Truist Financial Corp Increases Stock Holdings in Tower Semiconductor Ltd. (NASDAQ:TSEM)

Truist Financial Corp lifted its stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 3.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,432 shares of the semiconductor company’s stock after buying an additional 273 shares during the quarter. Truist Financial Corp’s holdings in Tower Semiconductor were worth $292,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Vanguard Group Inc. lifted its position in Tower Semiconductor by 1.7% in the first quarter. Vanguard Group Inc. now owns 3,790,957 shares of the semiconductor company’s stock valued at $126,808,000 after acquiring an additional 64,679 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in shares of Tower Semiconductor by 3.4% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 3,763,097 shares of the semiconductor company’s stock valued at $147,927,000 after purchasing an additional 123,200 shares during the last quarter. Jennison Associates LLC boosted its position in shares of Tower Semiconductor by 28.1% in the 1st quarter. Jennison Associates LLC now owns 2,650,283 shares of the semiconductor company’s stock valued at $88,652,000 after purchasing an additional 580,610 shares during the period. Meitav Investment House Ltd. grew its stake in Tower Semiconductor by 25.6% during the 2nd quarter. Meitav Investment House Ltd. now owns 2,431,817 shares of the semiconductor company’s stock worth $95,686,000 after buying an additional 495,380 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC increased its position in Tower Semiconductor by 1.0% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,958,981 shares of the semiconductor company’s stock worth $77,008,000 after buying an additional 20,347 shares during the period. Institutional investors and hedge funds own 70.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. StockNews.com lowered shares of Tower Semiconductor from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 19th. Benchmark restated a “buy” rating and issued a $55.00 price objective on shares of Tower Semiconductor in a research note on Monday, September 9th. Four investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Tower Semiconductor presently has a consensus rating of “Buy” and an average price target of $51.33.

Tower Semiconductor Price Performance

Tower Semiconductor stock opened at $43.97 on Friday. The business has a 50 day simple moving average of $42.47 and a 200-day simple moving average of $38.97. Tower Semiconductor Ltd. has a 12 month low of $21.45 and a 12 month high of $46.53. The company has a debt-to-equity ratio of 0.05, a current ratio of 5.90 and a quick ratio of 4.94. The stock has a market capitalization of $4.87 billion, a PE ratio of 9.93 and a beta of 0.90.

Tower Semiconductor (NASDAQ:TSEM) last released its earnings results on Wednesday, July 24th. The semiconductor company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.41 by $0.05. The company had revenue of $351.18 million during the quarter, compared to analysts’ expectations of $350.00 million. Tower Semiconductor had a net margin of 35.58% and a return on equity of 8.33%. Equities analysts predict that Tower Semiconductor Ltd. will post 1.82 earnings per share 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.