Tower International Inc. (NYSE:TOWR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “TA Delaware, Inc. is engaged in the manufacture of engineered structural metal components and assemblies primarily serving automotive original equipment manufacturers. It offers its automotive customers body-structure stampings, frame and other chassis structures, as well as complex welded assemblies, for small and large cars, crossovers, pickups and SUVs. Its manufacturing operations consist primarily of stamping and welding operations, system and modular assembly operations, coating, and other ancillary operations. The Company uses various grades and thicknesses of steel and aluminum; including high-strength, hot- and cold-rolled, galvanized, organically coated, stainless, and aluminized steel; for the manufacture of its products. TA Delaware, Inc. is headquartered in Livonia, Michigan. “
TOWR has been the subject of a number of other research reports. Wells Fargo & Co. reissued a “hold” rating and issued a $24.00 target price on shares of Tower International in a research note on Monday, July 18th. FBR & Co reissued a “buy” rating on shares of Tower International in a research note on Wednesday, July 27th. Finally, Seaport Global Securities initiated coverage on Tower International in a research note on Tuesday, August 9th. They issued a “buy” rating and a $35.00 target price for the company. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Tower International currently has an average rating of “Hold” and an average price target of $30.60.
Tower International (NYSE:TOWR) opened at 23.52 on Wednesday. Tower International has a one year low of $18.75 and a one year high of $31.41. The firm has a 50-day moving average price of $23.67 and a 200 day moving average price of $23.30. The company has a market cap of $495.14 million, a price-to-earnings ratio of 3.06 and a beta of 2.01.
Tower International (NYSE:TOWR) last released its earnings results on Tuesday, July 26th. The company reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.10. Tower International had a return on equity of 162.08% and a net margin of 8.31%. The company earned $505.10 million during the quarter, compared to analyst estimates of $504.70 million. During the same quarter in the previous year, the company posted $1.05 EPS. Tower International’s revenue for the quarter was up 12.4% on a year-over-year basis. Equities analysts expect that Tower International will post $3.20 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Wednesday, August 10th were issued a dividend of $0.10 per share. The ex-dividend date was Monday, August 8th. This represents a $0.40 dividend on an annualized basis and a yield of 1.70%. Tower International’s dividend payout ratio is presently 5.21%.
A number of hedge funds and other institutional investors have recently made changes to their positions in TOWR. Ameriprise Financial Inc. increased its position in shares of Tower International by 7.4% in the second quarter. Ameriprise Financial Inc. now owns 955,587 shares of the company’s stock worth $19,664,000 after buying an additional 66,152 shares in the last quarter. Towle & Co. acquired a new position in shares of Tower International during the second quarter worth about $13,584,000. LSV Asset Management increased its position in shares of Tower International by 47.8% in the second quarter. LSV Asset Management now owns 584,313 shares of the company’s stock worth $12,025,000 after buying an additional 189,013 shares in the last quarter. Thrivent Financial for Lutherans increased its position in shares of Tower International by 642.7% in the second quarter. Thrivent Financial for Lutherans now owns 375,040 shares of the company’s stock worth $7,718,000 after buying an additional 324,540 shares in the last quarter. Finally, Wedge Capital Management L L P NC increased its position in shares of Tower International by 557.1% in the second quarter. Wedge Capital Management L L P NC now owns 342,274 shares of the company’s stock worth $16,463,000 after buying an additional 290,182 shares in the last quarter. Institutional investors own 92.24% of the company’s stock.
About Tower International
Tower International, Inc is a global manufacturer of engineered automotive structural metal components and assemblies primarily serving original equipment manufacturers (OEMs). The Company operates in two segments: Americas and International. The International segment consists of Europe and Asia, and the Americas segment consists of North America and South America.
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