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 research note issued to investors on Thursday. The firm presently has a $27.00 target price on the stock. Zacks Investment Research’s price target suggests a potential upside of 13.45% from the company’s previous close.
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 research firms also recently weighed in on TOWR. FBR & Co reissued a “buy” rating on shares of Tower International in a research report on Wednesday, July 27th. Wells Fargo & Co. reaffirmed a “hold” rating and issued a $24.00 price objective on shares of Tower International in a report on Monday, July 18th. Finally, Seaport Global Securities began coverage on shares of Tower International in a report on Tuesday, August 9th. They issued a “buy” rating and a $35.00 price objective for the company. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company currently 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 firm’s 50-day moving average is $23.43 and its 200 day moving average is $23.31. Tower International has a 12 month low of $18.75 and a 12 month high of $31.41. The firm has a market capitalization of $501.04 million, a P/E ratio of 3.10 and a beta of 2.01.
Tower International (NYSE:TOWR) last released its earnings results on Tuesday, July 26th. The company reported $0.81 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.10. Tower International had a net margin of 8.31% and a return on equity of 162.08%. The firm earned $505.10 million during the quarter, compared to the consensus estimate of $504.70 million. During the same period in the prior year, the firm earned $1.05 EPS. The company’s revenue was up 12.4% compared to the same quarter last year. On average, analysts expect that Tower International will post $3.20 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 9th. Shareholders of record on Wednesday, August 10th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.68%. The ex-dividend date was Monday, August 8th. Tower International’s payout ratio is 5.21%.
In other news, CFO James C. Gouin purchased 2,500 shares of the business’s stock in a transaction 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 acquisition, the chief financial officer now directly owns 110,212 shares in the company, valued at $2,166,767.92. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Thomas K. Brown purchased 6,390 shares of the business’s stock in a transaction 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 acquisition, the director now owns 6,390 shares in the company, valued at $125,883. The disclosure for this purchase can be found here. 6.00% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quantbot Technologies LP purchased a new position in shares of Tower International during the second quarter valued at approximately $159,000. Gamco Investors INC. ET AL increased its position in shares of Tower International by 2.6% in the second quarter. Gamco Investors INC. ET AL now owns 12,000 shares of the company’s stock valued at $247,000 after buying an additional 300 shares during the last quarter. Alambic Investment Management L.P. purchased a new position in shares of Tower International during the second quarter valued at approximately $311,000. Icon Advisers Inc. Co. purchased a new position in shares of Tower International during the second quarter valued at approximately $311,000. Finally, Metropolitan Life Insurance Co. NY increased its position in shares of Tower International by 3.5% in the first quarter. Metropolitan Life Insurance Co. NY now owns 16,034 shares of the company’s stock valued at $436,000 after buying an additional 535 shares during the last quarter. 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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