Castleark Management LLC Acquires New Holdings in Tower Semiconductor Ltd. (NASDAQ:TSEM)

Castleark Management LLC bought a new position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 135,330 shares of the semiconductor company’s stock, valued at approximately $5,990,000. Castleark Management LLC owned 0.12% of Tower Semiconductor as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TSEM. Transcendent Capital Group LLC bought a new stake in shares of Tower Semiconductor during the 3rd quarter worth $27,000. USA Financial Formulas acquired a new position in Tower Semiconductor during the 3rd quarter worth $38,000. Blue Trust Inc. boosted its holdings in Tower Semiconductor by 319.3% during the third quarter. Blue Trust Inc. now owns 1,807 shares of the semiconductor company’s stock valued at $80,000 after acquiring an additional 1,376 shares during the period. Signaturefd LLC grew its position in shares of Tower Semiconductor by 21.1% in the third quarter. Signaturefd LLC now owns 2,472 shares of the semiconductor company’s stock valued at $109,000 after purchasing an additional 431 shares during the last quarter. Finally, Scientech Research LLC bought a new position in shares of Tower Semiconductor in the second quarter worth about $200,000. Institutional investors and hedge funds own 70.51% of the company’s stock.

Tower Semiconductor Trading Up 0.6 %

Shares of Tower Semiconductor stock opened at $49.82 on Friday. Tower Semiconductor Ltd. has a 12-month low of $27.99 and a 12-month high of $50.66. The stock has a market capitalization of $5.52 billion, a P/E ratio of 26.93 and a beta of 0.92. The company has a 50-day simple moving average of $45.43 and a 200 day simple moving average of $41.95. The company has a quick ratio of 4.89, a current ratio of 5.82 and a debt-to-equity ratio of 0.05.

Tower Semiconductor (NASDAQ:TSEM) last posted its quarterly earnings data on Wednesday, November 13th. The semiconductor company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.12. Tower Semiconductor had a net margin of 14.75% and a return on equity of 8.22%. The company had revenue of $370.50 million during the quarter, compared to analyst estimates of $370.30 million. During the same quarter last year, the business posted $0.47 earnings per share. The company’s revenue was up 3.4% on a year-over-year basis. Research analysts expect that Tower Semiconductor Ltd. will post 1.77 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Susquehanna increased their target price on Tower Semiconductor from $55.00 to $60.00 and gave the company a “positive” rating in a research note on Thursday, November 14th. Benchmark reiterated a “buy” rating and set a $55.00 price target on shares of Tower Semiconductor in a report on Thursday, November 14th. Craig Hallum raised their price objective on shares of Tower Semiconductor from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, StockNews.com cut shares of Tower Semiconductor from a “buy” rating to a “hold” rating in a research note on Tuesday, November 12th. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.33.

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.