O Shaughnessy Asset Management LLC Invests $142,000 in Tower International Inc (TOWR)
O Shaughnessy Asset Management LLC acquired a new position in Tower International Inc (NYSE:TOWR) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 4,709 shares of the auto parts company’s stock, valued at approximately $142,000.
Several other large investors have also modified their holdings of the company. SG Americas Securities LLC bought a new stake in Tower International during the 2nd quarter worth approximately $234,000. United Services Automobile Association bought a new stake in Tower International during the 2nd quarter worth approximately $262,000. Hartford Investment Management Co. bought a new stake in Tower International during the 2nd quarter worth approximately $271,000. Paloma Partners Management Co bought a new stake in Tower International during the 2nd quarter worth approximately $275,000. Finally, First Quadrant L P CA raised its stake in Tower International by 14.8% during the 3rd quarter. First Quadrant L P CA now owns 15,837 shares of the auto parts company’s stock worth $479,000 after acquiring an additional 2,038 shares during the period. Hedge funds and other institutional investors own 92.15% of the company’s stock.
Shares of TOWR opened at $29.56 on Monday. The company has a quick ratio of 0.88, a current ratio of 1.08 and a debt-to-equity ratio of 0.93. Tower International Inc has a 1 year low of $24.02 and a 1 year high of $36.65. The company has a market cap of $609.14 million, a price-to-earnings ratio of 7.86, a P/E/G ratio of 0.88 and a beta of 2.09.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 7th. Stockholders of record on Thursday, November 8th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.76%. The ex-dividend date of this dividend is Wednesday, November 7th. This is a positive change from Tower International’s previous quarterly dividend of $0.12. Tower International’s dividend payout ratio (DPR) is 13.83%.
A number of equities research analysts have commented on the stock. Zacks Investment Research upgraded shares of Tower International from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a research note on Thursday, November 1st. Roth Capital set a $36.00 target price on shares of Tower International and gave the stock a “buy” rating in a research note on Tuesday, October 30th. ValuEngine upgraded shares of Tower International from a “sell” rating to a “hold” rating in a research note on Wednesday, October 31st. Finally, Citigroup raised their target price on shares of Tower International from $29.00 to $34.00 and gave the stock a “neutral” rating in a research note on Thursday, August 9th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $32.25.
Tower International Profile
Tower International, Inc manufactures and sells engineered automotive structural metal components and assemblies primarily for original equipment manufacturers. It operates in two segments, North America and Europe. The company provides body structures and assemblies, including structural metal components, which comprise body pillars, roof rails, and side sills; and Class A surfaces and assemblies that consist of body sides, hoods, doors, fenders, and pickup truck boxes.
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