314,631 Shares in Tower Semiconductor Ltd. (NASDAQ:TSEM) Purchased by Scopia Capital Management LP

Scopia Capital Management LP acquired a new stake in Tower Semiconductor Ltd. (NASDAQ:TSEM) in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm acquired 314,631 shares of the semiconductor company’s stock, valued at approximately $13,926,000. Tower Semiconductor comprises 2.9% of Scopia Capital Management LP’s holdings, making the stock its 18th largest position. Scopia Capital Management LP owned 0.28% of Tower Semiconductor as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of TSEM. Transcendent Capital Group LLC bought a new stake in shares of Tower Semiconductor during the 3rd quarter worth $27,000. USA Financial Formulas purchased a new position in Tower Semiconductor in the third quarter valued at about $38,000. Blue Trust Inc. grew its position 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 valued at $80,000 after acquiring an additional 1,376 shares during the period. Signaturefd LLC increased its stake in shares of Tower Semiconductor by 21.1% during the 3rd 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 last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Tower Semiconductor during the 2nd quarter worth approximately $177,000. Institutional investors own 70.51% of the company’s stock.

Tower Semiconductor Price Performance

Tower Semiconductor stock opened at $47.13 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 5.82 and a quick ratio of 4.89. Tower Semiconductor Ltd. has a one year low of $27.11 and a one year high of $50.25. The firm has a market capitalization of $5.22 billion, a P/E ratio of 25.48 and a beta of 0.90. The business has a fifty day moving average price of $44.83 and a 200-day moving average price of $41.52.

Tower Semiconductor (NASDAQ:TSEM) last released its quarterly earnings data on Wednesday, November 13th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.12. Tower Semiconductor had a return on equity of 8.22% and a net margin of 14.75%. The company had revenue of $370.50 million for the quarter, compared to analyst estimates of $370.30 million. During the same period in the previous year, the company posted $0.47 EPS. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, equities research analysts forecast that Tower Semiconductor Ltd. will post 1.77 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. StockNews.com downgraded Tower Semiconductor from a “buy” rating to a “hold” rating in a research note on Tuesday, November 12th. Benchmark reaffirmed a “buy” rating and set a $55.00 price target on shares of Tower Semiconductor in a research report on Thursday, November 14th. Craig Hallum lifted their price objective on Tower Semiconductor from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, Susquehanna upped their price objective on shares of Tower Semiconductor from $55.00 to $60.00 and gave the company a “positive” rating in a report on Thursday, November 14th. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Tower Semiconductor currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.33.

Tower Semiconductor Company 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.