Tower International Inc. (TOWR) Downgraded by Zacks Investment Research to “Hold”
Tower International Inc. (NYSE:TOWR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report 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. “
TOWR has been the subject of several other research reports. Wells Fargo & Co. reissued a “hold” rating and set a $24.00 target price on shares of Tower International in a research note on Monday, July 18th. FBR & Co reissued a “buy” rating on shares of Tower International in a research note on Wednesday, July 27th. Finally, Seaport Global Securities initiated coverage on Tower International in a research note on Tuesday, August 9th. They set a “buy” rating and a $35.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Tower International currently has a consensus rating of “Hold” and a consensus target price of $30.40.
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Tower International (NYSE:TOWR) opened at 23.61 on Wednesday. The company’s 50-day moving average is $23.38 and its 200 day moving average is $23.31. The company has a market cap of $497.04 million, a price-to-earnings ratio of 3.07 and a beta of 2.01. Tower International has a 1-year low of $18.75 and a 1-year high of $31.41.
Tower International (NYSE:TOWR) last issued its earnings results on Tuesday, July 26th. The company reported $0.81 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.10. The firm earned $505.10 million during the quarter, compared to the consensus estimate of $504.70 million. Tower International had a return on equity of 162.08% and a net margin of 8.31%. The business’s quarterly revenue was up 12.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.05 earnings per share. On average, equities analysts predict that Tower International will post $3.20 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Wednesday, August 10th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.69%. The ex-dividend date was Monday, August 8th. Tower International’s dividend payout ratio is currently 5.21%.
In other news, Director Thomas K. Brown bought 6,390 shares of the firm’s stock in a transaction on Tuesday, June 28th. The stock was acquired at an average price of $19.70 per share, with a total value of $125,883.00. Following the transaction, the director now owns 6,390 shares of the company’s stock, valued at approximately $125,883. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, CFO James C. Gouin bought 2,500 shares of the firm’s stock in a transaction on Tuesday, June 28th. The shares were purchased at an average cost of $19.66 per share, with a total value of $49,150.00. Following the transaction, the chief financial officer now directly owns 110,212 shares in the company, valued at approximately $2,166,767.92. The disclosure for this purchase can be found here. 6.00% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in TOWR. State Street Corp increased its stake in Tower International by 6.4% in the first quarter. State Street Corp now owns 441,849 shares of the company’s stock worth $12,018,000 after buying an additional 26,472 shares in the last quarter. Prudential PLC increased its stake in Tower International by 12.3% in the first quarter. Prudential PLC now owns 302,600 shares of the company’s stock worth $8,231,000 after buying an additional 33,100 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its stake in Tower International by 3.5% in the first quarter. Metropolitan Life Insurance Co. NY now owns 16,034 shares of the company’s stock worth $436,000 after buying an additional 535 shares in the last quarter. Boothbay Fund Management LLC increased its stake in Tower International by 111.5% in the first quarter. Boothbay Fund Management LLC now owns 19,165 shares of the company’s stock worth $521,000 after buying an additional 10,102 shares in the last quarter. Finally, Smith Asset Management Group LP increased its stake in Tower International by 1.1% in the second quarter. Smith Asset Management Group LP now owns 115,760 shares of the company’s stock worth $2,382,000 after buying an additional 1,250 shares in the last quarter. 92.24% 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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