Van ECK Associates Corp Sells 1,402 Shares of Tower Semiconductor Ltd. (NASDAQ:TSEM)

Van ECK Associates Corp lessened its stake in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 4.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 32,278 shares of the semiconductor company’s stock after selling 1,402 shares during the quarter. Van ECK Associates Corp’s holdings in Tower Semiconductor were worth $1,663,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TSEM. Transcendent Capital Group LLC acquired a new position in Tower Semiconductor in the third quarter valued at about $27,000. R Squared Ltd bought a new stake in Tower Semiconductor in the fourth quarter valued at approximately $61,000. Blue Trust Inc. raised its stake in Tower Semiconductor by 319.3% in the third quarter. Blue Trust Inc. now owns 1,807 shares of the semiconductor company’s stock valued at $80,000 after buying an additional 1,376 shares during the period. Signaturefd LLC raised its stake in Tower Semiconductor by 21.1% in the third quarter. Signaturefd LLC now owns 2,472 shares of the semiconductor company’s stock valued at $109,000 after buying an additional 431 shares during the period. Finally, Crews Bank & Trust bought a new position in shares of Tower Semiconductor during the fourth quarter worth approximately $134,000. 70.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TSEM has been the topic of a number of recent research reports. Benchmark restated a “buy” rating and set a $60.00 price objective on shares of Tower Semiconductor in a research note on Tuesday, February 11th. Wedbush reaffirmed an “outperform” rating and set a $60.00 target price on shares of Tower Semiconductor in a research report on Tuesday, February 11th. StockNews.com lowered Tower Semiconductor from a “buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Susquehanna lifted their price objective on Tower Semiconductor from $55.00 to $60.00 and gave the stock a “positive” rating in a research report on Thursday, November 14th. Finally, Craig Hallum lifted their price objective on Tower Semiconductor from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Tower Semiconductor presently has an average rating of “Moderate Buy” and a consensus target price of $60.00.

Tower Semiconductor Price Performance

TSEM stock opened at $45.14 on Friday. The company has a market capitalization of $5.00 billion, a P/E ratio of 24.27 and a beta of 0.88. The company has a debt-to-equity ratio of 0.05, a quick ratio of 5.23 and a current ratio of 6.18. Tower Semiconductor Ltd. has a 52-week low of $30.48 and a 52-week high of $55.31. The business has a 50-day simple moving average of $50.37 and a two-hundred day simple moving average of $46.04.

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.