Point72 Hong Kong Ltd Acquires New Position in Tower Semiconductor Ltd. (NASDAQ:TSEM)

Point72 Hong Kong Ltd acquired a new stake in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 331,120 shares of the semiconductor company's stock, valued at approximately $17,056,000. Tower Semiconductor makes up approximately 1.0% of Point72 Hong Kong Ltd's portfolio, making the stock its 25th largest holding. Point72 Hong Kong Ltd owned 0.30% of Tower Semiconductor at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. R Squared Ltd bought a new position in shares of Tower Semiconductor in the 4th quarter valued at about $61,000. Blue Trust Inc. grew its holdings in shares of Tower Semiconductor by 12.7% in the 4th quarter. Blue Trust Inc. now owns 2,037 shares of the semiconductor company's stock valued at $105,000 after acquiring an additional 230 shares in the last quarter. Crews Bank & Trust bought a new position in shares of Tower Semiconductor in the 4th quarter valued at about $134,000. Caption Management LLC bought a new position in shares of Tower Semiconductor in the 4th quarter valued at about $155,000. Finally, Cornerstone Investment Partners LLC bought a new position in shares of Tower Semiconductor in the 4th quarter valued at about $203,000. Institutional investors own 70.51% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on TSEM shares. Benchmark reiterated a "buy" rating and set a $60.00 price target on shares of Tower Semiconductor in a report on Thursday. Wedbush reiterated an "outperform" rating and set a $60.00 price target on shares of Tower Semiconductor in a report on Tuesday, February 11th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Tower Semiconductor has a consensus rating of "Moderate Buy" and an average price target of $60.00.

Tower Semiconductor Stock Performance

Tower Semiconductor stock traded down $0.95 during midday trading on Friday, reaching $41.11. 533,531 shares of the company's stock were exchanged, compared to its average volume of 571,866. 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 52 week low of $28.64 and a 52 week high of $55.31. The stock's 50-day simple moving average is $36.49 and its 200 day simple moving average is $43.91. The firm has a market cap of $4.56 billion, a price-to-earnings ratio of 22.10 and a beta of 0.75.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last released its quarterly earnings results on Wednesday, May 14th. The semiconductor company reported $0.35 earnings per share 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 in the previous year, the firm posted $0.40 earnings per share. The firm's quarterly revenue was up 9.4% on a year-over-year basis. On average, analysts expect that Tower Semiconductor Ltd. will post 1.67 earnings per share for the current fiscal year.

Tower Semiconductor 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.