Tower International Inc. (TOWR) Downgraded by Zacks Investment Research to “Hold”
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. “
Several other brokerages have also weighed in on TOWR. FBR & Co reaffirmed a buy rating on shares of Tower International in a research report on Wednesday, July 27th. Seaport Global Securities began coverage on Tower International in a research report on Tuesday, August 9th. They issued a buy rating and a $35.00 target price on the stock. Finally, Wells Fargo & Co. reaffirmed a hold rating and issued a $24.00 target price on shares of Tower International in a research report on Monday, July 18th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $30.60.
Tower International (NYSE:TOWR) traded up 0.63% during trading on Wednesday, reaching $23.95. The company had a trading volume of 11,552 shares. Tower International has a 12 month low of $18.75 and a 12 month high of $31.41. The company has a market capitalization of $504.20 million, a P/E ratio of 3.12 and a beta of 2.01. The stock has a 50 day moving average of $23.43 and a 200-day moving average of $23.31.
Tower International (NYSE:TOWR) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.10. The firm earned $505.10 million during the quarter, compared to the consensus estimate of $504.70 million. Tower International had a return on equity of 162.08% and a net margin of 8.31%. The business’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.05 EPS. Equities research analysts expect that Tower International will post $3.20 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Wednesday, August 10th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date was Monday, August 8th. Tower International’s dividend payout ratio is 5.21%.
In related news, CFO James C. Gouin acquired 2,500 shares of the stock in a transaction dated Tuesday, June 28th. The shares were acquired at an average price of $19.66 per share, with a total value of $49,150.00. Following the acquisition, the chief financial officer now owns 110,212 shares in the company, valued at approximately $2,166,767.92. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thomas K. Brown acquired 6,390 shares of the stock in a transaction dated Tuesday, June 28th. The shares were bought at an average cost of $19.70 per share, for a total transaction of $125,883.00. Following the acquisition, the director now owns 6,390 shares in the company, valued at approximately $125,883. The disclosure for this purchase can be found here. Insiders own 6.00% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Towle & Co. bought a new position in shares of Tower International during the second quarter worth approximately $13,584,000. Thrivent Financial for Lutherans raised its stake in 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 during the period. Wedge Capital Management L L P NC raised its stake in 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 during the period. LSV Asset Management raised its stake in 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 during the period. Finally, Societe Generale acquired a new stake in Tower International during the second quarter worth about $2,594,000. 92.24% of the stock is currently owned by institutional investors and hedge funds.
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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