NorthCoast Asset Management LLC Takes $2.35 Million Position in Tower Semiconductor Ltd. (TSEM)

NorthCoast Asset Management LLC bought a new stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 98,512 shares of the semiconductor company’s stock, valued at approximately $2,350,000. NorthCoast Asset Management LLC owned about 0.10% of Tower Semiconductor at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. DUPONT CAPITAL MANAGEMENT Corp bought a new stake in Tower Semiconductor during the first quarter valued at $115,000. Dupont Capital Management Corp increased its stake in Tower Semiconductor by 24.4% during the second quarter. Dupont Capital Management Corp now owns 6,219 shares of the semiconductor company’s stock valued at $148,000 after purchasing an additional 1,219 shares during the last quarter. Parametric Portfolio Associates LLC bought a new stake in Tower Semiconductor during the first quarter valued at $217,000. JPMorgan Chase & Co. increased its stake in Tower Semiconductor by 319.3% during the first quarter. JPMorgan Chase & Co. now owns 10,194 shares of the semiconductor company’s stock valued at $235,000 after purchasing an additional 7,763 shares during the last quarter. Finally, Sei Investments Co. increased its stake in Tower Semiconductor by 12.7% during the first quarter. Sei Investments Co. now owns 10,593 shares of the semiconductor company’s stock valued at $244,000 after purchasing an additional 1,190 shares during the last quarter. Hedge funds and other institutional investors own 49.38% of the company’s stock.

Several equities analysts have recently issued reports on the stock. ValuEngine raised shares of Tower Semiconductor from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. BidaskClub raised shares of Tower Semiconductor from a “hold” rating to a “buy” rating in a report on Thursday, August 24th. Finally, Needham & Company LLC reissued a “buy” rating and set a $35.00 price target on shares of Tower Semiconductor in a report on Friday, June 9th. Three analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Tower Semiconductor has a consensus rating of “Buy” and a consensus target price of $31.50.

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Tower Semiconductor Ltd. (TSEM) traded down 0.40% during midday trading on Friday, reaching $30.02. 583,693 shares of the company traded hands. The company has a 50-day moving average price of $27.23 and a 200-day moving average price of $24.69. Tower Semiconductor Ltd. has a 12-month low of $14.83 and a 12-month high of $30.44. The company has a market cap of $2.94 billion, a price-to-earnings ratio of 15.37 and a beta of 1.02.

Tower Semiconductor (NASDAQ:TSEM) last released its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.03. Tower Semiconductor had a return on equity of 28.28% and a net margin of 14.53%. The firm had revenue of $345.10 million during the quarter, compared to analyst estimates of $344.98 million. During the same period in the prior year, the company posted $0.45 earnings per share. The business’s revenue for the quarter was up 13.1% compared to the same quarter last year. On average, analysts predict that Tower Semiconductor Ltd. will post $2.05 earnings per share for the current fiscal year.

Tower Semiconductor Profile

Tower Semiconductor Ltd. operates as an independent semiconductor foundry focused primarily on specialty process technologies. The Company focuses on producing integrated circuits (ICs) based on the design specifications of its customers. The Company manufactures semiconductors for its customers primarily based on third-party designs.

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

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