Zacks Investment Research upgraded shares of Tower International Inc. (NYSE:TOWR) from a hold rating to a buy rating in a research note released on Thursday. The firm currently has $30.00 price target on the stock.
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 analysts have also issued reports about the company. Seaport Global Securities began coverage on Tower International in a report on Tuesday, August 9th. They set a buy rating and a $35.00 target price on the stock. FBR & Co reissued a buy rating on shares of Tower International in a report on Wednesday, July 27th. Finally, JPMorgan Chase & Co. reissued a hold rating and issued a $28.00 price objective on shares of Tower International in a report on Thursday, November 3rd. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s 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 Thursday. The company’s 50-day moving average price is $23.47 and its 200 day moving average price is $22.60. The stock has a market cap of $535.93 million, a price-to-earnings ratio of 3.38 and a beta of 1.90. Tower International has a 12-month low of $18.75 and a 12-month high of $31.41.
Tower International (NYSE:TOWR) last posted its earnings results on Wednesday, November 2nd. The company reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. The firm had revenue of $457 million for the quarter, compared to analyst estimates of $468.20 million. Tower International had a return on equity of 148.27% and a net margin of 8.48%. Tower International’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period last year, the company earned $0.54 earnings per share. On average, equities analysts predict that Tower International will post $3.31 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 9th. Stockholders of record on Thursday, November 10th will be paid a $0.11 dividend. The ex-dividend date is Tuesday, November 8th. This is a positive change from Tower International’s previous quarterly dividend of $0.10. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.67%. Tower International’s payout ratio is currently 5.66%.
Hedge funds have recently modified their holdings of the company. Wedge Capital Management L L P NC raised its stake 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. California Public Employees Retirement System raised its stake in shares of Tower International by 1.1% in the second quarter. California Public Employees Retirement System now owns 131,200 shares of the company’s stock worth $2,700,000 after buying an additional 1,400 shares in the last quarter. Thompson Siegel & Walmsley LLC purchased a new stake in shares of Tower International during the second quarter worth about $562,000. Bank of New York Mellon Corp raised its stake in shares of Tower International by 5.7% in the second quarter. Bank of New York Mellon Corp now owns 130,080 shares of the company’s stock worth $2,677,000 after buying an additional 6,993 shares in the last quarter. Finally, Towle & Co. purchased a new stake in shares of Tower International during the second quarter worth about $13,584,000. 91.93% of the stock is currently owned by hedge funds and other institutional investors.
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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