Assenagon Asset Management S.A. Has $19.35 Million Stock Position in Tower Semiconductor Ltd. $TSEM

Assenagon Asset Management S.A. lowered its holdings in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 73.7% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 113,441 shares of the semiconductor company’s stock after selling 318,608 shares during the period. Assenagon Asset Management S.A. owned about 0.10% of Tower Semiconductor worth $19,354,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of TSEM. Covestor Ltd grew its position in shares of Tower Semiconductor by 10.8% in the 4th quarter. Covestor Ltd now owns 793 shares of the semiconductor company’s stock valued at $93,000 after buying an additional 77 shares during the last quarter. Mackenzie Financial Corp increased its position in Tower Semiconductor by 2.6% during the 3rd quarter. Mackenzie Financial Corp now owns 5,053 shares of the semiconductor company’s stock valued at $359,000 after purchasing an additional 127 shares during the period. Evergreen Capital Management LLC increased its position in Tower Semiconductor by 2.6% during the 4th quarter. Evergreen Capital Management LLC now owns 5,118 shares of the semiconductor company’s stock valued at $601,000 after purchasing an additional 131 shares during the period. Mariner LLC raised its holdings in Tower Semiconductor by 2.4% during the 3rd quarter. Mariner LLC now owns 8,815 shares of the semiconductor company’s stock worth $637,000 after purchasing an additional 207 shares during the last quarter. Finally, Wells Fargo & Company MN raised its holdings in Tower Semiconductor by 2.9% during the 4th quarter. Wells Fargo & Company MN now owns 7,848 shares of the semiconductor company’s stock worth $922,000 after purchasing an additional 218 shares during the last quarter. Institutional investors and hedge funds own 70.51% of the company’s stock.

Tower Semiconductor Trading Down 7.4%

Shares of Tower Semiconductor stock opened at $249.91 on Friday. The stock has a fifty day simple moving average of $249.18 and a 200 day simple moving average of $177.72. Tower Semiconductor Ltd. has a 12-month low of $42.08 and a 12-month high of $319.94. The company has a market capitalization of $28.10 billion, a P/E ratio of 116.24 and a beta of 0.87. The company has a current ratio of 5.63, a quick ratio of 4.92 and a debt-to-equity ratio of 0.04.

Tower Semiconductor (NASDAQ:TSEM) last issued its quarterly earnings data on Wednesday, May 13th. The semiconductor company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.09. Tower Semiconductor had a return on equity of 8.54% and a net margin of 15.13%.The business had revenue of $413.63 million for the quarter, compared to analysts’ expectations of $410.72 million. During the same period last year, the business earned $0.35 EPS. The business’s revenue was up 15.5% on a year-over-year basis. On average, sell-side analysts anticipate that Tower Semiconductor Ltd. will post 2.84 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

TSEM has been the topic of a number of analyst reports. Benchmark upped their price objective on shares of Tower Semiconductor from $230.00 to $335.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Susquehanna lifted their target price on shares of Tower Semiconductor from $180.00 to $330.00 and gave the stock a “positive” rating in a research note on Thursday, May 14th. Finally, Wedbush upped their price target on shares of Tower Semiconductor from $140.00 to $300.00 and gave the company a “neutral” rating in a research report on Thursday, May 14th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Tower Semiconductor currently has an average rating of “Hold” and an average target price of $276.75.

About Tower Semiconductor

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.