Tower International Inc. (TOWR) Lowered to “Hold” at Zacks Investment Research
Tower International Inc. (NYSE:TOWR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
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 equities analysts have also weighed in on the company. Seaport Global Securities assumed coverage on Tower International in a research note on Tuesday, August 9th. They issued a “buy” rating and a $35.00 price objective on the stock. FBR & Co reaffirmed a “buy” rating on shares of Tower International in a research note on Wednesday, July 27th. Finally, Wells Fargo & Co. reaffirmed a “hold” rating and issued a $24.00 price objective on shares of Tower International in a research note on Monday, July 18th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Tower International has an average rating of “Hold” and a consensus target price of $30.60.
Shares of Tower International (NYSE:TOWR) traded up 1.28% during trading on Wednesday, reaching $23.65. The company had a trading volume of 12,362 shares. Tower International has a 52-week low of $18.75 and a 52-week high of $31.41. The company has a market capitalization of $497.88 million, a P/E ratio of 3.08 and a beta of 2.01. The firm has a 50-day moving average price of $23.63 and a 200-day moving average price of $23.30.
Tower International (NYSE:TOWR) last released its quarterly earnings data on Tuesday, July 26th. The company reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.10. The business had revenue of $505.10 million for the quarter, compared to analyst estimates of $504.70 million. Tower International had a return on equity of 162.08% and a net margin of 8.31%. The company’s revenue was up 12.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.05 EPS. On average, analysts predict that Tower International will post $3.20 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Wednesday, August 10th were issued a dividend of $0.10 per share. The ex-dividend date was Monday, August 8th. This represents a $0.40 annualized dividend and a dividend yield of 1.71%. Tower International’s payout ratio is currently 5.21%.
Several large investors have recently made changes to their positions in TOWR. Ameriprise Financial Inc. increased its stake in shares of Tower International by 7.4% in the second quarter. Ameriprise Financial Inc. now owns 955,587 shares of the company’s stock valued at $19,664,000 after buying an additional 66,152 shares during the last quarter. Towle & Co. bought a new stake in shares of Tower International during the second quarter valued at approximately $13,584,000. LSV Asset Management increased its stake 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 valued at $12,025,000 after buying an additional 189,013 shares during the last quarter. Thrivent Financial for Lutherans increased 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 valued at $7,718,000 after buying an additional 324,540 shares in the last quarter. Finally, Wedge Capital Management L L P NC increased 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 valued at $16,463,000 after buying an additional 290,182 shares in the last quarter. Institutional investors and hedge funds own 92.24% 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.
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