Hunter Perkins Capital Management LLC Lowers Stake in Tower Semiconductor Ltd. (NASDAQ:TSEM)

Hunter Perkins Capital Management LLC reduced its position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 2.1% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 20,835 shares of the semiconductor company’s stock after selling 450 shares during the quarter. Hunter Perkins Capital Management LLC’s holdings in Tower Semiconductor were worth $922,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in TSEM. Truist Financial Corp raised its position in Tower Semiconductor by 3.8% in the second quarter. Truist Financial Corp now owns 7,432 shares of the semiconductor company’s stock worth $292,000 after acquiring an additional 273 shares during the period. TD Asset Management Inc raised its position in shares of Tower Semiconductor by 3.2% during the 2nd quarter. TD Asset Management Inc now owns 16,156 shares of the semiconductor company’s stock valued at $623,000 after buying an additional 506 shares in the last quarter. DGS Capital Management LLC boosted its stake in Tower Semiconductor by 5.5% during the first quarter. DGS Capital Management LLC now owns 15,246 shares of the semiconductor company’s stock worth $510,000 after buying an additional 789 shares during the period. USA Financial Formulas purchased a new position in shares of Tower Semiconductor during the third quarter valued at approximately $38,000. Finally, Swiss National Bank increased its position in shares of Tower Semiconductor by 1.0% during the first quarter. Swiss National Bank now owns 220,171 shares of the semiconductor company’s stock worth $7,209,000 after acquiring an additional 2,189 shares during the period. 70.51% of the stock is currently owned by hedge funds and other institutional investors.

Tower Semiconductor Trading Down 1.3 %

NASDAQ TSEM traded down $0.56 on Wednesday, reaching $43.91. The stock had a trading volume of 75,618 shares, compared to its average volume of 508,483. The company has a quick ratio of 4.94, a current ratio of 5.90 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $4.87 billion, a price-to-earnings ratio of 10.04 and a beta of 0.90. Tower Semiconductor Ltd. has a 12-month low of $21.43 and a 12-month high of $46.53. The stock has a fifty day moving average price of $42.10 and a two-hundred day moving average price of $38.82.

Tower Semiconductor (NASDAQ:TSEM) last issued its quarterly earnings results on Wednesday, July 24th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.05. The business had revenue of $351.18 million for the quarter, compared to analysts’ expectations of $350.00 million. Tower Semiconductor had a net margin of 35.58% and a return on equity of 8.33%. As a group, sell-side analysts forecast that Tower Semiconductor Ltd. will post 1.82 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have weighed in on TSEM shares. Benchmark restated a “buy” rating and set a $55.00 target price on shares of Tower Semiconductor in a report on Monday, September 9th. StockNews.com downgraded Tower Semiconductor from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 19th. Four investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $51.33.

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.