Bank of New York Mellon Corp Sells 57,487 Shares of Tower Semiconductor Ltd. (NASDAQ:TSEM)

Bank of New York Mellon Corp cut its position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 57.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 43,048 shares of the semiconductor company’s stock after selling 57,487 shares during the period. Bank of New York Mellon Corp’s holdings in Tower Semiconductor were worth $1,535,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of TSEM. Raymond James Financial Inc. bought a new stake in shares of Tower Semiconductor during the fourth quarter valued at approximately $1,347,000. Vanguard Group Inc. increased its position in shares of Tower Semiconductor by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 3,993,287 shares of the semiconductor company’s stock valued at $205,954,000 after purchasing an additional 42,969 shares during the period. Norges Bank bought a new stake in Tower Semiconductor in the fourth quarter valued at $11,126,000. Pictet Asset Management Holding SA grew its position in Tower Semiconductor by 9.2% in the fourth quarter. Pictet Asset Management Holding SA now owns 17,159 shares of the semiconductor company’s stock valued at $890,000 after acquiring an additional 1,449 shares during the period. Finally, Alliancebernstein L.P. grew its position in Tower Semiconductor by 9.7% in the fourth quarter. Alliancebernstein L.P. now owns 19,482 shares of the semiconductor company’s stock valued at $1,004,000 after acquiring an additional 1,729 shares during the period. 70.51% of the stock is currently owned by institutional investors.

Tower Semiconductor Stock Performance

Shares of NASDAQ:TSEM opened at $47.82 on Wednesday. The business’s fifty day moving average price is $43.25 and its two-hundred day moving average price is $41.94. Tower Semiconductor Ltd. has a fifty-two week low of $28.64 and a fifty-two week high of $55.31. The stock has a market capitalization of $5.30 billion, a price-to-earnings ratio of 26.42 and a beta of 0.79. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.93 and a quick ratio of 5.82.

Tower Semiconductor (NASDAQ:TSEM) last announced its quarterly earnings results on Wednesday, May 14th. The semiconductor company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). The company had revenue of $358.17 million during the quarter, compared to the consensus estimate of $358.09 million. Tower Semiconductor had a net margin of 13.86% and a return on equity of 7.73%. The business’s revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the company earned $0.40 earnings per share. As a group, analysts predict that Tower Semiconductor Ltd. will post 1.67 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Benchmark reiterated a “buy” rating and issued a $60.00 price target on shares of Tower Semiconductor in a research report on Thursday, May 15th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $60.00.

Tower Semiconductor Profile

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.