Jennison Associates LLC Has $164.27 Million Stock Holdings in Tower Semiconductor Ltd. $TSEM

Key Points

• Jennison Associates cut its stake in Tower Semiconductor by 40% in Q4, selling 932,844 shares and retaining 1,398,987 shares (about 1.26% of the company) worth roughly $164.27 million.
• Analysts have lifted price targets recently (notably Benchmark to $230), but the consensus remains a Hold with an average target of $173.
• Tower beat quarterly estimates with EPS of $0.78 vs. $0.67 and revenue of $440.21M (up 13.7% YoY); the stock trades with a market cap around $22.7B and has recently traded near its 12‑month highs.

Jennison Associates LLC lessened its position in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 40.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,398,987 shares of the semiconductor company's stock after selling 932,844 shares during the period. Jennison Associates LLC owned about 1.26% of Tower Semiconductor worth $164,269,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in TSEM. USA Financial Formulas acquired a new stake in shares of Tower Semiconductor in the 4th quarter valued at $27,000. CIBC Private Wealth Group LLC boosted its stake in shares of Tower Semiconductor by 254.2% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 418 shares of the semiconductor company's stock valued at $30,000 after purchasing an additional 300 shares in the last quarter. Westside Investment Management Inc. boosted its stake in shares of Tower Semiconductor by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 452 shares of the semiconductor company's stock valued at $34,000 after purchasing an additional 226 shares in the last quarter. Advisory Services Network LLC acquired a new stake in shares of Tower Semiconductor in the 3rd quarter valued at $48,000. Finally, Covestor Ltd acquired a new stake in shares of Tower Semiconductor in the 3rd quarter valued at $52,000. Institutional investors and hedge funds own 70.51% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on TSEM shares. Wedbush upped their price target on shares of Tower Semiconductor from $125.00 to $140.00 and gave the stock a "neutral" rating in a research report on Thursday, February 12th. Barclays upped their price target on shares of Tower Semiconductor from $114.00 to $142.00 and gave the stock an "equal weight" rating in a research report on Friday, February 13th. Benchmark upped their price target on shares of Tower Semiconductor from $165.00 to $230.00 and gave the stock a "buy" rating in a research report on Thursday, March 26th. Finally, Susquehanna reiterated a "positive" rating and set a $180.00 price target on shares of Tower Semiconductor in a research report on Thursday, February 12th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, Tower Semiconductor has an average rating of "Hold" and a consensus target price of $173.00.

Tower Semiconductor Stock Up 1.4%

Shares of NASDAQ TSEM opened at $201.90 on Thursday. The firm's 50-day simple moving average is $167.32 and its 200 day simple moving average is $130.62. The company has a market cap of $22.70 billion, a price-to-earnings ratio of 105.55 and a beta of 0.71. The company has a quick ratio of 5.51, a current ratio of 6.48 and a debt-to-equity ratio of 0.05. Tower Semiconductor Ltd. has a 12-month low of $35.42 and a 12-month high of $228.73.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last issued its quarterly earnings results on Wednesday, February 11th. The semiconductor company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.11. The business had revenue of $440.21 million for the quarter, compared to the consensus estimate of $439.81 million. Tower Semiconductor had a net margin of 14.08% and a return on equity of 7.86%. The firm's quarterly revenue was up 13.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.49 EPS. On average, research analysts expect that Tower Semiconductor Ltd. will post 2.64 earnings per share for the current fiscal year.

Tower Semiconductor 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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