Summit Partners Public Asset Management LLC Purchases 1,376,315 Shares of Tower Semiconductor Ltd. (NASDAQ:TSEM)

Summit Partners Public Asset Management LLC grew its position in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 1,146.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,496,315 shares of the semiconductor company’s stock after buying an additional 1,376,315 shares during the period. Tower Semiconductor accounts for approximately 2.1% of Summit Partners Public Asset Management LLC’s investment portfolio, making the stock its 10th largest position. Summit Partners Public Asset Management LLC owned 1.35% of Tower Semiconductor worth $66,227,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Transcendent Capital Group LLC purchased a new stake in Tower Semiconductor in the 3rd quarter valued at about $27,000. USA Financial Formulas purchased a new stake in shares of Tower Semiconductor in the 3rd quarter valued at approximately $38,000. Blue Trust Inc. lifted its holdings in shares of Tower Semiconductor by 319.3% in the 3rd quarter. Blue Trust Inc. now owns 1,807 shares of the semiconductor company’s stock worth $80,000 after acquiring an additional 1,376 shares during the last quarter. Signaturefd LLC boosted its position in shares of Tower Semiconductor by 21.1% during the 3rd quarter. Signaturefd LLC now owns 2,472 shares of the semiconductor company’s stock worth $109,000 after purchasing an additional 431 shares during the period. Finally, State Board of Administration of Florida Retirement System acquired a new stake in Tower Semiconductor in the 1st quarter valued at approximately $164,000. Institutional investors and hedge funds own 70.51% of the company’s stock.

Analysts Set New Price Targets

TSEM has been the topic of a number of research reports. Craig Hallum upped their price target on Tower Semiconductor from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Benchmark reissued a “buy” rating and set a $55.00 target price on shares of Tower Semiconductor in a research note on Thursday, November 14th. StockNews.com downgraded Tower Semiconductor from a “buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Finally, Susquehanna increased their price target on shares of Tower Semiconductor from $55.00 to $60.00 and gave the stock a “positive” rating in a research report on Thursday, November 14th. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $58.33.

Tower Semiconductor Trading Down 1.6 %

TSEM opened at $47.36 on Friday. The business has a fifty day moving average price of $44.73 and a 200 day moving average price of $41.45. The company has a debt-to-equity ratio of 0.05, a current ratio of 5.82 and a quick ratio of 4.89. Tower Semiconductor Ltd. has a 12 month low of $27.11 and a 12 month high of $50.25. The stock has a market capitalization of $5.25 billion, a price-to-earnings ratio of 25.60 and a beta of 0.90.

Tower Semiconductor (NASDAQ:TSEM) last announced its quarterly earnings data on Wednesday, November 13th. The semiconductor company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.12. The business had revenue of $370.50 million during the quarter, compared to the consensus estimate of $370.30 million. Tower Semiconductor had a return on equity of 8.22% and a net margin of 14.75%. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.47 earnings per share. Sell-side analysts expect that Tower Semiconductor Ltd. will post 1.77 earnings per share for the current fiscal year.

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.