Cornerstone Wealth Management LLC bought a new stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 15,927 shares of the semiconductor company’s stock, valued at approximately $504,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Foundry Partners LLC bought a new stake in Tower Semiconductor during the 3rd quarter valued at $460,000. Trexquant Investment LP bought a new stake in Tower Semiconductor during the 2nd quarter valued at $485,000. Sei Investments Co. raised its position in Tower Semiconductor by 17.1% during the 2nd quarter. Sei Investments Co. now owns 40,038 shares of the semiconductor company’s stock valued at $881,000 after purchasing an additional 5,851 shares in the last quarter. Bank of Montreal Can raised its position in Tower Semiconductor by 7,262.1% during the 2nd quarter. Bank of Montreal Can now owns 44,099 shares of the semiconductor company’s stock valued at $970,000 after purchasing an additional 43,500 shares in the last quarter. Finally, Mork Capital Management LLC raised its position in Tower Semiconductor by 168.0% during the 2nd quarter. Mork Capital Management LLC now owns 53,600 shares of the semiconductor company’s stock valued at $1,180,000 after purchasing an additional 33,600 shares in the last quarter. 47.14% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have weighed in on TSEM shares. BidaskClub lowered Tower Semiconductor from a “hold” rating to a “sell” rating in a research report on Thursday, October 18th. Standpoint Research raised Tower Semiconductor from a “hold” rating to a “buy” rating and set a $18.00 target price for the company in a research report on Tuesday, August 28th. Craig Hallum set a $21.00 target price on Tower Semiconductor and gave the company a “buy” rating in a research report on Tuesday, October 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $28.00 target price on shares of Tower Semiconductor in a research report on Monday, October 22nd. Finally, Loop Capital cut their price target on Tower Semiconductor from $46.00 to $36.00 and set a “buy” rating on the stock in a report on Friday, July 27th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company. Tower Semiconductor presently has an average rating of “Buy” and an average target price of $26.50.
Shares of NASDAQ:TSEM opened at $16.39 on Monday. Tower Semiconductor Ltd. has a 12-month low of $13.87 and a 12-month high of $36.69. The firm has a market capitalization of $1.61 billion, a PE ratio of 7.42, a P/E/G ratio of 1.05 and a beta of 1.44. The company has a current ratio of 3.93, a quick ratio of 2.58 and a debt-to-equity ratio of 0.21.
Tower Semiconductor (NASDAQ:TSEM) last announced its quarterly earnings results on Monday, October 29th. The semiconductor company reported $0.37 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.40 by ($0.03). Tower Semiconductor had a net margin of 18.43% and a return on equity of 15.82%. The company had revenue of $322.60 million during the quarter, compared to analysts’ expectations of $335.05 million. During the same quarter in the prior year, the business posted $0.59 earnings per share. The company’s revenue was down 9.0% compared to the same quarter last year. On average, equities research analysts forecast that Tower Semiconductor Ltd. will post 1.56 EPS for the current year.
About Tower Semiconductor
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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