Jennison Associates LLC Sells 783,771 Shares of Tower Semiconductor Ltd. $TSEM

Jennison Associates LLC cut its position in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 56.0% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 615,216 shares of the semiconductor company’s stock after selling 783,771 shares during the quarter. Jennison Associates LLC’s holdings in Tower Semiconductor were worth $107,958,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Amundi increased its stake in Tower Semiconductor by 86.8% in the first quarter. Amundi now owns 21,617 shares of the semiconductor company’s stock valued at $771,000 after acquiring an additional 10,042 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Tower Semiconductor by 4.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 99,633 shares of the semiconductor company’s stock valued at $3,553,000 after purchasing an additional 3,954 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Tower Semiconductor by 0.7% in the 2nd quarter. Geode Capital Management LLC now owns 95,384 shares of the semiconductor company’s stock valued at $4,135,000 after purchasing an additional 662 shares during the last quarter. Hsbc Holdings PLC acquired a new position in shares of Tower Semiconductor during the 2nd quarter worth $438,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of Tower Semiconductor during the 2nd quarter worth $5,809,000. Institutional investors own 70.51% of the company’s stock.

Tower Semiconductor Stock Performance

NASDAQ TSEM opened at $234.10 on Monday. The firm’s fifty day moving average price is $255.87 and its two-hundred day moving average price is $190.09. The stock has a market cap of $26.32 billion, a PE ratio of 108.88 and a beta of 0.87. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.92 and a current ratio of 5.63. Tower Semiconductor Ltd. has a fifty-two week low of $43.12 and a fifty-two week high of $319.94.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. UBS Group reaffirmed a “buy” rating on shares of Tower Semiconductor in a research note on Wednesday. Benchmark reissued a “buy” rating on shares of Tower Semiconductor in a research note on Wednesday. Wedbush increased their target price on shares of Tower Semiconductor from $140.00 to $300.00 and gave the stock a “neutral” rating in a report on Thursday, May 14th. Finally, Susquehanna increased their target price on shares of Tower Semiconductor from $180.00 to $330.00 and gave the stock a “positive” rating in a report on Thursday, May 14th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target 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.