Tower International, Inc. (TOWR) Shares Sold by Rhumbline Advisers
Rhumbline Advisers cut its holdings in shares of Tower International, Inc. (NYSE:TOWR) by 4.6% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 23,502 shares of the auto parts company’s stock after selling 1,142 shares during the period. Rhumbline Advisers owned 0.11% of Tower International worth $528,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also bought and sold shares of the company. Bogle Investment Management L P DE bought a new position in shares of Tower International during the first quarter valued at approximately $2,662,000. First Quadrant L P CA purchased a new stake in Tower International in the second quarter worth $951,000. Geode Capital Management LLC lifted its stake in 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 worth $5,121,000 after acquiring an additional 26,727 shares during the period. Bank of New York Mellon Corp lifted its stake in Tower International by 7.0% in the first quarter. Bank of New York Mellon Corp now owns 261,887 shares of the auto parts company’s stock worth $7,098,000 after acquiring an additional 17,229 shares during the period. Finally, Cigna Investments Inc. New purchased a new stake in Tower International in the second quarter worth $317,000. 88.68% of the stock is currently owned by hedge funds and other institutional investors.
Tower International, Inc. (TOWR) opened at 27.65 on Tuesday. The stock has a 50 day moving average price of $23.50 and a 200-day moving average price of $23.98. The stock has a market cap of $567.41 million, a PE ratio of 8.05 and a beta of 2.69. Tower International, Inc. has a 1-year low of $20.85 and a 1-year high of $30.50.
Tower International (NYSE:TOWR) last released its quarterly earnings data on Wednesday, July 26th. The auto parts company reported $0.97 earnings per share for the quarter, beating the 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 firm 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. The firm’s quarterly revenue was down 3.0% on a year-over-year basis. On average, equities analysts expect that Tower International, Inc. will post $3.63 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 8th. Shareholders of record on Thursday, August 10th were given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date of this dividend was Tuesday, August 8th. Tower International’s dividend payout ratio (DPR) is 12.87%.
TOWR has been the topic of a number of research analyst reports. BidaskClub raised shares of Tower International from a “hold” rating to a “buy” rating in a research report on Thursday, September 28th. TheStreet raised shares of Tower International from a “c+” rating to a “b” rating in a research report on Thursday, September 28th. Zacks Investment Research raised shares of Tower International from a “hold” rating to a “buy” rating and set a $28.00 target price for the company in a research report on Tuesday, September 26th. ValuEngine raised shares of Tower International from a “hold” rating to a “buy” rating in a research report on Friday, September 22nd. Finally, FBR & Co reaffirmed an “outperform” rating and set a $40.00 target price on shares of Tower International in a research note on Monday, June 12th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $31.50.
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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