Assenagon Asset Management S.A. Trims Holdings in Tower Semiconductor Ltd. (NASDAQ:TSEM)

Assenagon Asset Management S.A. reduced its holdings in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 19.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 200,791 shares of the semiconductor company's stock after selling 49,755 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.18% of Tower Semiconductor worth $10,410,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Senvest Management LLC grew its holdings in Tower Semiconductor by 1.7% in the 3rd quarter. Senvest Management LLC now owns 8,320,433 shares of the semiconductor company's stock valued at $368,262,000 after buying an additional 138,807 shares during the period. Migdal Insurance & Financial Holdings Ltd. grew its holdings in Tower Semiconductor by 1.5% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,297,806 shares of the semiconductor company's stock valued at $145,961,000 after purchasing an additional 50,000 shares during the period. Point72 Asset Management L.P. increased its position in Tower Semiconductor by 203.8% during the third quarter. Point72 Asset Management L.P. now owns 3,105,383 shares of the semiconductor company's stock worth $137,444,000 after purchasing an additional 2,083,262 shares during the last quarter. Jennison Associates LLC increased its position in Tower Semiconductor by 1.5% during the third quarter. Jennison Associates LLC now owns 2,790,991 shares of the semiconductor company's stock worth $123,529,000 after purchasing an additional 40,038 shares during the last quarter. Finally, Meitav Investment House Ltd. raised its stake in Tower Semiconductor by 5.1% during the third quarter. Meitav Investment House Ltd. now owns 2,555,530 shares of the semiconductor company's stock worth $113,220,000 after purchasing an additional 123,713 shares during the period. 70.51% of the stock is currently owned by hedge funds and other institutional investors.

Tower Semiconductor Stock Up 0.7 %

NASDAQ:TSEM traded up $0.36 during mid-day trading on Friday, hitting $52.58. The company had a trading volume of 374,404 shares, compared to its average volume of 520,671. The business has a fifty day simple moving average of $49.73 and a 200-day simple moving average of $44.71. The firm has a market capitalization of $5.83 billion, a price-to-earnings ratio of 28.42 and a beta of 0.89. The company has a current ratio of 5.82, a quick ratio of 4.89 and a debt-to-equity ratio of 0.05. Tower Semiconductor Ltd. has a 1 year low of $28.11 and a 1 year high of $54.27.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last posted 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. The company had revenue of $370.50 million for the quarter, compared to analyst estimates of $370.30 million. Tower Semiconductor had a net margin of 14.75% and a return on equity of 8.22%. The business's quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.47 earnings per share. Equities analysts forecast that Tower Semiconductor Ltd. will post 1.77 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

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.