Victory Capital Management Inc. Trims Stake in Tower Semiconductor Ltd. (NASDAQ:TSEM)

Victory Capital Management Inc. lowered its stake in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 20.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,287,130 shares of the semiconductor company's stock after selling 591,460 shares during the period. Victory Capital Management Inc. owned approximately 2.06% of Tower Semiconductor worth $101,228,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Transcendent Capital Group LLC bought a new stake in Tower Semiconductor in the third quarter worth $27,000. USA Financial Formulas bought a new stake in shares of Tower Semiconductor in the 3rd quarter worth about $38,000. Blue Trust Inc. boosted its stake in shares of Tower Semiconductor by 319.3% during the 3rd quarter. Blue Trust Inc. now owns 1,807 shares of the semiconductor company's stock worth $80,000 after purchasing an additional 1,376 shares during the period. Signaturefd LLC grew its holdings in Tower Semiconductor by 21.1% during the 3rd quarter. Signaturefd LLC now owns 2,472 shares of the semiconductor company's stock valued at $109,000 after purchasing an additional 431 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System purchased a new stake in Tower Semiconductor in the 1st quarter worth about $164,000. 70.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on TSEM shares. StockNews.com cut Tower Semiconductor from a "buy" rating to a "hold" rating in a research note on Tuesday. Benchmark reiterated a "buy" rating and set a $55.00 target price on shares of Tower Semiconductor in a research report on Thursday. Susquehanna upped their price target on shares of Tower Semiconductor from $55.00 to $60.00 and gave the stock a "positive" rating in a report on Thursday. Finally, Craig Hallum lifted their price objective on shares of Tower Semiconductor from $54.00 to $60.00 and gave the company a "buy" rating in a report on Thursday. One analyst has rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Tower Semiconductor currently has a consensus rating of "Moderate Buy" and an average target price of $58.33.

Tower Semiconductor Stock Down 4.4 %

Shares of TSEM stock traded down $2.12 on Thursday, hitting $46.30. The stock had a trading volume of 1,155,254 shares, compared to its average volume of 520,470. Tower Semiconductor Ltd. has a one year low of $26.62 and a one year high of $50.25. The business has a 50 day moving average price of $43.52 and a 200 day moving average price of $40.50. The company has a market cap of $5.13 billion, a PE ratio of 10.47 and a beta of 0.90. The company has a quick ratio of 4.94, a current ratio of 5.90 and a debt-to-equity ratio of 0.05.

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.