Tower Semiconductor Ltd. (NASDAQ:TSEM) Shares Acquired by Jennison Associates LLC

Jennison Associates LLC increased its stake in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 1.5% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,790,991 shares of the semiconductor company’s stock after purchasing an additional 40,038 shares during the quarter. Jennison Associates LLC owned 2.52% of Tower Semiconductor worth $123,529,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Essex Investment Management Co. LLC grew its stake in Tower Semiconductor by 7.5% in the 3rd quarter. Essex Investment Management Co. LLC now owns 179,579 shares of the semiconductor company’s stock valued at $7,948,000 after acquiring an additional 12,551 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its holdings 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 in the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Tower Semiconductor in the third quarter valued at approximately $11,094,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Tower Semiconductor during the 3rd quarter worth approximately $573,000. Finally, Foundry Partners LLC acquired a new position in shares of Tower Semiconductor during the 2nd quarter worth approximately $519,000. Institutional investors and hedge funds own 70.51% of the company’s stock.

Tower Semiconductor Trading Down 0.2 %

Shares of Tower Semiconductor stock opened at $46.65 on Thursday. Tower Semiconductor Ltd. has a fifty-two week low of $27.11 and a fifty-two week high of $50.25. The business’s fifty day moving average is $43.92 and its two-hundred day moving average is $40.92. The company has a quick ratio of 4.89, a current ratio of 5.82 and a debt-to-equity ratio of 0.05. The firm has a market cap of $5.17 billion, a PE ratio of 25.22 and a beta of 0.90.

Tower Semiconductor (NASDAQ:TSEM) last released its earnings results on Wednesday, November 13th. The semiconductor company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.12. The firm had revenue of $370.50 million for the quarter, compared to the consensus estimate of $370.30 million. Tower Semiconductor had a return on equity of 8.22% and a net margin of 14.75%. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.47 earnings per share. Analysts anticipate that Tower Semiconductor Ltd. will post 1.82 earnings per share for the current year.

Wall Street Analysts Forecast Growth

TSEM has been the topic of a number of analyst reports. Susquehanna increased their target price on Tower Semiconductor from $55.00 to $60.00 and gave the company a “positive” rating in a report on Thursday, November 14th. StockNews.com downgraded Tower Semiconductor from a “buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Benchmark reiterated a “buy” rating and set a $55.00 price objective on shares of Tower Semiconductor in a research report on Thursday, November 14th. Finally, Craig Hallum upped their target price on shares of Tower Semiconductor from $54.00 to $60.00 and gave the company a “buy” rating in a report 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’s stock. According to data from MarketBeat, Tower Semiconductor has an average rating of “Moderate Buy” and an average 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.