Tower International Inc. (TOWR) Rating 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 note issued to investors on Tuesday.
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 stock. Seaport Global Securities started coverage on shares of Tower International in a research report on Tuesday, August 9th. They set a “buy” rating and a $35.00 price objective for the company. FBR & Co reaffirmed a “buy” rating on shares of Tower International in a research note on Wednesday, July 27th. JPMorgan Chase & Co. reaffirmed a “hold” rating and set a $28.00 target price on shares of Tower International in a research note on Thursday, November 3rd. Finally, Wells Fargo & Co. reaffirmed a “hold” rating and set a $24.00 target price on shares of Tower International in a research note on Monday, July 18th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $31.00.
Tower International (NYSE:TOWR) opened at 25.55 on Tuesday. Tower International has a 1-year low of $18.75 and a 1-year high of $31.41. The company’s 50 day moving average is $23.13 and its 200 day moving average is $22.48. The company has a market cap of $519.66 million, a price-to-earnings ratio of 3.28 and a beta of 1.90.
Tower International (NYSE:TOWR) last released its quarterly earnings data on Wednesday, November 2nd. The company reported $0.90 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.10. Tower International had a net margin of 8.48% and a return on equity of 148.27%. The firm earned $457 million during the quarter, compared to analysts’ expectations of $468.20 million. During the same period last year, the business earned $0.54 earnings per share. Tower International’s revenue was up 3.4% compared to the same quarter last year. Equities research analysts forecast that Tower International will post $3.31 EPS for the current year.
The firm also recently disclosed 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. This is a positive change from Tower International’s previous quarterly dividend of $0.10. The ex-dividend date is Tuesday, November 8th. This represents a $0.44 annualized dividend and a dividend yield of 1.72%. Tower International’s dividend payout ratio (DPR) is presently 5.66%.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Towle & Co. acquired a new position in Tower International during the second quarter valued at approximately $13,584,000. Peregrine Capital Management LLC purchased a new stake in shares of Tower International during the third quarter valued at $10,793,000. Thrivent Financial for Lutherans boosted its stake in shares of 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 during the period. Wedge Capital Management L L P NC boosted 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 valued at $16,463,000 after buying an additional 290,182 shares during the period. Finally, Phocas Financial Corp. purchased a new stake in shares of Tower International during the third quarter valued at $5,170,000. 91.50% of the stock is owned by institutional investors and hedge funds.
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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