Renaissance Technologies LLC Raises Position in Tower Semiconductor Ltd. $TSEM

Renaissance Technologies LLC grew its stake in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 9.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 274,749 shares of the semiconductor company’s stock after purchasing an additional 24,200 shares during the period. Renaissance Technologies LLC owned approximately 0.24% of Tower Semiconductor worth $48,213,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Amundi lifted its position in Tower Semiconductor by 86.8% in the first quarter. Amundi now owns 21,617 shares of the semiconductor company’s stock worth $771,000 after buying an additional 10,042 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Tower Semiconductor by 4.1% during the first 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 acquiring an additional 3,954 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Tower Semiconductor by 0.7% in the second quarter. Geode Capital Management LLC now owns 95,384 shares of the semiconductor company’s stock valued at $4,135,000 after acquiring an additional 662 shares during the period. Hsbc Holdings PLC purchased a new stake in shares of Tower Semiconductor in the second quarter valued at $438,000. Finally, Arrowstreet Capital Limited Partnership bought a new stake in shares of Tower Semiconductor in the 2nd quarter worth about $5,809,000. Institutional investors own 70.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Wedbush lifted their price target 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 reissued a “buy” rating on shares of Tower Semiconductor in a research report on Wednesday, July 15th. UBS Group restated a “buy” rating on shares of Tower Semiconductor in a research report on Wednesday, July 15th. Finally, Susquehanna upped their target price on Tower Semiconductor from $180.00 to $330.00 and gave the company a “positive” rating in a research note on Thursday, May 14th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Tower Semiconductor presently has an average rating of “Moderate Buy” and an average target price of $276.75.

Tower Semiconductor Stock Down 3.9%

NASDAQ:TSEM opened at $224.21 on Tuesday. Tower Semiconductor Ltd. has a twelve month low of $43.12 and a twelve month high of $319.94. The company has a market cap of $25.21 billion, a price-to-earnings ratio of 104.28 and a beta of 0.87. The stock has a fifty day simple moving average of $254.32 and a 200-day simple moving average of $195.21. The company has a current ratio of 5.63, a quick ratio of 4.92 and a debt-to-equity ratio of 0.04.

About Tower Semiconductor

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.