Tower Semiconductor Ltd. (NASDAQ:TSEM) Holdings Increased by Summit Partners Public Asset Management LLC

Summit Partners Public Asset Management LLC lifted its stake in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 1,146.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,496,315 shares of the semiconductor company's stock after acquiring an additional 1,376,315 shares during the period. Tower Semiconductor accounts for 2.1% of Summit Partners Public Asset Management LLC's portfolio, making the stock its 10th largest position. Summit Partners Public Asset Management LLC owned 1.35% of Tower Semiconductor worth $66,227,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in TSEM. Y.D. More Investments Ltd boosted its stake in Tower Semiconductor by 9,622.0% in the second quarter. Y.D. More Investments Ltd now owns 911,926 shares of the semiconductor company's stock valued at $35,952,000 after acquiring an additional 902,546 shares in the last quarter. Point72 Asset Management L.P. lifted its holdings in shares of Tower Semiconductor by 169.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,022,121 shares of the semiconductor company's stock valued at $40,180,000 after purchasing an additional 642,121 shares during the last quarter. Meitav Investment House Ltd. boosted its position in shares of Tower Semiconductor by 25.6% in the 2nd quarter. Meitav Investment House Ltd. now owns 2,431,817 shares of the semiconductor company's stock worth $95,686,000 after purchasing an additional 495,380 shares in the last quarter. Boston Partners grew its stake in Tower Semiconductor by 453.9% during the 1st quarter. Boston Partners now owns 328,843 shares of the semiconductor company's stock worth $10,995,000 after buying an additional 269,476 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in Tower Semiconductor during the 3rd quarter worth $11,094,000. 70.51% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on TSEM shares. StockNews.com downgraded Tower Semiconductor from a "buy" rating to a "hold" rating in a report on Tuesday, November 12th. Benchmark reaffirmed a "buy" rating and issued a $55.00 price objective on shares of Tower Semiconductor in a research report on Thursday, November 14th. 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, Craig Hallum upped their price target on shares of Tower Semiconductor from $54.00 to $60.00 and gave the company a "buy" rating in a research note on Thursday, November 14th. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Tower Semiconductor has an average rating of "Moderate Buy" and a consensus price target of $58.33.

Tower Semiconductor Stock Performance

Shares of NASDAQ:TSEM traded down $0.23 during trading on Friday, hitting $47.13. The stock had a trading volume of 369,493 shares, compared to its average volume of 525,746. The company has a quick ratio of 4.89, a current ratio of 5.82 and a debt-to-equity ratio of 0.05. Tower Semiconductor Ltd. has a 12-month low of $27.11 and a 12-month high of $50.25. The stock has a market capitalization of $5.22 billion, a price-to-earnings ratio of 25.48 and a beta of 0.90. The stock has a 50-day simple moving average of $44.83 and a two-hundred day simple moving average of $41.52.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.45 by $0.12. The company had revenue of $370.50 million during 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%. Tower Semiconductor's revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period last year, the firm posted $0.47 EPS. On average, equities research analysts expect that Tower Semiconductor Ltd. will post 1.77 earnings per share for the current fiscal year.

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.