ARK Investment Management LLC Has $2.87 Million Stock Holdings in Tower Semiconductor Ltd. $TSEM

ARK Investment Management LLC trimmed its stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 14.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 39,638 shares of the semiconductor company’s stock after selling 6,701 shares during the period. ARK Investment Management LLC’s holdings in Tower Semiconductor were worth $2,866,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of TSEM. Westside Investment Management Inc. raised its holdings in Tower Semiconductor by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 452 shares of the semiconductor company’s stock worth $34,000 after buying an additional 226 shares during the period. Covestor Ltd acquired a new stake in Tower Semiconductor during the 3rd quarter valued at $52,000. GF Fund Management CO. LTD. acquired a new stake in Tower Semiconductor during the 3rd quarter worth about $83,000. E Fund Management Hong Kong Co. Ltd. acquired a new position in Tower Semiconductor in the 3rd quarter valued at approximately $92,000. Finally, Spinnaker Investment Group LLC purchased a new stake in Tower Semiconductor in the 3rd quarter worth approximately $202,000. Hedge funds and other institutional investors own 70.51% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on TSEM. Wedbush boosted their price target on shares of Tower Semiconductor from $125.00 to $140.00 and gave the company a “neutral” rating in a report on Thursday, February 12th. Barclays raised their price target on shares of Tower Semiconductor from $114.00 to $142.00 and gave the company an “equal weight” rating in a report on Friday, February 13th. Benchmark upped their price objective on shares of Tower Semiconductor from $150.00 to $165.00 and gave the stock a “buy” rating in a report on Thursday, February 12th. Susquehanna reissued a “positive” rating and set 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 report on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $156.75.

Tower Semiconductor Stock Down 2.4%

TSEM opened at $120.54 on Friday. The firm has a market cap of $13.55 billion, a price-to-earnings ratio of 62.46 and a beta of 0.91. The company has a debt-to-equity ratio of 0.05, a quick ratio of 5.51 and a current ratio of 6.48. Tower Semiconductor Ltd. has a twelve month low of $28.64 and a twelve month high of $149.57. The firm’s 50-day simple moving average is $127.64 and its 200-day simple moving average is $99.31.

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

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.