Public Employees Retirement System of Ohio Buys New Stake in Tower Semiconductor Ltd. (NASDAQ:TSEM)

Public Employees Retirement System of Ohio purchased a new position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 44,671 shares of the semiconductor company’s stock, valued at approximately $1,979,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TSEM. Senvest Management LLC boosted its stake in shares of Tower Semiconductor by 1.7% in the third quarter. Senvest Management LLC now owns 8,320,433 shares of the semiconductor company’s stock worth $368,262,000 after buying an additional 138,807 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in Tower Semiconductor by 1.5% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,297,806 shares of the semiconductor company’s stock valued at $145,961,000 after acquiring an additional 50,000 shares during the period. Point72 Asset Management L.P. boosted its position in Tower Semiconductor by 203.8% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,105,383 shares of the semiconductor company’s stock worth $137,444,000 after purchasing an additional 2,083,262 shares in the last quarter. Jennison Associates LLC grew its stake in shares of Tower Semiconductor by 1.5% during the 3rd quarter. Jennison Associates LLC now owns 2,790,991 shares of the semiconductor company’s stock worth $123,529,000 after purchasing an additional 40,038 shares during the period. Finally, Meitav Investment House Ltd. grew its position in Tower Semiconductor by 5.1% during the third quarter. Meitav Investment House Ltd. now owns 2,555,530 shares of the semiconductor company’s stock valued at $113,220,000 after buying an additional 123,713 shares during the period. 70.51% of the stock is owned by institutional investors and hedge funds.

Tower Semiconductor Stock Performance

NASDAQ TSEM opened at $52.45 on Wednesday. The company has a debt-to-equity ratio of 0.05, a current ratio of 5.82 and a quick ratio of 4.89. The stock’s 50 day simple moving average is $46.29 and its 200-day simple moving average is $42.64. The company has a market cap of $5.81 billion, a PE ratio of 28.35 and a beta of 0.92. Tower Semiconductor Ltd. has a 1-year low of $28.02 and a 1-year high of $52.79.

Tower Semiconductor (NASDAQ:TSEM) last announced its quarterly earnings data on Wednesday, November 13th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $370.30 million. During the same quarter in the prior year, the company earned $0.47 EPS. Tower Semiconductor’s revenue was up 3.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Tower Semiconductor Ltd. will post 1.77 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

TSEM has been the subject of a number of analyst reports. Benchmark reaffirmed a “buy” rating and issued a $55.00 price target on shares of Tower Semiconductor in a report on Thursday, November 14th. Craig Hallum upped their target price on Tower Semiconductor from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. StockNews.com cut shares of Tower Semiconductor from a “buy” rating to a “hold” rating in a research note on Tuesday, November 12th. Finally, Susquehanna upped their price objective on shares of Tower Semiconductor from $55.00 to $60.00 and gave the stock a “positive” rating in a research report on Thursday, November 14th. One research analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Tower Semiconductor currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.33.

Tower Semiconductor Company 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.