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

Jennison Associates LLC raised its position in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 1.5% during the third quarter, HoldingsChannel.com reports. The firm owned 2,790,991 shares of the semiconductor company’s stock after buying an additional 40,038 shares during the quarter. Jennison Associates LLC’s holdings in Tower Semiconductor were worth $123,529,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of TSEM. Y.D. More Investments Ltd raised its holdings 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 buying an additional 902,546 shares during the period. Point72 Asset Management L.P. increased its position in shares of Tower Semiconductor by 169.0% in the second quarter. Point72 Asset Management L.P. now owns 1,022,121 shares of the semiconductor company’s stock worth $40,180,000 after acquiring an additional 642,121 shares in the last quarter. Meitav Investment House Ltd. raised its stake 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 valued at $95,686,000 after acquiring an additional 495,380 shares during the period. Boston Partners lifted its holdings in shares of Tower Semiconductor by 453.9% during the 1st quarter. Boston Partners now owns 328,843 shares of the semiconductor company’s stock valued at $10,995,000 after acquiring an additional 269,476 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Tower Semiconductor during the 3rd quarter valued at $11,094,000. 70.51% of the stock is currently owned by hedge funds and other institutional investors.

Tower Semiconductor Stock Performance

Shares of TSEM opened at $46.65 on Thursday. Tower Semiconductor Ltd. has a 12-month low of $27.11 and a 12-month high of $50.25. The business’s fifty day moving average price is $43.92 and its 200 day moving average price is $40.92. The company has a debt-to-equity ratio of 0.05, a current ratio of 5.82 and a quick ratio of 4.89. The stock has a market capitalization of $5.17 billion, a PE ratio of 25.22 and a beta of 0.90.

Tower Semiconductor (NASDAQ:TSEM) last announced its quarterly earnings results on Wednesday, November 13th. The semiconductor company reported $0.57 EPS 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 company had revenue of $370.50 million for the quarter, compared to analyst estimates of $370.30 million. During the same quarter last year, the business earned $0.47 earnings per share. Tower Semiconductor’s revenue was up 3.4% compared to the same quarter last year. Equities research analysts forecast that Tower Semiconductor Ltd. will post 1.82 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have commented on TSEM. StockNews.com lowered Tower Semiconductor from a “buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Craig Hallum boosted their price target on Tower Semiconductor from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. 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. Finally, 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. One analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Tower Semiconductor has a consensus rating of “Moderate Buy” and an average target price of $58.33.

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.