Cigna Investments Inc. New bought a new stake in Tower International, Inc. (NYSE:TOWR) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 14,139 shares of the auto parts company’s stock, valued at approximately $317,000. Cigna Investments Inc. New owned 0.07% of Tower International at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of TOWR. Tudor Investment Corp ET AL boosted its position in shares of Tower International by 105.0% in the first quarter. Tudor Investment Corp ET AL now owns 20,400 shares of the auto parts company’s stock valued at $553,000 after buying an additional 10,450 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of 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 valued at $5,121,000 after buying an additional 26,727 shares during the last quarter. Bogle Investment Management L P DE acquired a new position in shares of Tower International during the first quarter valued at about $2,662,000. California Public Employees Retirement System boosted its position in shares of Tower International by 3.2% in the first quarter. California Public Employees Retirement System now owns 121,600 shares of the auto parts company’s stock valued at $3,295,000 after buying an additional 3,800 shares during the last quarter. Finally, Teachers Advisors LLC boosted its position in shares of Tower International by 2.6% in the first quarter. Teachers Advisors LLC now owns 37,704 shares of the auto parts company’s stock valued at $1,022,000 after buying an additional 949 shares during the last quarter. Institutional investors own 91.40% of the company’s stock.
Shares of Tower International, Inc. (NYSE TOWR) opened at 22.10 on Friday. The stock has a 50 day moving average of $23.04 and a 200-day moving average of $24.80. Tower International, Inc. has a 12-month low of $20.85 and a 12-month high of $30.50. The company has a market capitalization of $453.51 million, a PE ratio of 6.43 and a beta of 2.59.
Tower International (NYSE:TOWR) last issued its quarterly earnings results on Wednesday, July 26th. The auto parts company reported $0.97 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.05. The company had revenue of $489.93 million for the quarter, compared to analyst estimates of $494.87 million. Tower International had a net margin of 3.76% and a return on equity of 33.20%. The business’s revenue for the quarter was down 3.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.81 earnings per share. Analysts predict that Tower International, Inc. will post $3.63 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Thursday, August 10th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Tuesday, August 8th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.99%. Tower International’s payout ratio is 12.87%.
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Several research analysts have issued reports on the stock. Zacks Investment Research upgraded shares of Tower International from a “hold” rating to a “buy” rating and set a $30.00 target price on the stock in a report on Wednesday, April 26th. BidaskClub cut shares of Tower International from a “hold” rating to a “sell” rating in a report on Friday, July 28th. ValuEngine cut shares of Tower International from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. Finally, FBR & Co reiterated an “outperform” rating and set a $40.00 target price on shares of Tower International in a report on Monday, June 12th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Tower International has a consensus rating of “Hold” and a consensus target price of $31.25.
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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