylor Frigon Capital Management LLC owned approximately 0.14% of Tower Semiconductor worth $3,005,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mount Yale Investment Advisors LLC acquired a new position in Tower Semiconductor in the first quarter valued at $138,000. New England Research & Management Inc. acquired a new position in Tower Semiconductor in the second quarter valued at $354,000. A.R.T. Advisors LLC acquired a new position in Tower Semiconductor in the first quarter valued at $484,000. Trexquant Investment LP acquired a new position in Tower Semiconductor in the second quarter valued at $485,000. Finally, Cubist Systematic Strategies LLC boosted its stake in Tower Semiconductor by 113.0% in the first quarter. Cubist Systematic Strategies LLC now owns 28,950 shares of the semiconductor company’s stock valued at $779,000 after acquiring an additional 15,357 shares in the last quarter. Institutional investors own 46.65% of the company’s stock.
Several equities analysts have issued reports on the stock. BidaskClub upgraded shares of Tower Semiconductor from a “sell” rating to a “hold” rating in a research note on Friday, November 2nd. Needham & Company LLC restated a “buy” rating and issued a $20.00 price objective on shares of Tower Semiconductor in a research note on Tuesday, October 30th. TheStreet downgraded shares of Tower Semiconductor from a “b-” rating to a “c+” rating in a research note on Tuesday, October 30th. Craig Hallum set a $21.00 target price on shares of Tower Semiconductor and gave the stock a “buy” rating in a research note on Tuesday, October 30th. Finally, Jefferies Financial Group decreased their target price on shares of Tower Semiconductor from $30.00 to $24.00 and set a “buy” rating for the company in a research note on Tuesday, October 30th. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $26.50.
Shares of TSEM opened at $15.61 on Wednesday. Tower Semiconductor Ltd. has a fifty-two week low of $13.87 and a fifty-two week high of $36.69. The stock has a market cap of $1.61 billion, a PE ratio of 7.06, a price-to-earnings-growth ratio of 1.05 and a beta of 1.44. The company has a debt-to-equity ratio of 0.21, a current ratio of 3.93 and a quick ratio of 3.27.
Tower Semiconductor (NASDAQ:TSEM) last announced its earnings results on Monday, October 29th. The semiconductor company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.03). Tower Semiconductor had a return on equity of 15.82% and a net margin of 18.43%. The business had revenue of $322.60 million for the quarter, compared to analyst estimates of $335.05 million. During the same quarter last year, the company posted $0.59 EPS. Tower Semiconductor’s quarterly revenue was down 9.0% on a year-over-year basis. On average, sell-side analysts anticipate that Tower Semiconductor Ltd. will post 1.56 EPS for the current year.
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Tower Semiconductor Profile
Tower Semiconductor Ltd., an independent semiconductor foundry, manufactures and markets analog intensive mixed-signal semiconductor devices in the United States, Japan, Asia, and Europe. The company provides various customizable process technologies, including SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, integrated power management, and MEMS.
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