Scopia Capital Management LP Makes New $13.93 Million Investment in Tower Semiconductor Ltd. (NASDAQ:TSEM)

Scopia Capital Management LP bought a new position in Tower Semiconductor Ltd. (NASDAQ:TSEM) during the third quarter, Holdings Channel.com reports. The institutional investor bought 314,631 shares of the semiconductor company’s stock, valued at approximately $13,926,000. Tower Semiconductor comprises about 2.9% of Scopia Capital Management LP’s holdings, making the stock its 18th biggest holding.

A number of other institutional investors have also added to or reduced their stakes in TSEM. Vanguard Group Inc. increased its stake in Tower Semiconductor by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 3,790,957 shares of the semiconductor company’s stock worth $126,808,000 after acquiring an additional 64,679 shares during the last quarter. Boston Partners increased its stake in Tower Semiconductor by 453.9% in the 1st quarter. Boston Partners now owns 328,843 shares of the semiconductor company’s stock worth $10,995,000 after acquiring an additional 269,476 shares during the last quarter. First Hawaiian Bank purchased a new position in shares of Tower Semiconductor in the 2nd quarter worth about $770,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Tower Semiconductor in the 2nd quarter worth about $177,000. Finally, Artemis Investment Management LLP boosted its holdings in shares of Tower Semiconductor by 4.4% in the 2nd quarter. Artemis Investment Management LLP now owns 229,126 shares of the semiconductor company’s stock worth $9,007,000 after purchasing an additional 9,553 shares in the last quarter. 70.51% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Craig Hallum upped their price objective on Tower Semiconductor from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. StockNews.com cut Tower Semiconductor from a “buy” rating to a “hold” rating in a report on Tuesday, November 12th. Susquehanna upped their price objective on Tower Semiconductor from $55.00 to $60.00 and gave the stock a “positive” rating in a report on Thursday, November 14th. Finally, Benchmark reiterated a “buy” rating and issued a $55.00 price objective on shares of Tower Semiconductor in a report on Thursday, November 14th. One 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, the company has an average rating of “Moderate Buy” and a consensus price target of $58.33.

Tower Semiconductor Trading Down 0.5 %

Shares of TSEM stock opened at $47.13 on Friday. The stock has a market capitalization of $5.22 billion, a PE ratio of 25.48 and a beta of 0.90. Tower Semiconductor Ltd. has a 1-year low of $27.11 and a 1-year high of $50.25. The business has a 50-day moving average of $44.83 and a 200 day moving average of $41.52. The company has a debt-to-equity ratio of 0.05, a current ratio of 5.82 and a quick ratio of 4.89.

Tower Semiconductor (NASDAQ:TSEM) last issued its earnings results on Wednesday, November 13th. The semiconductor company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.12. The company had revenue of $370.50 million during the quarter, compared to analysts’ expectations of $370.30 million. Tower Semiconductor had a return on equity of 8.22% and a net margin of 14.75%. Tower Semiconductor’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.47 EPS. As a group, sell-side analysts anticipate that Tower Semiconductor Ltd. will post 1.77 earnings per share for the current year.

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.