Wellington Management Group LLP Lowers Stake in Tower Semiconductor Ltd. (NASDAQ:TSEM)

Wellington Management Group LLP lessened its holdings in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 3.7% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,528,301 shares of the semiconductor company's stock after selling 97,059 shares during the quarter. Wellington Management Group LLP owned 2.28% of Tower Semiconductor worth $111,903,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Transcendent Capital Group LLC bought a new stake in Tower Semiconductor during the third quarter worth about $27,000. USA Financial Formulas acquired a new stake in Tower Semiconductor during the 3rd quarter valued at approximately $38,000. Blue Trust Inc. raised its stake in Tower Semiconductor by 319.3% during the third quarter. Blue Trust Inc. now owns 1,807 shares of the semiconductor company's stock worth $80,000 after buying an additional 1,376 shares during the last quarter. Signaturefd LLC lifted its stake in shares of Tower Semiconductor by 21.1% in 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 period. Finally, Scientech Research LLC acquired a new position in Tower Semiconductor in the second quarter valued at approximately $200,000. 70.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on TSEM shares. StockNews.com downgraded Tower Semiconductor from a "buy" rating to a "hold" rating in a report on Tuesday, November 12th. Craig Hallum boosted their price target on shares of Tower Semiconductor from $54.00 to $60.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. Susquehanna boosted their target price on Tower Semiconductor from $55.00 to $60.00 and gave the company a "positive" rating in a research note on Thursday, November 14th. Finally, 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. One analyst has rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $58.33.

Tower Semiconductor Stock Up 1.9 %

Shares of NASDAQ TSEM traded up $0.94 during trading on Tuesday, reaching $49.54. The company had a trading volume of 560,184 shares, compared to its average volume of 524,637. The business's 50-day moving average is $45.51 and its 200 day moving average is $42.10. The company has a quick ratio of 4.89, a current ratio of 5.82 and a debt-to-equity ratio of 0.05. The stock has a market cap of $5.49 billion, a PE ratio of 26.78 and a beta of 0.92. Tower Semiconductor Ltd. has a 12-month low of $28.02 and a 12-month high of $50.66.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last issued its earnings results on Wednesday, November 13th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.12. The company had revenue of $370.50 million for the quarter, compared to analysts' expectations of $370.30 million. Tower Semiconductor had a net margin of 14.75% and a return on equity of 8.22%. The firm's quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the company posted $0.47 earnings per share. As a group, equities analysts forecast that Tower Semiconductor Ltd. will post 1.77 earnings per share 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.