Central Pacific Bank Trust Division Buys Shares of 16,550 Tower Semiconductor Ltd. (NASDAQ:TSEM)

Central Pacific Bank Trust Division bought a new stake in Tower Semiconductor Ltd. (NASDAQ:TSEM) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 16,550 shares of the semiconductor company’s stock, valued at approximately $548,000.

Other hedge funds have also recently made changes to their positions in the company. Senvest Management LLC grew its position in shares of Tower Semiconductor by 58.8% in the fourth quarter. Senvest Management LLC now owns 7,174,598 shares of the semiconductor company’s stock valued at $218,969,000 after purchasing an additional 2,657,777 shares in the last quarter. Theleme Partners LLP purchased a new position in shares of Tower Semiconductor in the fourth quarter valued at $67,717,000. Norges Bank purchased a new position in shares of Tower Semiconductor in the fourth quarter valued at $45,303,000. Victory Capital Management Inc. grew its position in shares of Tower Semiconductor by 83.4% in the fourth quarter. Victory Capital Management Inc. now owns 3,160,410 shares of the semiconductor company’s stock valued at $96,456,000 after purchasing an additional 1,437,535 shares in the last quarter. Finally, Shannon River Fund Management LLC purchased a new position in shares of Tower Semiconductor in the fourth quarter valued at $38,538,000. 70.51% of the stock is currently owned by institutional investors.

Tower Semiconductor Price Performance

TSEM stock traded up $0.52 during mid-day trading on Wednesday, hitting $41.14. 65,517 shares of the stock were exchanged, compared to its average volume of 547,768. The company has a debt-to-equity ratio of 0.06, a current ratio of 5.38 and a quick ratio of 4.46. The business has a fifty day moving average price of $37.63 and a 200 day moving average price of $33.60. Tower Semiconductor Ltd. has a 12 month low of $21.43 and a 12 month high of $41.66. The stock has a market capitalization of $4.48 billion, a price-to-earnings ratio of 9.21 and a beta of 0.90.

Tower Semiconductor (NASDAQ:TSEM) last issued its quarterly earnings results on Thursday, May 9th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.08. Tower Semiconductor had a return on equity of 8.78% and a net margin of 35.27%. The firm had revenue of $327.24 million during the quarter, compared to analyst estimates of $325.00 million. On average, sell-side analysts anticipate that Tower Semiconductor Ltd. will post 1.67 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Craig Hallum lifted their price target on Tower Semiconductor from $40.00 to $44.00 and gave the company a “buy” rating in a research report on Friday, May 10th. StockNews.com upgraded Tower Semiconductor from a “hold” rating to a “buy” rating in a research report on Monday, March 25th. Susquehanna upgraded Tower Semiconductor from a “neutral” rating to a “positive” rating and boosted their target price for the stock from $36.00 to $55.00 in a research report on Friday, May 10th. Finally, Benchmark restated a “buy” rating and set a $40.00 target price on shares of Tower Semiconductor in a research report on Friday, May 10th. Four analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $46.33.

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.