The Manufacturers Life Insurance Company Reduces Position in Tower Semiconductor Ltd. (NASDAQ:TSEM)

The Manufacturers Life Insurance Company lessened its position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 16.6% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,083,732 shares of the semiconductor company’s stock after selling 215,101 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Tower Semiconductor were worth $47,966,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in TSEM. Senvest Management LLC lifted its position in Tower Semiconductor by 1.7% during the 3rd quarter. Senvest Management LLC now owns 8,320,433 shares of the semiconductor company’s stock worth $368,262,000 after acquiring an additional 138,807 shares during the period. Vanguard Group Inc. lifted its position in Tower Semiconductor by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 3,790,957 shares of the semiconductor company’s stock worth $126,808,000 after acquiring an additional 64,679 shares during the period. Harel Insurance Investments & Financial Services Ltd. lifted its position 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 acquiring an additional 123,200 shares during the period. Migdal Insurance & Financial Holdings Ltd. lifted its position in Tower Semiconductor by 1.5% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,297,806 shares of the semiconductor company’s stock worth $145,961,000 after acquiring an additional 50,000 shares during the period. Finally, Jennison Associates LLC lifted its position in Tower Semiconductor by 1.5% during the 3rd quarter. Jennison Associates LLC now owns 2,790,991 shares of the semiconductor company’s stock worth $123,529,000 after acquiring an additional 40,038 shares during the period. Hedge funds and other institutional investors own 70.51% of the company’s stock.

Wall Street Analyst Weigh In

TSEM has been the subject of several recent analyst reports. Benchmark reissued a “buy” rating and issued a $55.00 price target on shares of Tower Semiconductor in a report on Thursday, November 14th. Craig Hallum raised their price target on Tower Semiconductor from $54.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, November 14th. StockNews.com cut Tower Semiconductor from a “buy” rating to a “hold” rating in a report on Tuesday, November 12th. Finally, Susquehanna raised their price target on Tower Semiconductor from $55.00 to $60.00 and gave the company a “positive” rating in a report on Thursday, November 14th. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Tower Semiconductor has an average rating of “Moderate Buy” and a consensus target price of $58.33.

Tower Semiconductor Stock Performance

Shares of TSEM stock opened at $47.36 on Friday. The stock has a fifty day moving average price of $44.73 and a 200 day moving average price of $41.45. The stock has a market cap of $5.25 billion, a PE ratio of 25.60 and a beta of 0.90. Tower Semiconductor Ltd. has a 1 year low of $27.11 and a 1 year high of $50.25. The company has a debt-to-equity ratio of 0.05, a quick ratio of 4.89 and a current ratio of 5.82.

Tower Semiconductor (NASDAQ:TSEM) last issued its quarterly earnings data 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 firm had revenue of $370.50 million during the quarter, compared to analysts’ expectations 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 period in the previous year, the firm posted $0.47 earnings per share. Sell-side analysts forecast 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.