Jennison Associates LLC Buys 57,544 Shares of Tower Semiconductor Ltd. (NASDAQ:TSEM)

Jennison Associates LLC grew its position in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 2.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,546,357 shares of the semiconductor company's stock after buying an additional 57,544 shares during the period. Jennison Associates LLC owned approximately 2.30% of Tower Semiconductor worth $90,803,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Caption Management LLC bought a new position in shares of Tower Semiconductor during the fourth quarter worth about $155,000. Squarepoint Ops LLC acquired a new stake in shares of Tower Semiconductor in the fourth quarter valued at about $247,000. Cetera Investment Advisers bought a new stake in Tower Semiconductor during the fourth quarter worth about $249,000. Fifth Third Bancorp boosted its position in Tower Semiconductor by 18.0% during the first quarter. Fifth Third Bancorp now owns 9,885 shares of the semiconductor company's stock valued at $352,000 after purchasing an additional 1,509 shares during the last quarter. Finally, Brasada Capital Management LP bought a new position in Tower Semiconductor in the fourth quarter valued at approximately $412,000. Institutional investors and hedge funds own 70.51% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Benchmark restated a "buy" rating and set a $60.00 target price on shares of Tower Semiconductor in a report on Thursday, May 15th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $60.00.

Tower Semiconductor Trading Down 0.8%

Shares of TSEM opened at $48.54 on Friday. Tower Semiconductor Ltd. has a 52-week low of $28.64 and a 52-week high of $55.31. The company has a debt-to-equity ratio of 0.05, a quick ratio of 5.82 and a current ratio of 6.93. The business's fifty day moving average is $42.26 and its 200-day moving average is $42.18. The firm has a market cap of $5.38 billion, a price-to-earnings ratio of 26.82 and a beta of 0.79.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last posted its earnings results on Wednesday, May 14th. The semiconductor company reported $0.35 earnings per share for the quarter, missing analysts' consensus estimates of $0.36 by ($0.01). The business had revenue of $358.17 million for the quarter, compared to the consensus estimate of $358.09 million. Tower Semiconductor had a return on equity of 7.73% and a net margin of 13.86%. The company's revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.40 earnings per share. Equities analysts anticipate that Tower Semiconductor Ltd. will post 1.67 EPS for the current fiscal year.

Tower Semiconductor Profile

Tower Semiconductor Ltd., an independent semiconductor foundry, focus on specialty process technologies to manufacture analog intensive mixed-signal semiconductor devices in Israel, the United States, Japan, Europe, and internationally. It provides various customizable process technologies, including SiGe, BiCMOS, mixed signal/CMOS, RF CMOS, CMOS image sensor, integrated power management, and MEMS.

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