Northern Trust Corp Lowers Holdings in Tower Semiconductor Ltd. (NASDAQ:TSEM)

Northern Trust Corp cut its holdings in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 4.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 249,685 shares of the semiconductor company’s stock after selling 12,037 shares during the period. Northern Trust Corp owned 0.23% of Tower Semiconductor worth $12,861,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in TSEM. Invesco Ltd. lifted its holdings in Tower Semiconductor by 251.9% in the 4th quarter. Invesco Ltd. now owns 1,761,235 shares of the semiconductor company’s stock worth $90,721,000 after purchasing an additional 1,260,683 shares in the last quarter. Neumeier Poma Investment Counsel LLC purchased a new position in Tower Semiconductor in the 4th quarter worth approximately $33,034,000. American Century Companies Inc. purchased a new position in Tower Semiconductor in the 4th quarter worth approximately $20,015,000. Arvin Capital Management LP purchased a new position in Tower Semiconductor in the 4th quarter worth approximately $11,243,000. Finally, Norges Bank purchased a new stake in shares of Tower Semiconductor during the 4th quarter worth approximately $11,126,000. 70.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on TSEM. Wedbush reaffirmed an “outperform” rating and set a $60.00 price objective on shares of Tower Semiconductor in a report on Tuesday, February 11th. Benchmark reaffirmed a “buy” rating and set a $60.00 price objective on shares of Tower Semiconductor in a report on Thursday. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Tower Semiconductor presently has an average rating of “Moderate Buy” and a consensus target price of $60.00.

Tower Semiconductor Stock Down 2.3%

Shares of TSEM opened at $41.11 on Friday. The stock has a market capitalization of $4.56 billion, a price-to-earnings ratio of 22.10 and a beta of 0.75. Tower Semiconductor Ltd. has a 1 year low of $28.64 and a 1 year high of $55.31. The business’s 50 day simple moving average is $36.49 and its 200-day simple moving average is $43.91. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.18 and a quick ratio of 5.23.

Tower Semiconductor (NASDAQ:TSEM) last issued its quarterly earnings data on Wednesday, May 14th. The semiconductor company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.01). Tower Semiconductor had a return on equity of 8.11% and a net margin of 14.47%. The firm had revenue of $358.17 million for the quarter, compared to analysts’ expectations of $358.09 million. As a group, equities analysts expect that Tower Semiconductor Ltd. will post 1.67 earnings per share for the current fiscal year.

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.