Jennison Associates LLC Trims Stock Position in Tower Semiconductor Ltd. (NASDAQ:TSEM)

Jennison Associates LLC trimmed its holdings in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 10.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,488,813 shares of the semiconductor company’s stock after selling 302,178 shares during the quarter. Jennison Associates LLC owned 2.25% of Tower Semiconductor worth $128,199,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Essex Investment Management Co. LLC boosted its holdings in Tower Semiconductor by 7.5% during the third quarter. Essex Investment Management Co. LLC now owns 179,579 shares of the semiconductor company’s stock worth $7,948,000 after buying an additional 12,551 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its position 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 worth $145,961,000 after acquiring an additional 50,000 shares during the period. Summit Partners Public Asset Management LLC grew its position in shares of Tower Semiconductor by 1,146.9% during the 3rd 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 acquiring an additional 1,376,315 shares during the period. Barclays PLC grew its position in shares of Tower Semiconductor by 4,081.2% during the 3rd quarter. Barclays PLC now owns 23,958 shares of the semiconductor company’s stock valued at $1,060,000 after acquiring an additional 23,385 shares during the period. Finally, Assenagon Asset Management S.A. purchased a new position in shares of Tower Semiconductor in the 3rd quarter valued at about $11,094,000. 70.51% of the stock is owned by hedge funds and other institutional investors.

Tower Semiconductor Stock Performance

Shares of NASDAQ:TSEM opened at $48.89 on Monday. The business’s 50 day moving average price is $50.56 and its 200-day moving average price is $45.39. Tower Semiconductor Ltd. has a 1 year low of $28.11 and a 1 year high of $55.31. 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 firm has a market capitalization of $5.42 billion, a PE ratio of 26.43 and a beta of 0.88.

Tower Semiconductor (NASDAQ:TSEM) last released its earnings results on Wednesday, November 13th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.12. The business had revenue of $370.50 million during the quarter, compared to analyst estimates of $370.30 million. Tower Semiconductor had a net margin of 14.75% and a return on equity of 8.22%. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.47 earnings per share. As a group, equities research analysts expect that Tower Semiconductor Ltd. will post 1.77 earnings per share for the current fiscal year.

Analyst Ratings Changes

TSEM has been the topic of several research analyst reports. Benchmark reissued a “buy” rating and issued a $55.00 price objective on shares of Tower Semiconductor in a report on Thursday, November 14th. StockNews.com cut shares of Tower Semiconductor from a “buy” rating to a “hold” rating in a research note on Tuesday, November 12th. Craig Hallum upped their price objective on shares of Tower Semiconductor from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, Susquehanna lifted their target price on shares of Tower Semiconductor from $55.00 to $60.00 and gave the company a “positive” rating in a research report on Thursday, November 14th. One analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $58.33.

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.