Zacks: Brokerages Expect Tower International, Inc. (TOWR) Will Announce Quarterly Sales of $449.93 Million
Wall Street analysts expect Tower International, Inc. (NYSE:TOWR) to post sales of $449.93 million for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Tower International’s earnings, with estimates ranging from $449.03 million to $451.30 million. Tower International reported sales of $457.04 million in the same quarter last year, which would suggest a negative year over year growth rate of 1.6%. The business is scheduled to issue its next earnings results on Wednesday, November 1st.
According to Zacks, analysts expect that Tower International will report full year sales of $449.93 million for the current financial year, with estimates ranging from $1.96 billion to $1.97 billion. For the next fiscal year, analysts expect that the business will post sales of $2.04 billion per share, with estimates ranging from $1.98 billion to $2.07 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Tower International.
Tower International (NYSE:TOWR) last announced its quarterly earnings results on Wednesday, July 26th. The auto parts company reported $0.97 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.05. Tower International had a return on equity of 33.20% and a net margin of 3.76%. The company had revenue of $489.93 million during the quarter, compared to the consensus estimate of $494.87 million. During the same period in the previous year, the company posted $0.81 earnings per share. Tower International’s revenue for the quarter was down 3.0% on a year-over-year basis.
A number of analysts have recently issued reports on TOWR shares. Zacks Investment Research upgraded Tower International from a “hold” rating to a “buy” rating and set a $30.00 target price for the company in a report on Wednesday, April 26th. ValuEngine lowered Tower International from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. FBR & Co restated an “outperform” rating and issued a $40.00 target price on shares of Tower International in a report on Monday, June 12th. Finally, BidaskClub lowered Tower International from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Four investment 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. The stock currently has an average rating of “Buy” and a consensus price target of $32.00.
Hedge funds have recently added to or reduced their stakes in the stock. Bogle Investment Management L P DE purchased a new stake in shares of Tower International during the first quarter valued at about $2,662,000. James Investment Research Inc. raised 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 in the last quarter. First Quadrant L P CA purchased a new stake in shares of Tower International during the second quarter valued at about $951,000. 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, Martingale Asset Management L P raised 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 in the last quarter. Institutional investors own 89.40% of the company’s stock.
Tower International (TOWR) opened at 23.60 on Friday. The firm has a market capitalization of $484.30 million, a P/E ratio of 6.87 and a beta of 2.59. Tower International has a one year low of $20.85 and a one year high of $30.50. The firm has a 50-day moving average price of $22.63 and a 200-day moving average price of $25.11.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Thursday, August 10th will be issued 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 payout ratio is currently 12.87%.
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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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