Castleark Management LLC Invests $5.99 Million in Tower Semiconductor Ltd. (NASDAQ:TSEM)

Castleark Management LLC acquired a new stake in Tower Semiconductor Ltd. (NASDAQ:TSEM) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 135,330 shares of the semiconductor company’s stock, valued at approximately $5,990,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Senvest Management LLC raised its position in shares of Tower Semiconductor by 1.7% during the third quarter. Senvest Management LLC now owns 8,320,433 shares of the semiconductor company’s stock worth $368,262,000 after purchasing an additional 138,807 shares during the period. Harel Insurance Investments & Financial Services Ltd. increased its stake in Tower Semiconductor by 3.4% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 3,763,097 shares of the semiconductor company’s stock worth $147,927,000 after purchasing an additional 123,200 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its stake in Tower Semiconductor by 1.5% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,297,806 shares of the semiconductor company’s stock valued at $145,961,000 after buying an additional 50,000 shares in the last quarter. Point72 Asset Management L.P. boosted its holdings in shares of Tower Semiconductor by 203.8% in the third quarter. Point72 Asset Management L.P. now owns 3,105,383 shares of the semiconductor company’s stock valued at $137,444,000 after buying an additional 2,083,262 shares during the period. Finally, Jennison Associates LLC boosted its holdings in shares of Tower Semiconductor by 1.5% in the third quarter. Jennison Associates LLC now owns 2,790,991 shares of the semiconductor company’s stock valued at $123,529,000 after buying an additional 40,038 shares during the period. 70.51% of the stock is currently owned by institutional investors.

Tower Semiconductor Trading Up 0.6 %

Shares of NASDAQ:TSEM opened at $49.82 on Friday. The company’s 50-day moving average price is $45.43 and its two-hundred day moving average price is $41.95. 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 one year low of $27.99 and a one year high of $50.66. The stock has a market capitalization of $5.52 billion, a PE ratio of 26.93 and a beta of 0.92.

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

Analysts Set New Price Targets

TSEM has been the topic of several research reports. Susquehanna boosted their price objective on shares of Tower Semiconductor from $55.00 to $60.00 and gave the company a “positive” rating in a research report on Thursday, November 14th. Benchmark restated a “buy” rating and issued a $55.00 price target on shares of Tower Semiconductor 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. Finally, Craig Hallum boosted their target price on Tower Semiconductor from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Tower Semiconductor currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.33.

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.