Jennison Associates LLC Raises Stake in Tower Semiconductor Ltd. (NASDAQ:TSEM)

Jennison Associates LLC increased its position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 1.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,790,991 shares of the semiconductor company's stock after acquiring an additional 40,038 shares during the period. Jennison Associates LLC owned about 2.52% of Tower Semiconductor worth $123,529,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in TSEM. Truist Financial Corp lifted its holdings in shares of Tower Semiconductor by 3.8% during the second quarter. Truist Financial Corp now owns 7,432 shares of the semiconductor company's stock worth $292,000 after purchasing an additional 273 shares during the period. Signaturefd LLC raised its stake in Tower Semiconductor by 21.1% during the third quarter. Signaturefd LLC now owns 2,472 shares of the semiconductor company's stock worth $109,000 after buying an additional 431 shares during the last quarter. TD Asset Management Inc raised its stake in Tower Semiconductor by 3.2% during the second quarter. TD Asset Management Inc now owns 16,156 shares of the semiconductor company's stock worth $623,000 after buying an additional 506 shares during the last quarter. Van ECK Associates Corp raised its stake in Tower Semiconductor by 1.6% during the third quarter. Van ECK Associates Corp now owns 33,680 shares of the semiconductor company's stock worth $1,484,000 after buying an additional 522 shares during the last quarter. Finally, Transcendent Capital Group LLC bought a new position in Tower Semiconductor during the third quarter worth $27,000. Institutional investors and hedge funds own 70.51% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on TSEM. Susquehanna lifted their target price on shares of Tower Semiconductor from $55.00 to $60.00 and gave the stock a "positive" rating in a research note on Thursday, November 14th. Benchmark reaffirmed a "buy" rating and issued a $55.00 price target on shares of Tower Semiconductor in a research note on Thursday, November 14th. StockNews.com downgraded shares of Tower Semiconductor from a "buy" rating to a "hold" rating in a research note on Tuesday, November 12th. Finally, 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 note on Thursday, November 14th. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $58.33.

Tower Semiconductor Price Performance

NASDAQ TSEM traded up $1.16 on Thursday, hitting $47.81. The stock had a trading volume of 522,066 shares, compared to its average volume of 527,302. The firm has a 50-day moving average of $44.01 and a 200-day moving average of $40.96. The company has a debt-to-equity ratio of 0.05, a quick ratio of 4.89 and a current ratio of 5.82. The company has a market capitalization of $5.30 billion, a price-to-earnings ratio of 25.22 and a beta of 0.90. Tower Semiconductor Ltd. has a 52-week low of $27.11 and a 52-week high of $50.25.

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 for the quarter, beating the consensus estimate 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 analysts' expectations of $370.30 million. During the same quarter last year, the company posted $0.47 EPS. The business's quarterly revenue was up 3.4% on a year-over-year basis. Equities analysts expect that Tower Semiconductor Ltd. will post 1.82 EPS for the current year.

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.