Tower Semiconductor Ltd. (NASDAQ:TSEM) Shares Bought by Point72 Asset Management L.P.

Point72 Asset Management L.P. boosted its stake in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 21.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 3,758,574 shares of the semiconductor company's stock after purchasing an additional 653,191 shares during the period. Point72 Asset Management L.P. owned about 3.39% of Tower Semiconductor worth $193,604,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TSEM. Invesco Ltd. lifted its stake in Tower Semiconductor by 251.9% during the 4th quarter. Invesco Ltd. now owns 1,761,235 shares of the semiconductor company's stock worth $90,721,000 after acquiring an additional 1,260,683 shares in the last quarter. Neumeier Poma Investment Counsel LLC purchased a new stake in Tower Semiconductor during the 4th quarter worth approximately $33,034,000. American Century Companies Inc. acquired a new stake in Tower Semiconductor during the 4th quarter worth approximately $20,015,000. Point72 Hong Kong Ltd purchased a new position in Tower Semiconductor in the 4th quarter valued at approximately $17,056,000. Finally, Polar Capital Holdings Plc purchased a new position in Tower Semiconductor in the 4th quarter valued at approximately $14,826,000. Hedge funds and other institutional investors own 70.51% of the company's stock.

Tower Semiconductor Price Performance

NASDAQ:TSEM traded down $0.13 during trading hours on Tuesday, hitting $41.02. The company's stock had a trading volume of 185,252 shares, compared to its average volume of 723,520. The company has a debt-to-equity ratio of 0.05, a quick ratio of 5.23 and a current ratio of 6.18. The business's 50-day moving average is $36.54 and its two-hundred day moving average is $43.92. Tower Semiconductor Ltd. has a 52-week low of $28.64 and a 52-week high of $55.31. The company has a market capitalization of $4.55 billion, a PE ratio of 22.04 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 (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.01). Tower Semiconductor had a return on equity of 8.11% and a net margin of 14.47%. The firm had revenue of $358.17 million for the quarter, compared to analyst estimates of $358.09 million. During the same period last year, the firm earned $0.40 EPS. The company's quarterly revenue was up 9.4% compared to the same quarter last year. As a group, research analysts anticipate that Tower Semiconductor Ltd. will post 1.67 EPS for the current fiscal year.

Analyst Ratings Changes

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

Tower Semiconductor Company 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.