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

Jennison Associates LLC boosted its stake in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 40.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,069,673 shares of the semiconductor company’s stock after acquiring an additional 593,003 shares during the period. Jennison Associates LLC owned 1.89% of Tower Semiconductor worth $63,166,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Tower Semiconductor by 2.1% in the third quarter. Vanguard Group Inc. now owns 3,669,868 shares of the semiconductor company’s stock valued at $90,132,000 after acquiring an additional 74,264 shares in the last quarter. Phoenix Holdings Ltd. increased its stake in Tower Semiconductor by 7.0% during the third quarter. Phoenix Holdings Ltd. now owns 3,668,022 shares of the semiconductor company’s stock valued at $90,089,000 after purchasing an additional 239,518 shares during the last quarter. Baupost Group LLC MA bought a new stake in Tower Semiconductor during the third quarter valued at $69,996,000. Harel Insurance Investments & Financial Services Ltd. increased its stake in Tower Semiconductor by 9.2% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,823,631 shares of the semiconductor company’s stock valued at $86,177,000 after purchasing an additional 237,344 shares during the last quarter. Finally, Victory Capital Management Inc. bought a new stake in Tower Semiconductor during the third quarter valued at $42,314,000. 70.51% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. TheStreet upgraded shares of Tower Semiconductor from a “c+” rating to a “b-” rating in a research note on Friday, March 8th. Susquehanna assumed coverage on shares of Tower Semiconductor in a research note on Thursday, February 29th. They set a “neutral” rating and a $36.00 target price for the company. Finally, StockNews.com upgraded shares of Tower Semiconductor from a “hold” rating to a “buy” rating in a research note on Monday, March 25th. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $36.33.

Tower Semiconductor Stock Up 3.1 %

Tower Semiconductor stock opened at $31.94 on Tuesday. The company has a 50-day simple moving average of $32.63 and a 200-day simple moving average of $29.23. The firm has a market capitalization of $3.49 billion, a P/E ratio of 6.87 and a beta of 0.94. The company has a debt-to-equity ratio of 0.07, a quick ratio of 5.15 and a current ratio of 6.17. Tower Semiconductor Ltd. has a one year low of $21.43 and a one year high of $45.87.

Tower Semiconductor (NASDAQ:TSEM) last released its quarterly earnings results on Wednesday, February 14th. The semiconductor company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.47 by $0.02. The business had revenue of $351.71 million during the quarter, compared to analyst estimates of $350.00 million. Tower Semiconductor had a net margin of 36.44% and a return on equity of 9.33%. As a group, equities analysts expect that Tower Semiconductor Ltd. will post 1.52 earnings per share for the current year.

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.