Jennison Associates LLC Sells 783,771 Shares of Tower Semiconductor Ltd. $TSEM

Key Points

• Jennison Associates LLC reduced its Tower Semiconductor stake by 56% in the first quarter, selling 783,771 shares and ending with 615,216 shares valued at about $107.96 million.
• Institutional ownership remains heavy, with investors like Price T Rowe, Goldman Sachs, and Janus Henderson all significantly increasing positions; institutions now own 70.51% of the company.
• Analysts are broadly constructive on TSEM, with a consensus rating of “Moderate Buy” and an average price target of $276.75 after several firms raised their targets.

Jennison Associates LLC cut its stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 56.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 615,216 shares of the semiconductor company's stock after selling 783,771 shares during the period. Jennison Associates LLC owned 0.55% of Tower Semiconductor worth $107,958,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its stake in shares of 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 worth $549,779,000 after purchasing an additional 4,541,235 shares during the period. Capital International Investors acquired a new position in Tower Semiconductor in the 4th quarter valued at $222,530,000. Goldman Sachs Group Inc. grew its holdings in 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 valued at $259,083,000 after buying an additional 1,505,421 shares in the last quarter. Turiya Advisors Asia Ltd bought a new position in Tower Semiconductor during the 4th quarter worth $172,848,000. Finally, Janus Henderson Group PLC increased its position in Tower Semiconductor by 293.8% during the 4th quarter. Janus Henderson Group PLC now owns 1,074,717 shares of the semiconductor company's stock worth $126,193,000 after buying an additional 801,820 shares during the period. Institutional investors own 70.51% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on TSEM. Wedbush boosted their target price on shares of Tower Semiconductor from $140.00 to $300.00 and gave the company a "neutral" rating in a research report on Thursday, May 14th. UBS Group reaffirmed a "buy" rating on shares of Tower Semiconductor in a research report on Wednesday. Susquehanna lifted their price objective on shares of Tower Semiconductor from $180.00 to $330.00 and gave the stock a "positive" rating in a research note on Thursday, May 14th. Finally, Benchmark reissued a "buy" rating on shares of Tower Semiconductor in a report on Wednesday. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $276.75.

Tower Semiconductor Price Performance

Tower Semiconductor stock opened at $234.10 on Monday. The firm has a market cap of $26.32 billion, a PE ratio of 108.88 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. The stock's fifty day moving average price is $255.87 and its two-hundred day moving average price is $190.09. Tower Semiconductor Ltd. has a one year low of $43.12 and a one year high of $319.94.

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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