Tower Semiconductor Ltd. (NASDAQ:TSEM) Stock Position Lowered by Legato Capital Management LLC

Legato Capital Management LLC trimmed its position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 6.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 25,146 shares of the semiconductor company’s stock after selling 1,842 shares during the period. Legato Capital Management LLC’s holdings in Tower Semiconductor were worth $1,295,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. grew its holdings in shares of Tower Semiconductor by 1.5% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,297,806 shares of the semiconductor company’s stock valued at $145,961,000 after buying an additional 50,000 shares in the last quarter. Y.D. More Investments Ltd boosted its position in Tower Semiconductor by 27.5% during the 4th quarter. Y.D. More Investments Ltd now owns 866,539 shares of the semiconductor company’s stock worth $44,883,000 after acquiring an additional 187,103 shares during the period. Summit Partners Public Asset Management LLC grew its stake in Tower Semiconductor by 1,146.9% during the 3rd quarter. Summit Partners Public Asset Management LLC now owns 1,496,315 shares of the semiconductor company’s stock valued at $66,227,000 after acquiring an additional 1,376,315 shares in the last quarter. Barclays PLC grew its stake in Tower Semiconductor by 4,081.2% during the 3rd quarter. Barclays PLC now owns 23,958 shares of the semiconductor company’s stock valued at $1,060,000 after acquiring an additional 23,385 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Tower Semiconductor in the 3rd quarter valued at about $11,094,000. 70.51% of the stock is owned by institutional investors and hedge funds.

Tower Semiconductor Stock Down 0.5 %

Tower Semiconductor stock opened at $45.53 on Thursday. The company has a market capitalization of $5.05 billion, a P/E ratio of 24.61 and a beta of 0.88. Tower Semiconductor Ltd. has a 1-year low of $28.37 and a 1-year high of $55.31. The firm’s fifty day simple moving average is $50.68 and its 200-day simple moving average is $45.77. The company has a current ratio of 5.82, a quick ratio of 4.89 and a debt-to-equity ratio of 0.05.

Tower Semiconductor (NASDAQ:TSEM) last posted its earnings results on Wednesday, November 13th. The semiconductor company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.12. The company had revenue of $370.50 million for the quarter, compared to analyst estimates of $370.30 million. Tower Semiconductor had a return on equity of 8.22% and a net margin of 14.75%. The business’s revenue was up 3.4% compared to the same quarter last year. During the same period last year, the company earned $0.47 earnings per share. Sell-side analysts forecast that Tower Semiconductor Ltd. will post 1.81 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently commented on TSEM shares. Craig Hallum boosted their price objective on shares of Tower Semiconductor from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Wedbush restated an “outperform” rating and set a $60.00 price target on shares of Tower Semiconductor in a report on Tuesday. Susquehanna increased their price objective on Tower Semiconductor from $55.00 to $60.00 and gave the stock a “positive” rating in a report on Thursday, November 14th. StockNews.com downgraded Tower Semiconductor from a “buy” rating to a “hold” rating in a research note on Tuesday, November 12th. Finally, Benchmark reaffirmed a “buy” rating and set a $60.00 price target on shares of Tower Semiconductor in a research note on Tuesday. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $60.00.

About Tower Semiconductor

Tower Semiconductor Ltd., an independent semiconductor foundry, focus on specialty process technologies to manufacture analog intensive mixed-signal semiconductor devices in Israel, the United States, Japan, Europe, and internationally. It provides various customizable process technologies, including SiGe, BiCMOS, mixed signal/CMOS, RF CMOS, CMOS image sensor, integrated power management, and MEMS.