Tower International Inc. (TOWR) Upgraded to Buy by Zacks Investment Research
Tower International Inc. (NYSE:TOWR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The firm presently has a $27.00 target price on the stock. Zacks Investment Research’s target price points to a potential upside of 13.45% from the stock’s current price.
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 also recently commented on the company. 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. FBR & Co reiterated a “buy” rating on shares of Tower International in a report on Wednesday, July 27th. Finally, Wells Fargo & Co. restated a “hold” rating and issued a $24.00 price objective on shares of Tower International in a research note on Monday, July 18th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Tower International has an average rating of “Buy” and an average target price of $30.60.
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Tower International (NYSE:TOWR) opened at 23.80 on Thursday. The stock’s 50 day moving average is $23.43 and its 200 day moving average is $23.31. Tower International has a 52-week low of $18.75 and a 52-week high of $31.41. The company has a market cap of $501.04 million, a price-to-earnings ratio of 3.10 and a beta of 2.01.
Tower International (NYSE:TOWR) last announced its quarterly earnings results on Tuesday, July 26th. The company reported $0.81 EPS for the quarter, beating the consensus estimate of $0.71 by $0.10. Tower International had a return on equity of 162.08% and a net margin of 8.31%. The company had revenue of $505.10 million for the quarter, compared to the consensus estimate of $504.70 million. During the same quarter last year, the company posted $1.05 earnings per share. The company’s revenue for the quarter was up 12.4% compared to the same quarter last year. On average, analysts predict that Tower International will post $3.20 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Wednesday, August 10th were given a $0.10 dividend. The ex-dividend date of this dividend was Monday, August 8th. This represents a $0.40 annualized dividend and a yield of 1.68%. Tower International’s dividend payout ratio (DPR) is currently 5.21%.
In other news, Director Thomas K. Brown bought 6,390 shares of Tower International stock in a transaction that occurred on Tuesday, June 28th. The stock was purchased at an average cost of $19.70 per share, with a total value of $125,883.00. Following the completion of the transaction, the director now directly owns 6,390 shares in the company, valued at $125,883. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James C. Gouin bought 2,500 shares of Tower International stock in a transaction that occurred on Tuesday, June 28th. The stock was purchased at an average cost of $19.66 per share, with a total value of $49,150.00. Following the completion of the transaction, the chief financial officer now owns 110,212 shares of the company’s stock, valued at $2,166,767.92. The disclosure for this purchase can be found here. 6.00% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Macquarie Group Ltd. purchased a new position in shares of Tower International during the second quarter valued at approximately $638,000. Parametric Portfolio Associates LLC boosted its position in shares of Tower International by 6.7% in the second quarter. Parametric Portfolio Associates LLC now owns 70,870 shares of the company’s stock valued at $1,459,000 after buying an additional 4,481 shares during the period. Thrivent Financial for Lutherans boosted its position 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. Teachers Advisors Inc. boosted its position in shares of Tower International by 5.7% in the second quarter. Teachers Advisors Inc. now owns 34,025 shares of the company’s stock valued at $700,000 after buying an additional 1,839 shares during the period. Finally, Victory Capital Management Inc. purchased a new position in shares of Tower International during the second quarter valued at approximately $572,000. 92.24% of the stock is owned by hedge funds and other institutional investors.
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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