Hodges Capital Management Inc. Sells 42,849 Shares of Tower Semiconductor Ltd. (NASDAQ:TSEM)

Hodges Capital Management Inc. lessened its holdings in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 14.6% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 251,432 shares of the semiconductor company's stock after selling 42,849 shares during the period. Hodges Capital Management Inc. owned approximately 0.23% of Tower Semiconductor worth $12,951,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Essex Investment Management Co. LLC lifted its holdings in shares of Tower Semiconductor by 7.5% during the third quarter. Essex Investment Management Co. LLC now owns 179,579 shares of the semiconductor company's stock worth $7,948,000 after buying an additional 12,551 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its stake in shares of 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 purchasing an additional 50,000 shares in the last quarter. Summit Partners Public Asset Management LLC lifted its position in Tower Semiconductor by 1,146.9% in the third quarter. Summit Partners Public Asset Management LLC now owns 1,496,315 shares of the semiconductor company's stock worth $66,227,000 after purchasing an additional 1,376,315 shares during the period. Barclays PLC raised its stake in shares of Tower Semiconductor by 4,081.2% in the 3rd quarter. Barclays PLC now owns 23,958 shares of the semiconductor company's stock valued at $1,060,000 after buying an additional 23,385 shares in the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in Tower Semiconductor during the third quarter worth about $11,094,000. Institutional investors own 70.51% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Susquehanna raised their target price on Tower Semiconductor from $55.00 to $60.00 and gave the stock a "positive" rating in a research report on Thursday, November 14th. Benchmark restated a "buy" rating and issued a $55.00 target price on shares of Tower Semiconductor 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 report on Tuesday, November 12th. Wedbush reaffirmed an "outperform" rating and set a $60.00 price objective on shares of Tower Semiconductor in a research note on Monday. Finally, Craig Hallum lifted their target price on shares of Tower Semiconductor from $54.00 to $60.00 and gave the company a "buy" rating in a research note on Thursday, November 14th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $58.75.

Tower Semiconductor Trading Down 1.0 %

Shares of NASDAQ TSEM traded down $0.51 during midday trading on Thursday, hitting $49.71. The stock had a trading volume of 556,760 shares, compared to its average volume of 794,789. 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 Ltd. has a fifty-two week low of $28.37 and a fifty-two week high of $55.31. The firm has a market cap of $5.51 billion, a P/E ratio of 26.87 and a beta of 0.88. The company's 50-day simple moving average is $50.68 and its 200 day simple moving average is $45.58.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last issued its earnings results on Wednesday, November 13th. The semiconductor company reported $0.57 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 previous year, the company posted $0.47 EPS. The business's revenue for the quarter was up 3.4% compared to the same quarter last year. Research analysts anticipate that Tower Semiconductor Ltd. will post 1.77 EPS 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.