JPMorgan Chase & Co. Cuts Stake in Tower Semiconductor Ltd. $TSEM

JPMorgan Chase & Co. lessened its stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 75.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 60,378 shares of the semiconductor company’s stock after selling 185,364 shares during the period. JPMorgan Chase & Co.’s holdings in Tower Semiconductor were worth $4,365,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. CIBC Private Wealth Group LLC boosted its holdings 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 buying an additional 300 shares during the last quarter. Westside Investment Management Inc. raised its holdings in shares of Tower Semiconductor by 100.0% during the third quarter. Westside Investment Management Inc. now owns 452 shares of the semiconductor company’s stock valued at $34,000 after acquiring an additional 226 shares during the last quarter. Advisory Services Network LLC acquired a new position in shares of Tower Semiconductor during the third quarter valued at approximately $48,000. Covestor Ltd purchased a new position in shares of Tower Semiconductor in the third quarter valued at approximately $52,000. Finally, GF Fund Management CO. LTD. purchased a new position in shares of Tower Semiconductor in the third quarter valued at approximately $83,000. 70.51% of the stock is owned by hedge funds and other institutional investors.

Tower Semiconductor Stock Performance

NASDAQ:TSEM opened at $197.80 on Friday. The company’s 50-day moving average is $139.52 and its two-hundred day moving average is $112.31. Tower Semiconductor Ltd. has a 1-year low of $28.64 and a 1-year high of $198.94. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.48 and a quick ratio of 5.51. The firm has a market capitalization of $22.24 billion, a price-to-earnings ratio of 102.49 and a beta of 0.71.

Tower Semiconductor (NASDAQ:TSEM) last announced its quarterly earnings results on Wednesday, February 11th. The semiconductor company reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.11. The business had revenue of $440.21 million during the quarter, compared to the consensus estimate of $439.81 million. Tower Semiconductor had a net margin of 14.08% and a return on equity of 7.86%. The business’s revenue was up 13.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.49 EPS. Analysts forecast that Tower Semiconductor Ltd. will post 1.67 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently commented on the company. Barclays boosted their price target on Tower Semiconductor from $114.00 to $142.00 and gave the stock an “equal weight” rating in a research report on Friday, February 13th. Benchmark raised their price objective on Tower Semiconductor from $165.00 to $230.00 and gave the company a “buy” rating in a report on Thursday, March 26th. Wedbush lifted their target price on shares of Tower Semiconductor from $125.00 to $140.00 and gave the stock a “neutral” rating in a research note on Thursday, February 12th. Susquehanna reiterated a “positive” rating and issued a $180.00 target price on shares of Tower Semiconductor in a research report on Thursday, February 12th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Tower Semiconductor in a research note on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Tower Semiconductor has a consensus rating of “Hold” and an average price target of $173.00.

Tower Semiconductor Company Profile

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.