Calamos Wealth Management LLC Takes Position in Tower Semiconductor Ltd. $TSEM

Key Points

• Calamos Wealth Management opened a new position in Tower Semiconductor during the first quarter, buying 36,114 shares worth about $6.34 million.
• Institutional ownership of Tower Semiconductor remains heavy, with hedge funds and other investors holding about 70.51% of the company’s stock. Several large firms, including Price T Rowe, Vanguard, Goldman Sachs, and Wellington, also increased their stakes.
• Analysts turned more constructive on TSEM, with Wedbush, Benchmark, and Susquehanna all lifting price targets; the stock has an average Hold rating and a consensus price target of $276.75.

Calamos Wealth Management LLC purchased a new stake in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 36,114 shares of the semiconductor company's stock, valued at approximately $6,337,000.

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

Tower Semiconductor Stock Up 3.1%

Shares of NASDAQ:TSEM opened at $229.68 on Tuesday. Tower Semiconductor Ltd. has a 1 year low of $43.12 and a 1 year high of $319.94. The business has a 50 day simple moving average of $253.57 and a two-hundred day simple moving average of $186.64. The firm has a market capitalization of $25.83 billion, a PE ratio of 106.83 and a beta of 0.87. The company has a debt-to-equity ratio of 0.04, a current ratio of 5.63 and a quick ratio of 4.92.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on TSEM shares. Wedbush increased their price target on Tower Semiconductor from $140.00 to $300.00 and gave the company a "neutral" rating in a report on Thursday, May 14th. Benchmark lifted their price objective on shares of Tower Semiconductor from $230.00 to $335.00 and gave the stock a "buy" rating in a research note on Thursday, May 14th. Finally, Susquehanna boosted their price objective on shares of 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 assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $276.75.

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.

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