Renaissance Technologies LLC Trims Holdings in Tower Semiconductor Ltd. (NASDAQ:TSEM)

Renaissance Technologies LLC cut its position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 21.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 458,046 shares of the semiconductor company’s stock after selling 125,800 shares during the quarter. Renaissance Technologies LLC’s holdings in Tower Semiconductor were worth $18,006,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of TSEM. Hodges Capital Management Inc. grew its stake in Tower Semiconductor by 21.2% in the 1st quarter. Hodges Capital Management Inc. now owns 141,700 shares of the semiconductor company’s stock worth $4,740,000 after acquiring an additional 24,800 shares during the period. William Blair Investment Management LLC purchased a new stake in shares of Tower Semiconductor in the first quarter valued at $34,911,000. Artemis Investment Management LLP increased its stake in Tower Semiconductor by 96.4% in the first quarter. Artemis Investment Management LLP now owns 219,573 shares of the semiconductor company’s stock valued at $7,343,000 after purchasing an additional 107,787 shares during the last quarter. Eagle Global Advisors LLC lifted its position in Tower Semiconductor by 8.2% during the fourth quarter. Eagle Global Advisors LLC now owns 79,223 shares of the semiconductor company’s stock worth $2,418,000 after buying an additional 6,000 shares during the period. Finally, Jennison Associates LLC boosted its stake in Tower Semiconductor by 28.1% in the 1st quarter. Jennison Associates LLC now owns 2,650,283 shares of the semiconductor company’s stock worth $88,652,000 after buying an additional 580,610 shares during the last quarter. Institutional investors and hedge funds own 70.51% of the company’s stock.

Tower Semiconductor Stock Performance

NASDAQ TSEM opened at $42.31 on Friday. The business’s 50-day simple moving average is $40.85 and its 200-day simple moving average is $37.38. The firm has a market capitalization of $4.62 billion, a P/E ratio of 9.59 and a beta of 0.90. Tower Semiconductor Ltd. has a 1-year low of $21.43 and a 1-year high of $44.58. The company has a debt-to-equity ratio of 0.05, a current ratio of 5.90 and a quick ratio of 4.94.

Tower Semiconductor (NASDAQ:TSEM) last released its quarterly earnings data on Wednesday, July 24th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.05. Tower Semiconductor had a net margin of 35.58% and a return on equity of 8.33%. The company had revenue of $351.18 million during the quarter, compared to the consensus estimate of $350.00 million. Equities analysts predict that Tower Semiconductor Ltd. will post 1.82 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently commented on TSEM. StockNews.com downgraded shares of Tower Semiconductor from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 19th. Benchmark reaffirmed a “buy” rating and set a $55.00 price target on shares of Tower Semiconductor in a research note on Monday, September 9th. Four analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $51.33.

Tower Semiconductor 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.