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

Jennison Associates LLC lessened its position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 10.8% during the 4th quarter, Holdings Channel reports. The institutional investor owned 2,488,813 shares of the semiconductor company’s stock after selling 302,178 shares during the quarter. Jennison Associates LLC’s holdings in Tower Semiconductor were worth $128,199,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Sei Investments Co. acquired a new stake in Tower Semiconductor during the second quarter worth $1,148,000. Truist Financial Corp grew its holdings in shares of Tower Semiconductor by 3.8% during the 2nd quarter. Truist Financial Corp now owns 7,432 shares of the semiconductor company’s stock worth $292,000 after purchasing an additional 273 shares during the period. USA Financial Formulas acquired a new stake in shares of Tower Semiconductor during the 3rd quarter worth about $38,000. Essex Investment Management Co. LLC raised its holdings in Tower Semiconductor by 7.5% in the 3rd quarter. Essex Investment Management Co. LLC now owns 179,579 shares of the semiconductor company’s stock valued at $7,948,000 after buying an additional 12,551 shares during the period. Finally, Oliver Luxxe Assets LLC lifted its position in Tower Semiconductor by 79.2% in the third quarter. Oliver Luxxe Assets LLC now owns 42,056 shares of the semiconductor company’s stock valued at $1,862,000 after buying an additional 18,586 shares during the last quarter. 70.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. StockNews.com cut shares of Tower Semiconductor from a “buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Craig Hallum lifted their target price on shares of Tower Semiconductor from $54.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Susquehanna boosted their target price on Tower Semiconductor from $55.00 to $60.00 and gave the company a “positive” rating in a research report on Thursday, November 14th. Finally, Benchmark restated a “buy” rating and set a $55.00 price target on shares of Tower Semiconductor in a research report on Thursday, November 14th. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.33.

Tower Semiconductor Trading Up 0.4 %

Shares of TSEM stock opened at $48.89 on Monday. Tower Semiconductor Ltd. has a fifty-two week low of $28.11 and a fifty-two week high of $55.31. The company has a 50 day moving average price of $50.56 and a 200 day moving average price of $45.39. The stock has a market capitalization of $5.42 billion, a P/E ratio of 26.43 and a beta of 0.88. 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 (NASDAQ:TSEM) last posted its quarterly earnings results on Wednesday, November 13th. The semiconductor company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.45 by $0.12. The business had revenue of $370.50 million during the quarter, compared to the consensus estimate of $370.30 million. Tower Semiconductor had a net margin of 14.75% and a return on equity of 8.22%. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.47 earnings per share. Equities research analysts predict that Tower Semiconductor Ltd. will post 1.77 EPS 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.