Citigroup Inc. Acquires 45,138 Shares of Tower Semiconductor Ltd. $TSEM

Citigroup Inc. increased its holdings in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 242.3% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 63,766 shares of the semiconductor company’s stock after purchasing an additional 45,138 shares during the quarter. Citigroup Inc. owned 0.06% of Tower Semiconductor worth $4,544,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of TSEM. Jennison Associates LLC boosted its holdings in shares of Tower Semiconductor by 18.8% in the third quarter. Jennison Associates LLC now owns 2,331,831 shares of the semiconductor company’s stock valued at $168,591,000 after buying an additional 369,600 shares during the period. Schwartz Investment Counsel Inc. bought a new stake in Tower Semiconductor in the 3rd quarter valued at $18,798,000. Marshall Wace LLP lifted its position in Tower Semiconductor by 2,402.5% in the 2nd quarter. Marshall Wace LLP now owns 239,994 shares of the semiconductor company’s stock valued at $10,404,000 after acquiring an additional 230,404 shares in the last quarter. Penserra Capital Management LLC boosted its stake in Tower Semiconductor by 43.4% in the 3rd quarter. Penserra Capital Management LLC now owns 671,657 shares of the semiconductor company’s stock worth $48,560,000 after purchasing an additional 203,176 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. increased its holdings in Tower Semiconductor by 7.2% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,977,806 shares of the semiconductor company’s stock worth $215,295,000 after purchasing an additional 200,000 shares in the last quarter. 70.51% of the stock is currently owned by institutional investors and hedge funds.

Tower Semiconductor Stock Performance

NASDAQ TSEM opened at $123.50 on Thursday. Tower Semiconductor Ltd. has a 12 month low of $28.64 and a 12 month high of $149.57. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.48 and a quick ratio of 5.51. The stock has a 50 day moving average of $127.68 and a 200-day moving average of $99.16.

Tower Semiconductor (NASDAQ:TSEM) last issued its earnings results on Wednesday, February 11th. The semiconductor company reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.11. Tower Semiconductor had a net margin of 14.08% and a return on equity of 7.86%. The business had revenue of $440.21 million for the quarter, compared to the consensus estimate of $439.81 million. During the same period in the previous year, the company earned $0.49 earnings per share. The firm’s revenue for the quarter was up 13.7% on a year-over-year basis. As a group, equities analysts expect that Tower Semiconductor Ltd. will post 1.67 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

TSEM has been the topic of a number of research reports. Weiss Ratings restated a “hold (c)” rating on shares of Tower Semiconductor in a report on Monday, December 29th. Barclays increased their price objective on Tower Semiconductor from $114.00 to $142.00 and gave the stock an “equal weight” rating in a report on Friday, February 13th. Susquehanna restated a “positive” rating and issued a $180.00 target price on shares of Tower Semiconductor in a research note on Thursday, February 12th. Benchmark raised their price target on shares of Tower Semiconductor from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Thursday, February 12th. Finally, Wedbush lifted their price objective 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. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $156.75.

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.