Point72 Asset Management L.P. Grows Stake in Tower Semiconductor Ltd. (NASDAQ:TSEM)

Point72 Asset Management L.P. grew its holdings in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 169.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,022,121 shares of the semiconductor company’s stock after purchasing an additional 642,121 shares during the period. Point72 Asset Management L.P.’s holdings in Tower Semiconductor were worth $40,180,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in TSEM. Norges Bank acquired a new position in Tower Semiconductor during the 4th quarter valued at about $45,303,000. Theleme Partners LLP acquired a new position in shares of Tower Semiconductor during the fourth quarter valued at about $67,717,000. The Manufacturers Life Insurance Company increased its holdings in shares of Tower Semiconductor by 18.0% during the fourth quarter. The Manufacturers Life Insurance Company now owns 516,172 shares of the semiconductor company’s stock valued at $15,754,000 after acquiring an additional 78,712 shares in the last quarter. Shannon River Fund Management LLC purchased a new position in shares of Tower Semiconductor in the 4th quarter valued at approximately $38,538,000. Finally, CastleKnight Management LP acquired a new stake in Tower Semiconductor in the 4th quarter worth approximately $989,000. Hedge funds and other institutional investors own 70.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. StockNews.com lowered shares of Tower Semiconductor from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 19th. Benchmark reissued a “buy” rating and issued a $55.00 target price on shares of Tower Semiconductor in a research report on Monday, September 9th. Four research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $51.33.

Tower Semiconductor Trading Down 0.9 %

Shares of NASDAQ TSEM opened at $42.82 on Thursday. Tower Semiconductor Ltd. has a 52 week low of $21.43 and a 52 week high of $44.58. The company has a current ratio of 5.90, a quick ratio of 4.94 and a debt-to-equity ratio of 0.05. The business’s 50 day moving average price is $40.93 and its 200 day moving average price is $37.59.

Tower Semiconductor (NASDAQ:TSEM) last released its quarterly earnings data on Wednesday, July 24th. The semiconductor company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.41 by $0.05. Tower Semiconductor had a net margin of 35.58% and a return on equity of 8.33%. The business had revenue of $351.18 million for the quarter, compared to the consensus estimate of $350.00 million. On average, equities analysts predict that Tower Semiconductor Ltd. will post 1.82 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.