Tower International, Inc. (NYSE:TOWR) Releases Quarterly Earnings Results, Beats Estimates By $0.05 EPS
Tower International, Inc. (NYSE:TOWR) released its quarterly earnings data on Wednesday. The auto parts company reported $0.97 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.05, Bloomberg Earnings reports. The firm had revenue of $489.93 million for the quarter, compared to the consensus estimate of $494.87 million. Tower International had a return on equity of 33.60% and a net margin of 2.47%. The company’s quarterly revenue was down 3.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.81 earnings per share. Tower International updated its FY17 guidance to $3.60 EPS.
Shares of Tower International (NYSE:TOWR) traded up 5.58% during mid-day trading on Wednesday, hitting $23.65. The stock had a trading volume of 310,136 shares. Tower International has a 52-week low of $20.85 and a 52-week high of $30.50. The company’s 50 day moving average is $22.47 and its 200-day moving average is $25.23. The stock has a market cap of $484.56 million, a P/E ratio of 10.48 and a beta of 2.57.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Thursday, August 10th will be given a $0.11 dividend. The ex-dividend date is Tuesday, August 8th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.86%. Tower International’s dividend payout ratio is currently 19.38%.
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A number of research analysts recently issued reports on the company. ValuEngine upgraded Tower International from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 6th. Zacks Investment Research upgraded Tower International from a “hold” rating to a “strong-buy” rating and set a $27.00 target price on the stock in a report on Thursday, July 20th. Finally, FBR & Co reiterated an “outperform” rating and set a $40.00 target price on shares of Tower International in a report on Monday, June 12th. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Tower International currently has an average rating of “Buy” and a consensus target price of $32.00.
Several institutional investors have recently modified their holdings of TOWR. Bogle Investment Management L P DE acquired a new position in shares of Tower International during the first quarter valued at about $2,662,000. James Investment Research Inc. increased its stake in shares of Tower International by 80.0% in the first quarter. James Investment Research Inc. now owns 107,260 shares of the auto parts company’s stock valued at $2,907,000 after buying an additional 47,670 shares during the period. First Quadrant L P CA purchased a new stake in shares of Tower International during the second quarter valued at $951,000. Geode Capital Management LLC increased 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 during the period. Finally, Martingale Asset Management L P increased its stake in shares of Tower International by 93.8% in the first quarter. Martingale Asset Management L P now owns 49,625 shares of the auto parts company’s stock valued at $1,345,000 after buying an additional 24,025 shares during the period. 89.18% of the stock is currently owned by institutional investors and hedge funds.
Tower International Company Profile
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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