Principal Financial Group Inc. Sells 23,741 Shares of Tower Semiconductor Ltd. (NASDAQ:TSEM)

Principal Financial Group Inc. lowered its holdings in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 2.2% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,043,407 shares of the semiconductor company’s stock after selling 23,741 shares during the period. Principal Financial Group Inc.’s holdings in Tower Semiconductor were worth $31,198,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. RK Capital Management LLC lifted its holdings in shares of Tower Semiconductor by 75.3% during the 2nd quarter. RK Capital Management LLC now owns 287,900 shares of the semiconductor company’s stock worth $8,473,000 after acquiring an additional 123,700 shares during the period. Senvest Management LLC increased its position in Tower Semiconductor by 7.9% during the 2nd quarter. Senvest Management LLC now owns 8,205,346 shares of the semiconductor company’s stock worth $241,483,000 after purchasing an additional 600,400 shares in the last quarter. Citigroup Inc. increased its position in Tower Semiconductor by 2.0% during the 2nd quarter. Citigroup Inc. now owns 21,763 shares of the semiconductor company’s stock worth $643,000 after purchasing an additional 428 shares in the last quarter. Vanguard Group Inc. increased its position in Tower Semiconductor by 0.9% during the 2nd quarter. Vanguard Group Inc. now owns 2,998,410 shares of the semiconductor company’s stock worth $88,242,000 after purchasing an additional 26,695 shares in the last quarter. Finally, Bank of Montreal Can increased its position in Tower Semiconductor by 84.2% during the 2nd quarter. Bank of Montreal Can now owns 7,855 shares of the semiconductor company’s stock worth $231,000 after purchasing an additional 3,590 shares in the last quarter. 55.43% of the stock is owned by institutional investors.

A number of equities analysts recently issued reports on TSEM shares. Needham & Company LLC reiterated a “buy” rating and set a $45.00 price objective on shares of Tower Semiconductor in a research report on Wednesday. Jefferies Financial Group upped their price objective on shares of Tower Semiconductor from $42.00 to $46.00 and gave the stock a “buy” rating in a research report on Wednesday, December 8th. Finally, Craig Hallum upped their price target on shares of Tower Semiconductor from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, November 9th. Four equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Tower Semiconductor currently has a consensus rating of “Buy” and a consensus price target of $44.63.

NASDAQ:TSEM opened at $40.20 on Friday. The firm’s fifty day moving average is $37.63 and its 200-day moving average is $32.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.02 and a current ratio of 3.76. Tower Semiconductor Ltd. has a 52 week low of $24.81 and a 52 week high of $41.31. The firm has a market cap of $4.29 billion, a P/E ratio of 34.07 and a beta of 1.31.

Tower Semiconductor (NASDAQ:TSEM) last posted its quarterly earnings data on Monday, November 8th. The semiconductor company reported $0.41 EPS for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.04. Tower Semiconductor had a net margin of 8.97% and a return on equity of 8.73%. The company had revenue of $386.71 million for the quarter, compared to analyst estimates of $384.98 million. During the same period in the prior year, the firm posted $0.14 EPS. The company’s quarterly revenue was up 24.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Tower Semiconductor Ltd. will post 1.35 earnings per share for the current year.

Tower Semiconductor Profile

Tower Semiconductor Ltd. engages in the development and manufacture of semiconductors for the electronics industry. It caters to the consumer, industrial, automotive, mobile, infrastructure, medical, and aerospace and defense markets. The company was founded in 1993 and is headquartered in Migdal Haemek, Israel.

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Institutional Ownership by Quarter for Tower Semiconductor (NASDAQ:TSEM)

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