Tower International Inc. (NYSE:TOWR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday.
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. “
Other equities research analysts have also recently issued reports about the company. Seaport Global Securities assumed coverage on Tower International in a research note on Tuesday, August 9th. They set a “buy” rating and a $35.00 price objective for the company. JPMorgan Chase & Co. restated a “hold” rating and set a $28.00 price objective on shares of Tower International in a research note on Thursday, November 3rd. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $31.40.
Shares of Tower International (NYSE:TOWR) opened at 26.35 on Friday. Tower International has a 1-year low of $18.75 and a 1-year high of $31.41. The firm’s 50 day moving average price is $23.47 and its 200-day moving average price is $22.60. The company has a market capitalization of $535.93 million, a P/E ratio of 3.38 and a beta of 1.90.
Tower International (NYSE:TOWR) last issued its quarterly earnings data on Wednesday, November 2nd. The company reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The firm earned $457 million during the quarter, compared to analysts’ expectations of $468.20 million. Tower International had a return on equity of 148.27% and a net margin of 8.48%. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.54 EPS. Analysts expect that Tower International will post $3.31 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 9th. Shareholders of record on Thursday, November 10th will be paid a $0.11 dividend. The ex-dividend date is Tuesday, November 8th. This is a boost from Tower International’s previous quarterly dividend of $0.10. This represents a $0.44 dividend on an annualized basis and a yield of 1.67%. Tower International’s dividend payout ratio (DPR) is 5.66%.
A number of large investors have recently added to or reduced their stakes in the stock. Towle & Co. acquired a new stake in Tower International during the second quarter worth approximately $13,584,000. Peregrine Capital Management LLC acquired a new stake in Tower International during the third quarter worth approximately $10,793,000. Thrivent Financial for Lutherans boosted 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 boosted 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. Finally, Phocas Financial Corp. purchased a new position in shares of Tower International during the third quarter valued at about $5,170,000. Institutional investors own 91.93% 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.