Tower International, Inc. (NYSE:TOWR) Declares Quarterly Dividend of $0.11
Tower International, Inc. (NYSE:TOWR) announced a quarterly dividend on Friday, July 21st, RTT News reports. Investors of record on Thursday, August 10th will be paid a dividend of 0.11 per share by the auto parts company on Friday, September 8th. This represents a $0.44 annualized dividend and a dividend yield of 1.89%.
Tower International has a dividend payout ratio of 12.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Tower International to earn $4.01 per share next year, which means the company should continue to be able to cover its $0.44 annual dividend with an expected future payout ratio of 11.0%.
Shares of Tower International (NYSE TOWR) traded down 2.58% on Friday, reaching $22.70. The company’s stock had a trading volume of 59,092 shares. Tower International has a 12-month low of $20.85 and a 12-month high of $30.50. The company’s 50 day moving average price is $22.56 and its 200 day moving average price is $25.33. The company has a market cap of $465.10 million, a P/E ratio of 10.06 and a beta of 2.57.
Tower International (NYSE:TOWR) last issued its earnings results on Tuesday, May 2nd. The auto parts company reported $0.76 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.16. Tower International had a net margin of 2.47% and a return on equity of 33.60%. The firm had revenue of $497.60 million during the quarter, compared to analysts’ expectations of $476.75 million. During the same quarter last year, the company posted $0.63 earnings per share. The firm’s revenue was up 1.7% compared to the same quarter last year. Analysts forecast that Tower International will post $3.63 EPS for the current fiscal year.
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TOWR has been the subject of a number of research reports. ValuEngine cut shares of Tower International from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 2nd. Zacks Investment Research upgraded shares of Tower International from a “hold” rating to a “buy” rating and set a $30.00 target price for the company in a research note on Wednesday, April 26th. Finally, FBR & Co reiterated an “outperform” rating and issued a $40.00 price target on shares of Tower International in a report on Friday, June 30th. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Tower International has a consensus rating of “Buy” and a consensus target price of $32.00.
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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