Assenagon Asset Management S.A. Has $22.36 Million Stake in Tower Semiconductor Ltd. (NASDAQ:TSEM)

Assenagon Asset Management S.A. increased its holdings in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 219.3% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 641,105 shares of the semiconductor company's stock after purchasing an additional 440,314 shares during the quarter. Assenagon Asset Management S.A. owned 0.58% of Tower Semiconductor worth $22,362,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of TSEM. Blue Trust Inc. increased its stake in Tower Semiconductor by 12.7% during the 4th quarter. Blue Trust Inc. now owns 2,037 shares of the semiconductor company's stock worth $105,000 after purchasing an additional 230 shares in the last quarter. Caption Management LLC bought a new stake in Tower Semiconductor during the 4th quarter worth approximately $155,000. Cornerstone Investment Partners LLC bought a new stake in Tower Semiconductor during the 4th quarter worth approximately $203,000. Squarepoint Ops LLC bought a new position in shares of Tower Semiconductor during the 4th quarter worth approximately $247,000. Finally, Cetera Investment Advisers acquired a new stake in shares of Tower Semiconductor in the fourth quarter valued at approximately $249,000. 70.51% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Tower Semiconductor Stock Up 6.0%

Shares of NASDAQ TSEM traded up $2.30 during midday trading on Monday, reaching $40.39. The company's stock had a trading volume of 674,545 shares, compared to its average volume of 579,387. The company has a current ratio of 6.18, a quick ratio of 5.23 and a debt-to-equity ratio of 0.05. Tower Semiconductor Ltd. has a fifty-two week low of $28.64 and a fifty-two week high of $55.31. The stock has a market capitalization of $4.48 billion, a price-to-earnings ratio of 21.72 and a beta of 0.77. The stock has a 50 day simple moving average of $38.39 and a 200-day simple moving average of $43.20.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last posted its quarterly earnings data on Wednesday, May 14th. The semiconductor company reported $0.35 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.36 by ($0.01). Tower Semiconductor had a net margin of 14.47% and a return on equity of 8.11%. The business had revenue of $358.17 million during the quarter, compared to analyst estimates of $358.09 million. During the same quarter last year, the business earned $0.40 earnings per share. Tower Semiconductor's revenue for the quarter was up 9.4% on a year-over-year basis. Equities research analysts predict that Tower Semiconductor Ltd. will post 1.67 earnings per share for the current year.

About Tower Semiconductor

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.