Macquarie Group Ltd. acquired a new stake in shares of Tower International Inc. (NYSE:TOWR) during the second quarter, Holdings Channel reports. The firm acquired 31,000 shares of the company’s stock, valued at approximately $638,000. Macquarie Group Ltd. owned 0.15% of Tower International at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Quantbot Technologies LP bought a new position in Tower International during the second quarter valued at approximately $159,000. Gamco Investors INC. ET AL raised its position in Tower International by 2.6% in the second quarter. Gamco Investors INC. ET AL now owns 12,000 shares of the company’s stock valued at $247,000 after buying an additional 300 shares during the period. Alambic Investment Management L.P. bought a new position in Tower International during the second quarter valued at approximately $311,000. Icon Advisers Inc. Co. bought a new position in Tower International during the second quarter valued at approximately $311,000. Finally, Metropolitan Life Insurance Co. NY raised its position in Tower International by 3.5% in the first quarter. Metropolitan Life Insurance Co. NY now owns 16,034 shares of the company’s stock valued at $436,000 after buying an additional 535 shares during the period. 92.24% of the stock is currently owned by institutional investors.
Shares of Tower International Inc. (NYSE:TOWR) opened at 23.43 on Tuesday. The stock has a market capitalization of $493.25 million, a price-to-earnings ratio of 3.05 and a beta of 2.01. Tower International Inc. has a 12 month low of $18.75 and a 12 month high of $31.41. The stock’s 50 day moving average price is $23.59 and its 200-day moving average price is $23.31.
Tower International (NYSE:TOWR) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $0.81 EPS for the quarter, beating the consensus estimate of $0.71 by $0.10. Tower International had a net margin of 8.31% and a return on equity of 162.08%. The business had revenue of $505.10 million for the quarter, compared to analysts’ expectations of $504.70 million. During the same period in the previous year, the company posted $1.05 EPS. Tower International’s revenue was up 12.4% on a year-over-year basis. Equities analysts forecast that Tower International Inc. will post $3.20 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Wednesday, August 10th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.71%. The ex-dividend date was Monday, August 8th. Tower International’s dividend payout ratio is currently 5.21%.
TOWR has been the topic of several research reports. Zacks Investment Research raised Tower International from a “hold” rating to a “buy” rating and set a $26.00 price objective on the stock in a research report on Wednesday, September 14th. Seaport Global Securities initiated coverage on Tower International in a research report on Tuesday, August 9th. They issued a “buy” rating and a $35.00 price objective on the stock. FBR & Co reissued a “buy” rating on shares of Tower International in a research report on Wednesday, July 27th. Finally, Wells Fargo & Co. reaffirmed a “hold” rating and set a $24.00 target price on shares of Tower International in a research report on Monday, July 18th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $30.60.
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 operates in two segments: Americas and International. The International segment consists of Europe and Asia, and the Americas segment consists of North America and South America.
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