The Manufacturers Life Insurance Company Boosts Stock Holdings in Tower Semiconductor Ltd. (NASDAQ:TSEM)

The Manufacturers Life Insurance Company grew its position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 14.9% during the second quarter, Holdings Channel.com reports. The fund owned 1,298,833 shares of the semiconductor company’s stock after purchasing an additional 168,827 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Tower Semiconductor were worth $51,057,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Tower Semiconductor in the 2nd quarter worth about $177,000. State Board of Administration of Florida Retirement System purchased a new position in shares of Tower Semiconductor in the 1st quarter worth about $164,000. ProShare Advisors LLC purchased a new position in shares of Tower Semiconductor in the 1st quarter worth about $243,000. Magnetar Financial LLC purchased a new position in shares of Tower Semiconductor in the 2nd quarter worth about $377,000. Finally, Lester Murray Antman dba SimplyRich purchased a new position in shares of Tower Semiconductor in the 1st quarter worth about $342,000. 70.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Tower Semiconductor Price Performance

Shares of Tower Semiconductor stock opened at $43.91 on Monday. Tower Semiconductor Ltd. has a 52-week low of $21.43 and a 52-week high of $44.58. The stock’s 50-day simple moving average is $41.05 and its 200 day simple moving average is $37.76. The company has a debt-to-equity ratio of 0.05, a quick ratio of 4.94 and a current ratio of 5.90.

Tower Semiconductor (NASDAQ:TSEM) last announced its quarterly earnings results on Wednesday, July 24th. The semiconductor company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.05. Tower Semiconductor had a return on equity of 8.33% and a net margin of 35.58%. The firm had revenue of $351.18 million for the quarter, compared to analysts’ expectations of $350.00 million. On average, equities research analysts forecast that Tower Semiconductor Ltd. will post 1.82 earnings per share for the current fiscal year.

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.