Bank of New York Mellon Corp Sells 17,339 Shares of Tower Semiconductor Ltd. (NASDAQ:TSEM)

Bank of New York Mellon Corp decreased its position in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 22.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 61,339 shares of the semiconductor company's stock after selling 17,339 shares during the quarter. Bank of New York Mellon Corp's holdings in Tower Semiconductor were worth $2,411,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Theleme Partners LLP bought a new stake in shares of Tower Semiconductor during the fourth quarter valued at approximately $67,717,000. Norges Bank bought a new stake in Tower Semiconductor in the 4th quarter valued at $45,303,000. Shannon River Fund Management LLC bought a new stake in Tower Semiconductor in the 4th quarter valued at $38,538,000. William Blair Investment Management LLC acquired a new position in shares of Tower Semiconductor in the 1st quarter valued at $34,911,000. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its holdings in shares of Tower Semiconductor by 28.9% during the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 3,639,897 shares of the semiconductor company's stock worth $121,755,000 after acquiring an additional 816,266 shares during the period. 70.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently weighed in on TSEM. StockNews.com cut shares of Tower Semiconductor from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 19th. Benchmark reiterated a "buy" rating and issued a $55.00 price objective on shares of Tower Semiconductor in a research note on Monday, September 9th. Four equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $51.33.

Tower Semiconductor Price Performance

Shares of Tower Semiconductor stock traded down $0.15 during trading on Tuesday, reaching $41.47. The company's stock had a trading volume of 270,357 shares, compared to its average volume of 530,476. Tower Semiconductor Ltd. has a one year low of $21.43 and a one year high of $44.58. The stock has a 50-day moving average price of $40.83 and a two-hundred day moving average price of $37.23. The company has a current ratio of 5.90, a quick ratio of 4.94 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $4.53 billion, a P/E ratio of 9.40 and a beta of 0.90.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last released its quarterly earnings results on Wednesday, July 24th. The semiconductor company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.41 by $0.05. Tower Semiconductor had a net margin of 35.58% and a return on equity of 8.33%. The business had revenue of $351.18 million for the quarter, compared to analysts' expectations of $350.00 million. As a group, sell-side analysts anticipate that Tower Semiconductor Ltd. will post 1.82 EPS for the current fiscal 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.