Tower Semiconductor Ltd. (NASDAQ:TSEM) Shares Purchased by Jennison Associates LLC

Jennison Associates LLC increased its holdings in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 2.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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 2.30% of Tower Semiconductor worth $90,803,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of TSEM. Cambridge Investment Research Advisors Inc. acquired a new position in Tower Semiconductor during the 1st quarter worth approximately $551,000. Wealth Enhancement Advisory Services LLC grew its stake in shares of Tower Semiconductor by 8.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 14,715 shares of the semiconductor company's stock worth $525,000 after buying an additional 1,138 shares during the last quarter. Squarepoint Ops LLC bought a new position in shares of Tower Semiconductor in the 4th quarter valued at $247,000. Fifth Third Bancorp boosted its holdings in shares of Tower Semiconductor by 18.0% during the 1st quarter. Fifth Third Bancorp now owns 9,885 shares of the semiconductor company's stock valued at $352,000 after acquiring an additional 1,509 shares in the last quarter. Finally, Cetera Investment Advisers acquired a new stake in shares of Tower Semiconductor during the 4th quarter valued at $249,000. 70.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Tower Semiconductor Stock Down 2.1%

TSEM stock traded down $1.07 during trading on Tuesday, hitting $48.83. 891,033 shares of the stock traded hands, compared to its average volume of 612,885. The stock has a market cap of $5.41 billion, a price-to-earnings ratio of 26.98 and a beta of 0.79. The firm's 50 day moving average is $42.26 and its two-hundred day moving average is $42.05. Tower Semiconductor Ltd. has a 1 year low of $28.64 and a 1 year high of $55.31. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.93 and a quick ratio of 5.82.

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

Tower Semiconductor Company 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.