Wedge Capital Management L L P NC boosted its position in shares of Tower International Inc. (NYSE:TOWR) by 557.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 342,274 shares of the company’s stock after buying an additional 290,182 shares during the period. Wedge Capital Management L L P NC’s holdings in Tower International were worth $16,463,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Boothbay Fund Management LLC raised its position in Tower International by 111.5% in the first quarter. Boothbay Fund Management LLC now owns 19,165 shares of the company’s stock valued at $521,000 after buying an additional 10,102 shares in the last quarter. Smith Asset Management Group LP raised its position in Tower International by 1.1% in the second quarter. Smith Asset Management Group LP now owns 115,760 shares of the company’s stock valued at $2,382,000 after buying an additional 1,250 shares in the last quarter. Finally, Prudential PLC raised its position in Tower International by 12.3% in the first quarter. Prudential PLC now owns 302,600 shares of the company’s stock valued at $8,231,000 after buying an additional 33,100 shares in the last quarter. Hedge funds and other institutional investors own 92.24% of the company’s stock.
Tower International Inc. (NYSE:TOWR) traded up 0.18% during mid-day trading on Friday, hitting $22.84. 140,445 shares of the stock traded hands. Tower International Inc. has a 12 month low of $18.75 and a 12 month high of $31.41. The stock has a 50-day moving average price of $23.77 and a 200-day moving average price of $23.15. The stock has a market cap of $480.83 million, a P/E ratio of 2.97 and a beta of 1.85.
Tower International (NYSE:TOWR) last released its quarterly earnings results on Tuesday, July 26th. The company reported $0.81 earnings per share for the quarter, topping 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 firm earned $505.10 million during the quarter, compared to the consensus estimate of $504.70 million. During the same quarter in the prior year, the firm earned $1.05 EPS. The company’s revenue for the quarter was up 12.4% on a year-over-year basis. On average, equities analysts forecast that Tower International Inc. will post $3.20 earnings per share for the current year.
Several analysts have issued reports on TOWR shares. FBR & Co reissued a “buy” rating on shares of Tower International in a research note on Saturday, June 18th. Zacks Investment Research downgraded shares of Tower International from a “buy” rating to a “hold” rating in a research note on Wednesday, September 21st. Seaport Global Securities started coverage on shares of Tower International in a research note on Tuesday, August 9th. They issued a “buy” rating and a $35.00 price objective for the company. Finally, Wells Fargo & Co. reissued a “hold” rating and issued a $24.00 price objective on shares of Tower International in a research note on Monday, July 18th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price 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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