Jennison Associates LLC lessened its holdings in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 10.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,488,813 shares of the semiconductor company's stock after selling 302,178 shares during the quarter. Jennison Associates LLC owned approximately 2.25% of Tower Semiconductor worth $128,199,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Senvest Management LLC raised its position in shares of Tower Semiconductor by 1.7% in the third quarter. Senvest Management LLC now owns 8,320,433 shares of the semiconductor company's stock valued at $368,262,000 after purchasing an additional 138,807 shares during the period. Migdal Insurance & Financial Holdings Ltd. raised its position in shares of 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. raised its position in shares of Tower Semiconductor by 203.8% in the third quarter. Point72 Asset Management L.P. now owns 3,105,383 shares of the semiconductor company's stock valued at $137,444,000 after purchasing an additional 2,083,262 shares during the period. Meitav Investment House Ltd. raised its position in shares of Tower Semiconductor by 5.1% in the third quarter. Meitav Investment House Ltd. now owns 2,555,530 shares of the semiconductor company's stock valued at $113,220,000 after purchasing an additional 123,713 shares during the period. Finally, Summit Partners Public Asset Management LLC raised its position in shares of Tower Semiconductor by 1,146.9% in the third quarter. Summit Partners Public Asset Management LLC now owns 1,496,315 shares of the semiconductor company's stock valued at $66,227,000 after purchasing an additional 1,376,315 shares during the period. Institutional investors own 70.51% of the company's stock.
Tower Semiconductor Stock Performance
TSEM stock traded down $0.51 on Thursday, reaching $49.71. 556,760 shares of the company were exchanged, compared to its average volume of 794,789. Tower Semiconductor Ltd. has a 12 month low of $28.37 and a 12 month high of $55.31. The stock's fifty day moving average price is $50.68 and its 200 day moving average price is $45.58. The firm has a market capitalization of $5.51 billion, a PE ratio of 26.87 and a beta of 0.88. 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 (NASDAQ:TSEM - Get Free Report) last posted its quarterly earnings results on Wednesday, November 13th. The semiconductor company reported $0.57 earnings per share for the quarter, topping analysts' consensus estimates of $0.45 by $0.12. Tower Semiconductor had a net margin of 14.75% and a return on equity of 8.22%. The firm had revenue of $370.50 million for the quarter, compared to the consensus estimate of $370.30 million. During the same quarter in the previous year, the company earned $0.47 earnings per share. The business's revenue was up 3.4% compared to the same quarter last year. On average, research analysts anticipate that Tower Semiconductor Ltd. will post 1.77 EPS for the current fiscal year.
Wall Street Analyst Weigh In
TSEM has been the topic of a number of recent analyst reports. Craig Hallum lifted their price target on shares of Tower Semiconductor from $54.00 to $60.00 and gave the company a "buy" rating in a research report on Thursday, November 14th. Wedbush reissued an "outperform" rating and issued a $60.00 price target on shares of Tower Semiconductor in a research report on Monday. StockNews.com lowered shares of Tower Semiconductor from a "buy" rating to a "hold" rating in a research report on Tuesday, November 12th. Susquehanna boosted their target price on shares of Tower Semiconductor from $55.00 to $60.00 and gave the stock a "positive" rating in a research report on Thursday, November 14th. Finally, Benchmark reaffirmed a "buy" rating and set a $55.00 target price on shares of Tower Semiconductor in a research report on Thursday, November 14th. One investment 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 has an average rating of "Moderate Buy" and a consensus target price of $58.75.
Check Out Our Latest Report on Tower Semiconductor
Tower Semiconductor Company Profile
(
Free Report)
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.
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