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

Summit Partners Public Asset Management LLC boosted its holdings in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 1,146.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,496,315 shares of the semiconductor company’s stock after purchasing an additional 1,376,315 shares during the quarter. Tower Semiconductor comprises approximately 2.1% of Summit Partners Public Asset Management LLC’s portfolio, making the stock its 10th biggest position. Summit Partners Public Asset Management LLC’s holdings in Tower Semiconductor were worth $66,227,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Transcendent Capital Group LLC purchased a new stake in shares of Tower Semiconductor during the 3rd quarter worth approximately $27,000. USA Financial Formulas acquired a new stake in Tower Semiconductor during the 3rd quarter worth $38,000. Blue Trust Inc. lifted its position in Tower Semiconductor by 319.3% in the third quarter. Blue Trust Inc. now owns 1,807 shares of the semiconductor company’s stock valued at $80,000 after acquiring an additional 1,376 shares during the last quarter. Signaturefd LLC boosted its stake in Tower Semiconductor by 21.1% in the third quarter. Signaturefd LLC now owns 2,472 shares of the semiconductor company’s stock valued at $109,000 after acquiring an additional 431 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Tower Semiconductor during the second quarter worth about $177,000. 70.51% of the stock is currently owned by hedge funds and other institutional investors.

Tower Semiconductor Stock Down 1.6 %

Tower Semiconductor stock opened at $47.36 on Friday. The stock has a 50 day moving average of $44.73 and a two-hundred day moving average of $41.45. Tower Semiconductor Ltd. has a twelve month low of $27.11 and a twelve 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. The company has a current ratio of 5.82, a quick ratio of 4.89 and a debt-to-equity ratio of 0.05.

Tower Semiconductor (NASDAQ:TSEM) last issued its quarterly earnings results on Wednesday, November 13th. The semiconductor company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.12. The firm 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 company’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period last year, the company earned $0.47 earnings per share. As a group, research analysts expect that Tower Semiconductor Ltd. will post 1.77 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Susquehanna boosted their target price on Tower Semiconductor from $55.00 to $60.00 and gave the company a “positive” rating in a report on Thursday, November 14th. StockNews.com downgraded Tower Semiconductor from a “buy” rating to a “hold” rating in a report on Tuesday, November 12th. Craig Hallum lifted their target price on shares of Tower Semiconductor from $54.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, Benchmark reiterated a “buy” rating and issued a $55.00 price target on shares of Tower Semiconductor in a research report on Thursday, November 14th. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $58.33.

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.