Assenagon Asset Management S.A. Has $10.41 Million Holdings in Tower Semiconductor Ltd. (NASDAQ:TSEM)

Assenagon Asset Management S.A. lessened its stake in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 19.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 200,791 shares of the semiconductor company’s stock after selling 49,755 shares during the quarter. Assenagon Asset Management S.A. owned about 0.18% of Tower Semiconductor worth $10,410,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Point72 Asset Management L.P. increased its stake in shares of Tower Semiconductor by 203.8% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,105,383 shares of the semiconductor company’s stock valued at $137,444,000 after acquiring an additional 2,083,262 shares during the last quarter. Summit Partners Public Asset Management LLC grew its holdings in Tower Semiconductor by 1,146.9% during the third quarter. Summit Partners Public Asset Management LLC now owns 1,496,315 shares of the semiconductor company’s stock valued at $66,227,000 after purchasing an additional 1,376,315 shares during the period. Scopia Capital Management LP bought a new stake in Tower Semiconductor in the third quarter valued at approximately $13,926,000. The Manufacturers Life Insurance Company raised its holdings in Tower Semiconductor by 14.9% in the second quarter. The Manufacturers Life Insurance Company now owns 1,298,833 shares of the semiconductor company’s stock worth $51,057,000 after purchasing an additional 168,827 shares during the period. Finally, Senvest Management LLC boosted its position in shares of Tower Semiconductor by 1.7% during the third quarter. Senvest Management LLC now owns 8,320,433 shares of the semiconductor company’s stock worth $368,262,000 after purchasing an additional 138,807 shares in the last quarter. Institutional investors and hedge funds own 70.51% of the company’s stock.

Analysts Set New Price Targets

TSEM has been the topic of several research analyst reports. Susquehanna raised their price objective on Tower Semiconductor from $55.00 to $60.00 and gave the stock a “positive” rating in a research note on Thursday, November 14th. Craig Hallum raised 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. StockNews.com lowered Tower Semiconductor from a “buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Finally, Benchmark restated a “buy” rating and set a $55.00 target price on shares of Tower Semiconductor in a report on Thursday, November 14th. One 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 stock presently has an average rating of “Moderate Buy” and a consensus target price of $58.33.

Tower Semiconductor Stock Up 0.7 %

Shares of Tower Semiconductor stock opened at $52.58 on Friday. The firm has a market cap of $5.83 billion, a PE ratio of 28.42 and a beta of 0.89. The business’s 50 day simple moving average is $49.73 and its 200 day simple moving average is $44.71. The company has a debt-to-equity ratio of 0.05, a quick ratio of 4.89 and a current ratio of 5.82. Tower Semiconductor Ltd. has a 52-week low of $28.11 and a 52-week high of $54.27.

Tower Semiconductor (NASDAQ:TSEM) last posted its quarterly earnings data on Wednesday, November 13th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $370.30 million. During the same period last year, the company earned $0.47 earnings per share. The firm’s revenue was up 3.4% compared to the same quarter last year. On average, analysts predict 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.