Assenagon Asset Management S.A. Lowers Position in Tower Semiconductor Ltd. $TSEM

Assenagon Asset Management S.A. cut its stake in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 42.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 181,572 shares of the semiconductor company’s stock after selling 134,843 shares during the period. Assenagon Asset Management S.A. owned about 0.16% of Tower Semiconductor worth $12,938,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Blue Trust Inc. lifted its position in shares of Tower Semiconductor by 14.8% during the second quarter. Blue Trust Inc. now owns 1,764 shares of the semiconductor company’s stock valued at $76,000 after purchasing an additional 227 shares in the last quarter. PharVision Advisers LLC bought a new stake in Tower Semiconductor in the 2nd quarter worth about $207,000. Park National Corp OH purchased a new stake in Tower Semiconductor in the 3rd quarter valued at about $208,000. Evergreen Capital Management LLC bought a new position in shares of Tower Semiconductor during the 2nd quarter worth approximately $216,000. Finally, Janney Montgomery Scott LLC bought a new position in shares of Tower Semiconductor during the 2nd quarter worth approximately $228,000. Institutional investors own 70.51% of the company’s stock.

Tower Semiconductor Stock Performance

Shares of TSEM opened at $119.16 on Friday. Tower Semiconductor Ltd. has a 52-week low of $28.64 and a 52-week high of $129.58. The stock’s 50-day simple moving average is $96.72 and its 200 day simple moving average is $68.39. The company has a debt-to-equity ratio of 0.05, a quick ratio of 5.54 and a current ratio of 6.61. The stock has a market capitalization of $13.21 billion, a price-to-earnings ratio of 69.28 and a beta of 0.88.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TSEM. Susquehanna upped their target price on Tower Semiconductor from $100.00 to $135.00 and gave the company a “positive” rating in a report on Tuesday, November 11th. Wedbush upped their price objective on Tower Semiconductor from $85.00 to $125.00 and gave the company an “outperform” rating in a research note on Tuesday, November 11th. Benchmark raised their target price on Tower Semiconductor from $73.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, November 11th. Weiss Ratings reissued a “hold (c)” rating on shares of Tower Semiconductor in a report on Monday. Finally, Barclays raised their price objective on shares of Tower Semiconductor from $74.00 to $97.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 11th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $119.25.

About Tower Semiconductor

Tower Semiconductor, traded on NASDAQ under the symbol TSEM, is a specialty foundry company that provides analog and mixed-signal semiconductor manufacturing services to a broad array of customers worldwide. The company focuses on delivering tailored process technologies for high-growth markets, including radio frequency (RF), power management, imaging, automotive electronics, and Internet of Things (IoT) applications. By combining deep process know-how with flexible manufacturing capabilities, Tower Semiconductor supports the development and volume production of advanced semiconductor devices for fabless and integrated device manufacturer customers.

The company’s technology portfolio spans standard and specialty processes such as CMOS, BiCMOS, high-voltage, radio frequency, silicon photonics, micro-electromechanical systems (MEMS) and image sensor production.