Tower International (TOWR) Rating Increased to Buy at Zacks Investment Research
Tower International (NYSE:TOWR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The firm presently has a $35.00 price target on the auto parts company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 9.20% from the stock’s current price.
According to Zacks, “TA Delaware, Inc. is engaged in the manufacture of engineered structural metal components and assemblies primarily serving automotive original equipment manufacturers. It offers its automotive customers body-structure stampings, frame and other chassis structures, as well as complex welded assemblies, for small and large cars, crossovers, pickups and SUVs. Its manufacturing operations consist primarily of stamping and welding operations, system and modular assembly operations, coating, and other ancillary operations. The Company uses various grades and thicknesses of steel and aluminum; including high-strength, hot- and cold-rolled, galvanized, organically coated, stainless, and aluminized steel; for the manufacture of its products. TA Delaware, Inc. is headquartered in Livonia, Michigan. “
A number of other brokerages have also issued reports on TOWR. BidaskClub lowered Tower International from a “buy” rating to a “hold” rating in a research report on Tuesday, November 7th. B. Riley reiterated a “buy” rating on shares of Tower International in a research report on Wednesday, November 1st. ValuEngine lowered Tower International from a “strong-buy” rating to a “buy” rating in a research report on Thursday, December 7th. FBR & Co reiterated a “buy” rating and set a $40.00 target price on shares of Tower International in a research report on Tuesday, October 31st. Finally, TheStreet upgraded Tower International from a “c+” rating to a “b” rating in a research report on Thursday, September 28th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. Tower International currently has a consensus rating of “Buy” and an average target price of $35.00.
Tower International (NYSE:TOWR) last announced its earnings results on Monday, October 30th. The auto parts company reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.08. Tower International had a return on equity of 30.51% and a net margin of 3.58%. The firm had revenue of $462.00 million for the quarter, compared to analyst estimates of $451.73 million. During the same quarter last year, the firm posted $0.90 EPS. The business’s revenue was up 1.1% on a year-over-year basis. research analysts forecast that Tower International will post 3.7 earnings per share for the current fiscal year.
In other Tower International news, SVP William Cook sold 6,601 shares of the firm’s stock in a transaction on Monday, November 6th. The stock was sold at an average price of $31.87, for a total value of $210,373.87. Following the transaction, the senior vice president now owns 11,917 shares in the company, valued at approximately $379,794.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 6.20% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the business. Delphi Management Inc. MA purchased a new position in Tower International in the 3rd quarter valued at $215,000. California Public Employees Retirement System lifted its holdings in Tower International by 5.8% in the 3rd quarter. California Public Employees Retirement System now owns 123,628 shares of the auto parts company’s stock valued at $3,363,000 after purchasing an additional 6,728 shares in the last quarter. Cornerstone Capital Management Holdings LLC. lifted its holdings in Tower International by 41.0% in the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 14,100 shares of the auto parts company’s stock valued at $383,000 after purchasing an additional 4,100 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in Tower International by 0.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 647,441 shares of the auto parts company’s stock valued at $17,610,000 after purchasing an additional 2,015 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in Tower International by 5.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 67,994 shares of the auto parts company’s stock valued at $1,849,000 after purchasing an additional 3,316 shares in the last quarter. Institutional investors own 89.92% of the company’s stock.
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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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