Allspring Global Investments Holdings LLC Takes $33.98 Million Position in Tower Semiconductor Ltd. $TSEM

Allspring Global Investments Holdings LLC acquired a new position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) in the first quarter, Holdings Channel.com reports. The firm acquired 181,619 shares of the semiconductor company’s stock, valued at approximately $33,976,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. USA Financial Formulas acquired a new stake in shares of Tower Semiconductor in the fourth quarter valued at about $27,000. CIBC Private Wealth Group LLC lifted its stake in Tower Semiconductor by 254.2% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 418 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 300 shares in the last quarter. Advisory Services Network LLC acquired a new stake in Tower Semiconductor in the 3rd quarter worth about $48,000. Kestra Advisory Services LLC acquired a new position in shares of Tower Semiconductor during the fourth quarter valued at approximately $52,000. Finally, Hanson & Doremus Investment Management purchased a new position in shares of Tower Semiconductor in the first quarter valued at approximately $53,000. 70.51% of the stock is owned by hedge funds and other institutional investors.

Tower Semiconductor Stock Performance

NASDAQ TSEM opened at $234.10 on Monday. The stock has a fifty day simple moving average of $255.87 and a 200-day simple moving average of $190.09. The company has a current ratio of 5.63, a quick ratio of 4.92 and a debt-to-equity ratio of 0.04. The stock has a market cap of $26.32 billion, a PE ratio of 108.88 and a beta of 0.87. Tower Semiconductor Ltd. has a twelve month low of $43.12 and a twelve month high of $319.94.

Analysts Set New Price Targets

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

Tower Semiconductor 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.