Zacks Investment Research upgraded shares of Tower International Inc. (NYSE:TOWR) from a hold rating to a buy rating in a report released on Thursday morning. The brokerage currently has $30.00 price objective 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 equities research analysts have also recently issued reports about the company. 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 price objective for the company. FBR & Co reissued a buy rating on shares of Tower International in a research 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 research report on Thursday, November 3rd. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $31.40.
Shares of Tower International (NYSE:TOWR) opened at 26.30 on Thursday. The firm has a market cap of $534.92 million, a P/E ratio of 3.37 and a beta of 1.90. The company has a 50-day moving average of $23.60 and a 200 day moving average of $22.65. 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 quarterly earnings data on Wednesday, November 2nd. The company reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. Tower International had a return on equity of 148.27% and a net margin of 8.48%. The company earned $457 million during the quarter, compared to analysts’ expectations of $468.20 million. During the same period in the prior year, the business earned $0.54 earnings per share. Tower International’s revenue for the quarter was up 3.4% compared to the same quarter last year. Equities analysts predict that Tower International will post $3.31 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 9th. Investors of record on Thursday, November 10th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.67%. This is a positive change from Tower International’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Tuesday, November 8th. Tower International’s dividend payout ratio is presently 5.66%.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. LSV Asset Management raised 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 during the last quarter. Gamco Investors INC. ET AL raised its position in Tower International by 2.6% in the second quarter. Gamco Investors INC. ET AL now owns 12,000 shares of the company’s stock valued at $247,000 after buying an additional 300 shares in the last quarter. Dean Investment Associates LLC raised its position in Tower International by 52.9% in the second quarter. Dean Investment Associates LLC now owns 264,010 shares of the company’s stock valued at $5,433,000 after buying an additional 91,360 shares in the last quarter. California Public Employees Retirement System raised its position in Tower International by 1.1% in the second quarter. California Public Employees Retirement System now owns 131,200 shares of the company’s stock valued at $2,700,000 after buying an additional 1,400 shares in the last quarter. Finally, SG Americas Securities LLC raised its position in Tower International by 331.1% in the second quarter. SG Americas Securities LLC now owns 126,026 shares of the company’s stock valued at $2,594,000 after buying an additional 96,792 shares in the last quarter. Institutional investors and hedge funds own 90.53% of the company’s stock.
Tower International Company Profile
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.