Tower International, Inc. (TOWR) Upgraded to Strong-Buy by Zacks Investment Research
Tower International, Inc. (NYSE:TOWR) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Thursday. The firm currently has a $27.00 price objective on the auto parts company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 14.41% from the company’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 research analysts have also weighed in on the company. ValuEngine raised Tower International from a “buy” rating to a “strong-buy” rating in a research note on Thursday, July 6th. FBR & Co reissued an “outperform” rating and set a $40.00 price objective on shares of Tower International in a research note on Friday, June 30th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Tower International has an average rating of “Buy” and a consensus target price of $32.00.
Tower International (NYSE:TOWR) traded down 1.27% during trading on Thursday, hitting $23.30. The stock had a trading volume of 30,785 shares. The stock has a market cap of $477.39 million, a PE ratio of 10.33 and a beta of 2.57. Tower International has a 1-year low of $20.85 and a 1-year high of $30.50. The firm’s 50-day moving average price is $22.56 and its 200-day moving average price is $25.35.
Tower International (NYSE:TOWR) last released its quarterly earnings data on Tuesday, May 2nd. The auto parts company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.16. The business had revenue of $497.60 million during the quarter, compared to analyst estimates of $476.75 million. Tower International had a return on equity of 33.60% and a net margin of 2.47%. The company’s revenue was up 1.7% compared to the same quarter last year. During the same period last year, the company posted $0.63 EPS. On average, equities research analysts predict that Tower International will post $3.63 earnings per share for the current fiscal year.
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Several hedge funds have recently made changes to their positions in the company. LSV Asset Management raised its stake in shares of Tower International by 2.1% in the first quarter. LSV Asset Management now owns 1,084,295 shares of the auto parts company’s stock valued at $29,384,000 after buying an additional 22,600 shares in the last quarter. State Street Corp raised its stake in shares of Tower International by 4.8% in the fourth quarter. State Street Corp now owns 388,819 shares of the auto parts company’s stock valued at $11,024,000 after buying an additional 17,969 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Tower International by 7.0% in the first quarter. Bank of New York Mellon Corp now owns 261,887 shares of the auto parts company’s stock valued at $7,098,000 after buying an additional 17,229 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Tower International by 16.5% in the first quarter. Geode Capital Management LLC now owns 188,995 shares of the auto parts company’s stock valued at $5,121,000 after buying an additional 26,727 shares in the last quarter. Finally, California Public Employees Retirement System raised its stake in shares of Tower International by 3.2% in the first quarter. California Public Employees Retirement System now owns 121,600 shares of the auto parts company’s stock valued at $3,295,000 after buying an additional 3,800 shares in the last quarter. Institutional investors and hedge funds own 89.67% 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’s product portfolio includes body-structure stampings, frame and other chassis structures, and welded assemblies for small and large cars, crossovers, pickups and sport utility vehicles (SUVs).
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