Acadian Asset Management LLC lessened its position in Tower Semiconductor Ltd. (NASDAQ:TSEM – Free Report) by 73.5% in the 2nd quarter, Holdings Channel reports. The fund owned 3,122 shares of the semiconductor company’s stock after selling 8,667 shares during the period. Acadian Asset Management LLC’s holdings in Tower Semiconductor were worth $115,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also made changes to their positions in TSEM. Citigroup Inc. raised its stake in shares of Tower Semiconductor by 53.4% during the 1st quarter. Citigroup Inc. now owns 28,383 shares of the semiconductor company’s stock worth $1,376,000 after buying an additional 9,882 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Tower Semiconductor during the 1st quarter worth $208,000. Allianz Asset Management GmbH boosted its position in shares of Tower Semiconductor by 3.3% during the 1st quarter. Allianz Asset Management GmbH now owns 35,320 shares of the semiconductor company’s stock worth $1,712,000 after purchasing an additional 1,125 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Tower Semiconductor by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 3,239,808 shares of the semiconductor company’s stock worth $156,807,000 after purchasing an additional 65,515 shares during the period. Finally, Ergoteles LLC purchased a new position in shares of Tower Semiconductor in the 1st quarter valued at about $4,979,000. Hedge funds and other institutional investors own 60.41% of the company’s stock.
Wall Street Analyst Weigh In
A number of research analysts have issued reports on the stock. StockNews.com raised shares of Tower Semiconductor from a “hold” rating to a “buy” rating in a report on Tuesday. TheStreet downgraded Tower Semiconductor from a “b-” rating to a “c+” rating in a research report on Thursday, August 24th. Benchmark began coverage on Tower Semiconductor in a research report on Wednesday, October 25th. They issued a “buy” rating and a $35.00 price target for the company. Finally, Craig Hallum upgraded shares of Tower Semiconductor from a “hold” rating to a “buy” rating and set a $38.00 price objective on the stock in a research report on Thursday, August 17th.
Tower Semiconductor Trading Up 2.1 %
Shares of Tower Semiconductor stock opened at $27.82 on Tuesday. Tower Semiconductor Ltd. has a 1 year low of $21.43 and a 1 year high of $46.50. The company has a debt-to-equity ratio of 0.08, a current ratio of 6.65 and a quick ratio of 3.68. The business has a 50 day moving average price of $24.47 and a 200 day moving average price of $32.23. The company has a market capitalization of $3.04 billion, a P/E ratio of 5.65 and a beta of 0.84.
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.
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