Assenagon Asset Management S.A. Decreases Stock Holdings in Tower Semiconductor Ltd. $TSEM

Assenagon Asset Management S.A. cut its holdings in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 73.7% in the 1st quarter, HoldingsChannel reports. The firm owned 113,441 shares of the semiconductor company’s stock after selling 318,608 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Tower Semiconductor were worth $19,354,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its stake in Tower Semiconductor by 3,222.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,682,152 shares of the semiconductor company’s stock valued at $549,779,000 after acquiring an additional 4,541,235 shares during the last quarter. Vanguard Group Inc. raised its stake in Tower Semiconductor by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 4,338,080 shares of the semiconductor company’s stock valued at $507,317,000 after acquiring an additional 53,112 shares during the period. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in Tower Semiconductor by 0.8% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,002,806 shares of the semiconductor company’s stock valued at $352,589,000 after purchasing an additional 25,000 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Tower Semiconductor by 214.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,206,467 shares of the semiconductor company’s stock valued at $259,083,000 after purchasing an additional 1,505,421 shares during the last quarter. Finally, Wellington Management Group LLP boosted its position in Tower Semiconductor by 0.7% during the third quarter. Wellington Management Group LLP now owns 2,108,004 shares of the semiconductor company’s stock worth $152,409,000 after purchasing an additional 15,461 shares during the period. Institutional investors own 70.51% of the company’s stock.

Tower Semiconductor Price Performance

Shares of NASDAQ:TSEM opened at $249.91 on Friday. The company’s fifty day moving average price is $249.18 and its 200-day moving average price is $177.72. The firm has a market capitalization of $28.10 billion, a price-to-earnings ratio of 116.24 and a beta of 0.87. Tower Semiconductor Ltd. has a one year low of $42.08 and a one year high of $319.94. The company has a debt-to-equity ratio of 0.04, a current ratio of 5.63 and a quick ratio of 4.92.

Tower Semiconductor (NASDAQ:TSEM) last released its quarterly earnings results on Wednesday, May 13th. The semiconductor company reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.09. Tower Semiconductor had a return on equity of 8.54% and a net margin of 15.13%.The business had revenue of $413.63 million for the quarter, compared to the consensus estimate of $410.72 million. During the same quarter last year, the business posted $0.35 earnings per share. The company’s revenue for the quarter was up 15.5% on a year-over-year basis. On average, equities research analysts anticipate that Tower Semiconductor Ltd. will post 2.84 earnings per share for the current fiscal year.

Analyst Ratings Changes

TSEM has been the subject of several recent research reports. Wedbush lifted their target price on shares of Tower Semiconductor from $140.00 to $300.00 and gave the stock a “neutral” rating in a research note on Thursday, May 14th. Benchmark increased their target price on Tower Semiconductor from $230.00 to $335.00 and gave the stock a “buy” rating in a research report on Thursday, May 14th. Finally, Susquehanna lifted their price target on Tower Semiconductor from $180.00 to $330.00 and gave the company a “positive” rating in a research report on Thursday, May 14th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Tower Semiconductor presently has a consensus rating of “Hold” and an average target price of $276.75.

Tower Semiconductor Profile

Tower Semiconductor, traded on NASDAQ under the symbol TSEM, is a specialty foundry company that provides analog and mixed-signal semiconductor manufacturing services to a broad array of customers worldwide. The company focuses on delivering tailored process technologies for high-growth markets, including radio frequency (RF), power management, imaging, automotive electronics, and Internet of Things (IoT) applications. By combining deep process know-how with flexible manufacturing capabilities, Tower Semiconductor supports the development and volume production of advanced semiconductor devices for fabless and integrated device manufacturer customers.

The company’s technology portfolio spans standard and specialty processes such as CMOS, BiCMOS, high-voltage, radio frequency, silicon photonics, micro-electromechanical systems (MEMS) and image sensor production.