331,120 Shares in Tower Semiconductor Ltd. (NASDAQ:TSEM) Purchased by Point72 Hong Kong Ltd

Point72 Hong Kong Ltd purchased a new position in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 331,120 shares of the semiconductor company's stock, valued at approximately $17,056,000. Tower Semiconductor accounts for about 1.0% of Point72 Hong Kong Ltd's portfolio, making the stock its 25th largest holding. Point72 Hong Kong Ltd owned approximately 0.30% of Tower Semiconductor as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. R Squared Ltd acquired a new stake in Tower Semiconductor during the 4th quarter valued at $61,000. Blue Trust Inc. grew its holdings in Tower Semiconductor by 12.7% during the 4th quarter. Blue Trust Inc. now owns 2,037 shares of the semiconductor company's stock valued at $105,000 after buying an additional 230 shares during the last quarter. Crews Bank & Trust acquired a new stake in Tower Semiconductor during the 4th quarter valued at $134,000. Caption Management LLC acquired a new stake in Tower Semiconductor during the 4th quarter valued at $155,000. Finally, Cornerstone Investment Partners LLC acquired a new stake in shares of Tower Semiconductor during the fourth quarter worth $203,000. Institutional investors and hedge funds own 70.51% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Benchmark restated a "buy" rating and set a $60.00 price objective on shares of Tower Semiconductor in a report on Thursday, May 15th. Wedbush restated an "outperform" rating and set a $60.00 price objective on shares of Tower Semiconductor in a report on Tuesday, February 11th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $60.00.

Tower Semiconductor Trading Down 0.4%

Shares of TSEM traded down $0.15 during trading hours on Tuesday, hitting $41.00. The stock had a trading volume of 168,977 shares, compared to its average volume of 570,288. The company's fifty day simple moving average is $36.54 and its 200 day simple moving average is $43.92. The company has a debt-to-equity ratio of 0.05, a quick ratio of 5.23 and a current ratio of 6.18. Tower Semiconductor Ltd. has a 12-month low of $28.64 and a 12-month high of $55.31. The firm has a market cap of $4.54 billion, a P/E ratio of 22.04 and a beta of 0.75.

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