PNC Financial Services Group Inc. Buys 350 Shares of Tower Semiconductor Ltd. (NASDAQ:TSEM)

PNC Financial Services Group Inc. lifted its stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 4.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,700 shares of the semiconductor company’s stock after buying an additional 350 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Tower Semiconductor were worth $310,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Tower Semiconductor during the first quarter valued at about $551,000. Wealth Enhancement Advisory Services LLC increased its position in shares of Tower Semiconductor by 8.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 14,715 shares of the semiconductor company’s stock valued at $525,000 after buying an additional 1,138 shares during the period. Squarepoint Ops LLC purchased a new position in shares of Tower Semiconductor during the fourth quarter valued at about $247,000. Fifth Third Bancorp increased its position in shares of Tower Semiconductor by 18.0% during the first quarter. Fifth Third Bancorp now owns 9,885 shares of the semiconductor company’s stock valued at $352,000 after buying an additional 1,509 shares during the period. Finally, Cetera Investment Advisers purchased a new position in shares of Tower Semiconductor during the fourth quarter valued at about $249,000. Hedge funds and other institutional investors own 70.51% of the company’s stock.

Tower Semiconductor Trading Down 0.8%

NASDAQ:TSEM opened at $46.87 on Friday. Tower Semiconductor Ltd. has a one year low of $28.64 and a one year high of $55.31. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.57 and a quick ratio of 5.50. The company’s 50-day simple moving average is $45.00 and its 200 day simple moving average is $41.65. The firm has a market capitalization of $5.19 billion, a P/E ratio of 26.94 and a beta of 0.77.

Tower Semiconductor (NASDAQ:TSEM) last posted its quarterly earnings data on Monday, August 4th. The semiconductor company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.06). Tower Semiconductor had a return on equity of 7.37% and a net margin of 13.20%. The business had revenue of $372.06 million for the quarter, compared to the consensus estimate of $371.63 million. During the same period in the previous year, the firm earned $0.53 EPS. The company’s revenue was up 6.0% on a year-over-year basis. As a group, analysts forecast that Tower Semiconductor Ltd. will post 1.67 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Susquehanna set a $66.00 price target on shares of Tower Semiconductor and gave the company a “positive” rating in a research report on Tuesday, August 5th. Wedbush set a $65.00 price target on shares of Tower Semiconductor and gave the company an “outperform” rating in a research report on Tuesday, August 5th. Finally, Benchmark reissued a “buy” rating and set a $66.00 price objective (up previously from $60.00) on shares of Tower Semiconductor in a research note on Monday, August 4th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $64.25.

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.