Assenagon Asset Management S.A. Takes $11.09 Million Position in Tower Semiconductor Ltd. (NASDAQ:TSEM)

Assenagon Asset Management S.A. acquired a new stake in Tower Semiconductor Ltd. (NASDAQ:TSEM) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 250,546 shares of the semiconductor company’s stock, valued at approximately $11,094,000.

A number of other hedge funds have also made changes to their positions in the business. William Blair Investment Management LLC acquired a new stake in shares of Tower Semiconductor in the 1st quarter valued at about $34,911,000. Essex Investment Management Co. LLC boosted its position in shares of Tower Semiconductor by 7.5% in the 3rd quarter. Essex Investment Management Co. LLC now owns 179,579 shares of the semiconductor company’s stock valued at $7,948,000 after purchasing an additional 12,551 shares during the period. Jennison Associates LLC boosted its position in shares of Tower Semiconductor by 28.1% in the 1st quarter. Jennison Associates LLC now owns 2,650,283 shares of the semiconductor company’s stock valued at $88,652,000 after purchasing an additional 580,610 shares during the period. Foundry Partners LLC acquired a new stake in shares of Tower Semiconductor in the 2nd quarter valued at about $519,000. Finally, Y.D. More Investments Ltd boosted its position in shares of Tower Semiconductor by 9,622.0% in the 2nd quarter. Y.D. More Investments Ltd now owns 911,926 shares of the semiconductor company’s stock valued at $35,952,000 after purchasing an additional 902,546 shares during the period. Hedge funds and other institutional investors own 70.51% of the company’s stock.

Tower Semiconductor Stock Up 1.2 %

TSEM opened at $44.77 on Monday. The company has a debt-to-equity ratio of 0.05, a current ratio of 5.90 and a quick ratio of 4.94. The business has a 50 day simple moving average of $43.03 and a 200-day simple moving average of $39.41. The stock has a market capitalization of $4.96 billion, a P/E ratio of 10.15 and a beta of 0.90. Tower Semiconductor Ltd. has a 12 month low of $22.30 and a 12 month high of $46.53.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. StockNews.com cut Tower Semiconductor from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 19th. Benchmark reaffirmed a “buy” rating and set a $55.00 price objective 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 stock presently has a consensus rating of “Buy” and an average price target of $51.33.

Tower Semiconductor 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.