$449.93 Million in Sales Expected for Tower International Inc (TOWR) This Quarter
Wall Street analysts predict that Tower International Inc (NYSE:TOWR) will report $449.93 million in sales for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Tower International’s earnings, with the highest sales estimate coming in at $451.30 million and the lowest estimate coming in at $449.03 million. Tower International posted sales of $457.04 million during the same quarter last year, which would indicate a negative year over year growth rate of 1.6%. The business is expected to announce its next quarterly earnings results before the market opens on Monday, October 30th.
On average, analysts expect that Tower International will report full-year sales of $449.93 million for the current fiscal year, with estimates ranging from $1.96 billion to $1.97 billion. For the next fiscal year, analysts expect that the firm will report 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 firms that follow Tower International.
Tower International (NYSE:TOWR) last announced its quarterly earnings results on Wednesday, July 26th. The auto parts company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.05. The firm had revenue of $489.93 million during the quarter, compared to analysts’ expectations of $494.87 million. Tower International had a net margin of 4.03% and a return on equity of 32.53%. The company’s revenue for the quarter was down 3.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.81 earnings per share.
A number of analysts have issued reports on the stock. Zacks Investment Research downgraded shares of Tower International from a “buy” rating to a “hold” rating in a report on Wednesday, September 27th. BidaskClub downgraded shares of Tower International from a “hold” rating to a “sell” rating in a report on Friday, July 28th. ValuEngine raised shares of Tower International from a “buy” rating to a “strong-buy” rating in a report on Wednesday. Finally, TheStreet raised shares of Tower International from a “c+” rating to a “b” rating in a report on Thursday, September 28th. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $32.25.
Shares of Tower International (NYSE:TOWR) remained flat at $27.80 on Tuesday. The stock had a trading volume of 70,190 shares. The firm has a market capitalization of $570.48 million, a P/E ratio of 8.09 and a beta of 2.69. The stock has a 50 day moving average of $25.57 and a 200-day moving average of $24.11. Tower International has a one year low of $20.85 and a one year high of $30.50.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Friday, November 10th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.73%. This is an increase from Tower International’s previous quarterly dividend of $0.11. Tower International’s dividend payout ratio is 12.87%.
Several institutional investors have recently modified their holdings of the company. Eqis Capital Management Inc. bought a new stake in shares of Tower International during the 3rd quarter worth approximately $259,000. State Street Corp lifted its holdings in shares of Tower International by 4.7% during the 2nd quarter. State Street Corp now owns 399,280 shares of the auto parts company’s stock worth $8,962,000 after acquiring an additional 17,814 shares during the period. Prudential PLC lifted its holdings in shares of Tower International by 8.2% during the 2nd quarter. Prudential PLC now owns 688,000 shares of the auto parts company’s stock worth $15,446,000 after acquiring an additional 52,300 shares during the period. Thrivent Financial For Lutherans lifted its holdings in shares of Tower International by 74.3% during the 2nd quarter. Thrivent Financial For Lutherans now owns 521,942 shares of the auto parts company’s stock worth $11,718,000 after acquiring an additional 222,485 shares during the period. Finally, Nationwide Fund Advisors lifted its holdings in shares of Tower International by 211.8% during the 2nd quarter. Nationwide Fund Advisors now owns 118,372 shares of the auto parts company’s stock worth $2,657,000 after acquiring an additional 80,408 shares during the period. 88.72% of the stock is owned by institutional investors.
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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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