Investors Purchase High Volume of Put Options on Tower Semiconductor (NASDAQ:TSEM)

Tower Semiconductor Ltd. (NASDAQ:TSEM) saw unusually large options trading activity on Thursday. Investors purchased 1,386 put options on the stock. This is an increase of approximately 2,135% compared to the typical daily volume of 62 put options.

A number of institutional investors have recently made changes to their positions in TSEM. Principal Financial Group Inc. increased its holdings in Tower Semiconductor by 4.7% in the 2nd quarter. Principal Financial Group Inc. now owns 533,581 shares of the semiconductor company’s stock valued at $12,726,000 after buying an additional 23,765 shares during the period. Swiss National Bank boosted its stake in shares of Tower Semiconductor by 8.8% in the 2nd quarter. Swiss National Bank now owns 149,821 shares of the semiconductor company’s stock valued at $3,612,000 after purchasing an additional 12,055 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Tower Semiconductor by 687.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 80,243 shares of the semiconductor company’s stock valued at $1,914,000 after purchasing an additional 70,049 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Tower Semiconductor by 9.2% in the 2nd quarter. Wells Fargo & Company MN now owns 88,285 shares of the semiconductor company’s stock valued at $2,106,000 after purchasing an additional 7,445 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its position in Tower Semiconductor by 6.7% during the 2nd quarter. Ameriprise Financial Inc. now owns 500,563 shares of the semiconductor company’s stock worth $11,937,000 after buying an additional 31,572 shares in the last quarter. 43.64% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Tower Semiconductor (NASDAQ TSEM) traded up $0.02 during mid-day trading on Wednesday, reaching $32.40. 381,919 shares of the company were exchanged, compared to its average volume of 540,008. Tower Semiconductor has a fifty-two week low of $20.60 and a fifty-two week high of $36.69. The company has a market capitalization of $3,191.01, a price-to-earnings ratio of 16.45, a P/E/G ratio of 0.88 and a beta of 0.92. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.44 and a quick ratio of 2.85.

Several research analysts have recently weighed in on TSEM shares. ValuEngine raised shares of Tower Semiconductor from a “buy” rating to a “strong-buy” rating in a research report on Friday, February 2nd. BidaskClub upgraded shares of Tower Semiconductor from a “sell” rating to a “hold” rating in a report on Wednesday, January 31st. Drexel Hamilton raised their price target on shares of Tower Semiconductor from $36.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, November 8th. Craig Hallum reiterated a “buy” rating and issued a $39.00 target price (up from $32.00) on shares of Tower Semiconductor in a research note on Wednesday, November 8th. Finally, Credit Suisse Group lifted their target price on shares of Tower Semiconductor from $36.00 to $40.00 and gave the company an “outperform” rating in a research note on Wednesday, November 15th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and two have given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $43.75.

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About Tower Semiconductor

Tower Semiconductor Ltd. operates as an independent semiconductor foundry focused primarily on specialty process technologies. The Company focuses on producing integrated circuits (ICs) based on the design specifications of its customers. The Company manufactures semiconductors for its customers primarily based on third-party designs.

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