Essex Investment Management Co. LLC Boosts Stock Position in Tower Semiconductor Ltd. (NASDAQ:TSEM)

Essex Investment Management Co. LLC increased its stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 7.5% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 179,579 shares of the semiconductor company’s stock after buying an additional 12,551 shares during the quarter. Tower Semiconductor comprises 1.4% of Essex Investment Management Co. LLC’s holdings, making the stock its 11th largest position. Essex Investment Management Co. LLC owned 0.16% of Tower Semiconductor worth $7,948,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. William Blair Investment Management LLC purchased a new stake in shares of Tower Semiconductor in the 1st quarter valued at approximately $34,911,000. Y.D. More Investments Ltd raised its position in Tower Semiconductor by 9,622.0% in the second 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. Harel Insurance Investments & Financial Services Ltd. lifted its stake in Tower Semiconductor by 28.9% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 3,639,897 shares of the semiconductor company’s stock worth $121,755,000 after purchasing an additional 816,266 shares in the last quarter. Point72 Asset Management L.P. boosted its position in shares of Tower Semiconductor by 169.0% during the second quarter. Point72 Asset Management L.P. now owns 1,022,121 shares of the semiconductor company’s stock worth $40,180,000 after buying an additional 642,121 shares during the period. Finally, Jennison Associates LLC grew its stake in shares of Tower Semiconductor by 28.1% in the first quarter. Jennison Associates LLC now owns 2,650,283 shares of the semiconductor company’s stock valued at $88,652,000 after buying an additional 580,610 shares in the last quarter. Institutional investors and hedge funds own 70.51% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Tower Semiconductor Price Performance

Shares of NASDAQ TSEM opened at $45.82 on Friday. The stock’s 50-day moving average is $41.76 and its two-hundred day moving average is $38.62. 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 company has a market cap of $5.08 billion, a price-to-earnings ratio of 10.34 and a beta of 0.90. Tower Semiconductor Ltd. has a 1-year low of $21.43 and a 1-year high of $46.27.

Tower Semiconductor (NASDAQ:TSEM) last issued its 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 net margin of 35.58% and a return on equity of 8.33%. The firm had revenue of $351.18 million for the quarter, compared to analysts’ expectations of $350.00 million. Analysts forecast 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.