Alambic Investment Management L.P. Has $3.23 Million Position in Tower International (TOWR)
Alambic Investment Management L.P. increased its stake in Tower International (NYSE:TOWR) by 332.7% during the first quarter, HoldingsChannel reports. The firm owned 116,387 shares of the auto parts company’s stock after acquiring an additional 89,487 shares during the period. Alambic Investment Management L.P.’s holdings in Tower International were worth $3,230,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. UBS Asset Management Americas Inc. purchased a new position in Tower International during the 4th quarter valued at about $217,000. Paloma Partners Management Co purchased a new position in Tower International during the 4th quarter valued at about $253,000. MetLife Investment Advisors LLC purchased a new position in Tower International during the 4th quarter valued at about $319,000. Eqis Capital Management Inc. grew its stake in Tower International by 52.6% during the 4th quarter. Eqis Capital Management Inc. now owns 14,514 shares of the auto parts company’s stock valued at $443,000 after acquiring an additional 5,002 shares in the last quarter. Finally, Capital Fund Management S.A. grew its stake in Tower International by 17.1% during the 4th quarter. Capital Fund Management S.A. now owns 18,500 shares of the auto parts company’s stock valued at $565,000 after acquiring an additional 2,700 shares in the last quarter. 90.71% of the stock is currently owned by hedge funds and other institutional investors.
TOWR has been the topic of several research analyst reports. ValuEngine raised Tower International from a “buy” rating to a “strong-buy” rating in a research note on Friday, April 6th. Zacks Investment Research raised Tower International from a “hold” rating to a “buy” rating and set a $30.00 target price on the stock in a research note on Saturday, May 5th. Finally, JPMorgan Chase lowered their target price on Tower International from $34.00 to $31.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 14th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Tower International has an average rating of “Buy” and an average price target of $33.67.
Tower International (NYSE:TOWR) last announced its quarterly earnings results on Thursday, May 3rd. The auto parts company reported $0.82 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.02. The business had revenue of $563.51 million during the quarter, compared to analysts’ expectations of $546.67 million. Tower International had a return on equity of 28.77% and a net margin of 2.32%. The firm’s quarterly revenue was up 13.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.76 EPS. equities analysts forecast that Tower International will post 4.14 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 8th. Investors of record on Thursday, May 10th will be paid a $0.12 dividend. The ex-dividend date is Wednesday, May 9th. This represents a $0.48 annualized dividend and a dividend yield of 1.67%. Tower International’s payout ratio is 12.77%.
Tower International Profile
Tower International, Inc manufactures and sells engineered automotive structural metal components and assemblies primarily for original equipment manufacturers. It operates in two segments, North America and Europe. The company provides body structures and assemblies, including structural metal components, which comprise body pillars, roof rails, and side sills; and Class A surfaces and assemblies that consist of body sides, hoods, doors, fenders, and pickup truck boxes.
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