The Manufacturers Life Insurance Company Sells 215,101 Shares of Tower Semiconductor Ltd. (NASDAQ:TSEM)

The Manufacturers Life Insurance Company cut its stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 16.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,083,732 shares of the semiconductor company's stock after selling 215,101 shares during the period. The Manufacturers Life Insurance Company owned about 0.98% of Tower Semiconductor worth $47,966,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Transcendent Capital Group LLC bought a new position in shares of Tower Semiconductor in the third quarter worth about $27,000. USA Financial Formulas bought a new stake in Tower Semiconductor during the 3rd quarter worth approximately $38,000. Blue Trust Inc. lifted its holdings in Tower Semiconductor by 319.3% during the third quarter. Blue Trust Inc. now owns 1,807 shares of the semiconductor company's stock valued at $80,000 after purchasing an additional 1,376 shares in the last quarter. Signaturefd LLC boosted its position in shares of Tower Semiconductor by 21.1% in the third quarter. Signaturefd LLC now owns 2,472 shares of the semiconductor company's stock worth $109,000 after purchasing an additional 431 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Tower Semiconductor in the second quarter worth approximately $177,000. 70.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. StockNews.com cut shares of Tower Semiconductor from a "buy" rating to a "hold" rating in a research note on Tuesday, November 12th. Craig Hallum increased their target price on Tower Semiconductor from $54.00 to $60.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. Benchmark reissued a "buy" rating and set a $55.00 target price on shares of Tower Semiconductor in a research note on Thursday, November 14th. Finally, Susquehanna upped their price target on Tower Semiconductor from $55.00 to $60.00 and gave the stock a "positive" rating in a research note on Thursday, November 14th. One analyst has rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $58.33.

Tower Semiconductor Price Performance

Shares of Tower Semiconductor stock traded down $0.23 during trading on Friday, reaching $47.13. 369,489 shares of the stock traded hands, compared to its average volume of 525,746. Tower Semiconductor Ltd. has a 52-week low of $27.11 and a 52-week high of $50.25. The company has a debt-to-equity ratio of 0.05, a current ratio of 5.82 and a quick ratio of 4.89. The business has a fifty day simple moving average of $44.73 and a two-hundred day simple moving average of $41.45. The company has a market capitalization of $5.22 billion, a price-to-earnings ratio of 25.60 and a beta of 0.90.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last released its quarterly 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 business 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%. The firm's revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.47 EPS. Sell-side analysts expect that Tower Semiconductor Ltd. will post 1.77 EPS for the current year.

Tower Semiconductor 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.