Allspring Global Investments Holdings LLC Takes Position in Tower Semiconductor Ltd. $TSEM

Key Points

• Allspring Global Investments opened a new position in Tower Semiconductor in Q1, buying 181,619 shares valued at about $34 million, or roughly 0.16% of the company.
• Institutional interest remains broad, with multiple hedge funds adding or starting positions and about 70.5% of Tower Semiconductor is owned by institutions.
• Analyst sentiment is mixed but constructive: Tower Semiconductor has a Moderate Buy consensus, with three Buy ratings and three Hold ratings, and a consensus price target of $276.75.

Allspring Global Investments Holdings LLC acquired a new position in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 181,619 shares of the semiconductor company's stock, valued at approximately $33,976,000. Allspring Global Investments Holdings LLC owned approximately 0.16% of Tower Semiconductor as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. USA Financial Formulas purchased a new stake in shares of Tower Semiconductor during the fourth quarter valued at about $27,000. CIBC Private Wealth Group LLC raised its stake in shares of Tower Semiconductor by 254.2% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 418 shares of the semiconductor company's stock worth $30,000 after acquiring an additional 300 shares in the last quarter. Advisory Services Network LLC purchased a new stake in Tower Semiconductor during the third quarter valued at approximately $48,000. Kestra Advisory Services LLC acquired a new stake in shares of Tower Semiconductor in the 4th quarter worth $52,000. Finally, Hanson & Doremus Investment Management purchased a new position in Tower Semiconductor during the 1st quarter worth $53,000. 70.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TSEM has been the subject of several research reports. Benchmark reiterated a "buy" rating on shares of Tower Semiconductor in a research note on Wednesday. Susquehanna lifted their price objective on shares of Tower Semiconductor from $180.00 to $330.00 and gave the company a "positive" rating in a research note on Thursday, May 14th. Wedbush increased their price objective 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. Finally, UBS Group reissued a "buy" rating on shares of Tower Semiconductor in a report on Wednesday. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $276.75.

Tower Semiconductor Price Performance

Shares of NASDAQ TSEM opened at $234.10 on Monday. The company has a debt-to-equity ratio of 0.04, a current ratio of 5.63 and a quick ratio of 4.92. The stock has a market capitalization of $26.32 billion, a price-to-earnings ratio of 108.88 and a beta of 0.87. The firm's 50 day simple moving average is $255.87 and its 200-day simple moving average is $190.09. Tower Semiconductor Ltd. has a 12 month low of $43.12 and a 12 month high of $319.94.

Tower Semiconductor Company 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.

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