California Public Employees Retirement System raised its stake in shares of Tower International Inc (NYSE:TOWR) by 5.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 123,628 shares of the auto parts company’s stock after buying an additional 6,728 shares during the quarter. California Public Employees Retirement System’s holdings in Tower International were worth $3,363,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in TOWR. Bank of New York Mellon Corp grew its holdings in Tower International by 0.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 263,023 shares of the auto parts company’s stock valued at $5,905,000 after buying an additional 1,136 shares during the last quarter. Martingale Asset Management L P boosted its holdings in shares of Tower International by 7.1% during the second quarter. Martingale Asset Management L P now owns 53,126 shares of the auto parts company’s stock worth $1,193,000 after purchasing an additional 3,501 shares during the last quarter. Capital Fund Management S.A. acquired a new stake in shares of Tower International during the second quarter worth $404,000. Ameriprise Financial Inc. boosted its holdings in shares of Tower International by 3.1% during the second quarter. Ameriprise Financial Inc. now owns 645,426 shares of the auto parts company’s stock worth $14,490,000 after purchasing an additional 19,634 shares during the last quarter. Finally, Nationwide Fund Advisors boosted its holdings in shares of Tower International by 211.8% during the second quarter. Nationwide Fund Advisors now owns 118,372 shares of the auto parts company’s stock worth $2,657,000 after purchasing an additional 80,408 shares during the last quarter. Hedge funds and other institutional investors own 89.92% of the company’s stock.
Shares of Tower International Inc (NYSE TOWR) opened at $31.45 on Friday. Tower International Inc has a fifty-two week low of $21.00 and a fifty-two week high of $33.65. The company has a current ratio of 1.18, a quick ratio of 1.01 and a debt-to-equity ratio of 1.32. The stock has a market capitalization of $649.72, a price-to-earnings ratio of 9.59, a PEG ratio of 0.78 and a beta of 2.70.
Tower International (NYSE:TOWR) last posted its quarterly earnings data on Monday, October 30th. The auto parts company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.08. Tower International had a return on equity of 30.51% and a net margin of 3.58%. The business had revenue of $462.00 million for the quarter, compared to analysts’ expectations of $451.73 million. During the same quarter last year, the firm earned $0.90 earnings per share. The business’s revenue was up 1.1% on a year-over-year basis. research analysts expect that Tower International Inc will post 3.7 EPS for the current fiscal year.
Several research firms have recently issued reports on TOWR. Zacks Investment Research upgraded Tower International from a “hold” rating to a “buy” rating and set a $35.00 price objective on the stock in a report on Thursday, December 21st. BidaskClub cut Tower International from a “buy” rating to a “hold” rating in a report on Tuesday, November 7th. B. Riley restated a “buy” rating on shares of Tower International in a report on Wednesday, November 1st. ValuEngine cut Tower International from a “strong-buy” rating to a “buy” rating in a report on Thursday, December 7th. Finally, FBR & Co restated a “buy” rating and set a $40.00 price objective on shares of Tower International in a report on Tuesday, October 31st. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $35.00.
In related news, SVP William Cook sold 6,601 shares of the 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 directly owns 11,917 shares of the company’s stock, valued at approximately $379,794.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 6.20% of the company’s stock.
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’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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