Tower International Inc. (TOWR) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Tower International Inc. (NYSE:TOWR) from a hold rating to a buy rating in a research report report published on Wednesday. The firm currently has $28.00 target price 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. “
A number of other equities research analysts have also recently weighed in on the company. FBR & Co reaffirmed a buy rating on shares of Tower International in a report on Wednesday, July 27th. JPMorgan Chase & Co. reaffirmed a hold rating and set a $28.00 price target on shares of Tower International in a report on Thursday, November 3rd. Finally, Seaport Global Securities initiated coverage on Tower International in a report on Tuesday, August 9th. They set a buy rating and a $35.00 price target on the stock. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $31.00.
Shares of Tower International (NYSE:TOWR) traded up 1.17% during midday trading on Wednesday, reaching $25.85. The company’s stock had a trading volume of 68,554 shares. The stock has a market capitalization of $525.76 million, a PE ratio of 3.32 and a beta of 1.90. Tower International has a 12 month low of $18.75 and a 12 month high of $31.41. The stock’s 50 day moving average is $23.13 and its 200 day moving average is $22.48.
Tower International (NYSE:TOWR) last issued its earnings results on Wednesday, November 2nd. The company reported $0.90 EPS for the quarter, beating the Zacks’ 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 the consensus estimate of $468.20 million. During the same period in the previous year, the firm posted $0.54 earnings per share. Tower International’s quarterly revenue was up 3.4% compared to the same quarter last year. On average, analysts forecast that Tower International will post $3.31 EPS for the current fiscal 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 given 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 yield of 1.72%. Tower International’s payout ratio is 5.66%.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Ameriprise Financial Inc. raised its position in 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 period. LSV Asset Management raised its position in Tower International by 31.0% in the third quarter. LSV Asset Management now owns 765,280 shares of the company’s stock valued at $18,443,000 after buying an additional 180,967 shares during the period. Towle & Co. acquired a new position in Tower International during the second quarter valued at about $13,584,000. Peregrine Capital Management LLC acquired a new position in Tower International during the third quarter valued at about $10,793,000. Finally, Thrivent Financial for Lutherans raised its position 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 during the period. Hedge funds and other institutional investors own 91.50% 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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