Assenagon Asset Management S.A. Raises Position in Tower Semiconductor Ltd. $TSEM

Key Points

• Assenagon Asset Management increased its Tower Semiconductor position by 4.4% in the second quarter, bringing its holdings to 118,406 shares worth approximately $30.4 million. Institutional investors collectively own 70.51% of the company.
• Analysts maintain a generally positive outlook, with five Buy ratings and three Holds producing a consensus “Moderate Buy” rating and an average price target of $294.80. Bank of America set a $367 target, while Wedbush raised its target to $300 but kept a Neutral rating.
• Tower Semiconductor exceeded quarterly expectations, reporting $0.88 EPS versus $0.76 expected and $460.08 million in revenue versus $454.68 million expected. Revenue rose 23.7% year over year, though the stock trades at a high P/E ratio of 99.80.

Assenagon Asset Management S.A. raised its position in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 4.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 118,406 shares of the semiconductor company's stock after buying an additional 4,965 shares during the period. Assenagon Asset Management S.A. owned about 0.11% of Tower Semiconductor worth $30,378,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Covestor Ltd increased its position in shares of Tower Semiconductor by 10.8% during the fourth quarter. Covestor Ltd now owns 793 shares of the semiconductor company's stock worth $93,000 after purchasing an additional 77 shares in the last quarter. Silverleafe Capital Partners LLC raised its stake in Tower Semiconductor by 3.0% in the 2nd quarter. Silverleafe Capital Partners LLC now owns 2,860 shares of the semiconductor company's stock valued at $745,000 after purchasing an additional 84 shares during the last quarter. Mackenzie Financial Corp lifted its holdings in Tower Semiconductor by 2.6% in the 3rd quarter. Mackenzie Financial Corp now owns 5,053 shares of the semiconductor company's stock valued at $359,000 after purchasing an additional 127 shares in the last quarter. Evergreen Capital Management LLC lifted its holdings in Tower Semiconductor by 2.6% in the 4th quarter. Evergreen Capital Management LLC now owns 5,118 shares of the semiconductor company's stock valued at $601,000 after purchasing an additional 131 shares in the last quarter. Finally, Mariner LLC boosted its stake in Tower Semiconductor by 2.4% during the 3rd quarter. Mariner LLC now owns 8,815 shares of the semiconductor company's stock worth $637,000 after purchasing an additional 207 shares during the last quarter. 70.51% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on TSEM shares. UBS Group reaffirmed a "buy" rating on shares of Tower Semiconductor in a report on Wednesday, July 15th. Benchmark reissued a "buy" rating on shares of Tower Semiconductor in a research note on Wednesday. National Bank Financial upgraded shares of Tower Semiconductor to a "buy" rating in a research report on Friday. Bank of America assumed coverage on shares of Tower Semiconductor in a research note on Friday. They set a "buy" rating and a $367.00 price objective for the company. Finally, Wedbush increased their price objective on shares of Tower Semiconductor from $140.00 to $300.00 and gave the company a "neutral" rating in a report on Thursday, May 14th. Five research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $294.80.

Tower Semiconductor Stock Performance

NASDAQ TSEM opened at $252.49 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.92 and a current ratio of 4.91. The stock's fifty day moving average is $244.83 and its two-hundred day moving average is $200.85. The firm has a market capitalization of $28.39 billion, a P/E ratio of 99.80 and a beta of 0.90. Tower Semiconductor Ltd. has a fifty-two week low of $45.51 and a fifty-two week high of $319.94.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last issued its earnings results on Tuesday, August 4th. The semiconductor company reported $0.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.76 by $0.12. Tower Semiconductor had a return on equity of 9.83% and a net margin of 16.94%.The business had revenue of $460.08 million during the quarter, compared to the consensus estimate of $454.68 million. During the same period last year, the company earned $0.41 EPS. The company's revenue for the quarter was up 23.7% on a year-over-year basis. On average, research analysts anticipate that Tower Semiconductor Ltd. will post 3.04 earnings per share for the current year.

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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