Artemis Investment Management LLP Cuts Stock Position in Tower Semiconductor Ltd. (NASDAQ:TSEM)

Artemis Investment Management LLP lessened its holdings in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 5.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 216,717 shares of the semiconductor company's stock after selling 12,409 shares during the period. Artemis Investment Management LLP owned 0.20% of Tower Semiconductor worth $9,592,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TSEM. State Board of Administration of Florida Retirement System purchased a new position in shares of Tower Semiconductor in the 1st quarter worth about $164,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Tower Semiconductor in the 2nd quarter valued at approximately $177,000. Scientech Research LLC purchased a new stake in Tower Semiconductor during the 2nd quarter valued at $200,000. ProShare Advisors LLC bought a new stake in shares of Tower Semiconductor in the 1st quarter worth $243,000. Finally, Truist Financial Corp raised its stake in shares of Tower Semiconductor by 3.8% in the second quarter. Truist Financial Corp now owns 7,432 shares of the semiconductor company's stock worth $292,000 after purchasing an additional 273 shares during the last quarter. 70.51% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TSEM has been the subject of a number of research reports. Benchmark reiterated a "buy" rating and set a $55.00 target price on shares of Tower Semiconductor in a research note on Monday, September 9th. StockNews.com downgraded Tower Semiconductor from a "strong-buy" rating to a "buy" rating in a report on Friday, July 19th. Four research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $51.33.

Tower Semiconductor Stock Performance

Shares of TSEM stock traded up $0.32 during mid-day trading on Thursday, reaching $45.53. 282,121 shares of the company's stock traded hands, compared to its average volume of 511,676. The company has a debt-to-equity ratio of 0.05, a quick ratio of 4.94 and a current ratio of 5.90. The firm has a market capitalization of $5.05 billion, a PE ratio of 10.32 and a beta of 0.90. Tower Semiconductor Ltd. has a 12 month low of $21.43 and a 12 month high of $45.63. The firm has a 50 day moving average price of $41.47 and a two-hundred day moving average price of $38.44.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last posted its earnings results on Wednesday, July 24th. The semiconductor company reported $0.46 EPS for the quarter, topping analysts' consensus estimates of $0.41 by $0.05. The company had revenue of $351.18 million for the quarter, compared to the consensus estimate of $350.00 million. Tower Semiconductor had a return on equity of 8.33% and a net margin of 35.58%. On average, research analysts forecast that Tower Semiconductor Ltd. will post 1.82 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.