Assenagon Asset Management S.A. Invests $11.09 Million in Tower Semiconductor Ltd. (NASDAQ:TSEM)

Assenagon Asset Management S.A. bought a new position in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 250,546 shares of the semiconductor company's stock, valued at approximately $11,094,000. Assenagon Asset Management S.A. owned approximately 0.23% of Tower Semiconductor as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of TSEM. William Blair Investment Management LLC acquired a new position in Tower Semiconductor during the 1st quarter valued at about $34,911,000. Essex Investment Management Co. LLC grew its position in Tower Semiconductor by 7.5% during the 3rd quarter. Essex Investment Management Co. LLC now owns 179,579 shares of the semiconductor company's stock worth $7,948,000 after purchasing an additional 12,551 shares during the last quarter. Jennison Associates LLC increased its stake in Tower Semiconductor by 28.1% during 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 in the last quarter. Foundry Partners LLC purchased a new position in shares of Tower Semiconductor in the second quarter worth $519,000. Finally, Y.D. More Investments Ltd lifted its stake in shares of Tower Semiconductor by 9,622.0% during the second quarter. Y.D. More Investments Ltd now owns 911,926 shares of the semiconductor company's stock worth $35,952,000 after buying an additional 902,546 shares during the period. 70.51% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on TSEM. Benchmark reissued a "buy" rating and set a $55.00 price target on shares of Tower Semiconductor in a research report on Monday, September 9th. StockNews.com downgraded Tower Semiconductor from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 19th. Four research analysts have rated the stock with a buy rating, According to MarketBeat, Tower Semiconductor currently has an average rating of "Buy" and an average price target of $51.33.

Tower Semiconductor Stock Performance

NASDAQ TSEM traded up $0.40 during mid-day trading on Monday, reaching $45.17. 287,559 shares of the stock were exchanged, compared to its average volume of 501,862. Tower Semiconductor Ltd. has a 1 year low of $22.30 and a 1 year high of $46.53. The company has a debt-to-equity ratio of 0.05, a quick ratio of 4.94 and a current ratio of 5.90. The company has a market capitalization of $5.01 billion, a P/E ratio of 10.27 and a beta of 0.90. The business's 50 day moving average is $43.03 and its 200-day moving average is $39.45.

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.