Zacks Investment Research upgraded shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) from a sell rating to a hold rating in a research report released on Monday. Zacks Investment Research currently has $37.00 price objective on the stock.
According to Zacks, “Goodyear regularly launches innovative products and services to boost its sales. It is also investing to expand its tire factory in China, which will help the company to meet the premium, large-rim-diameter consumer tires in China and the Asia Pacific region. Moreover, the company is changing its organizational structure with an expectation to boost its earnings and growth over the long term. Also, in the last six months, its shares have outperformed in the industry it belongs to. However, in recent quarters, high raw material costs and low volume sales has lowered the Goodyear’s fiscal 2017 total operating income outlook. Other challenges faced by the company include a competitive environment, high overhead expenses and currency fluctuations in the United States and Europe.”
Other equities analysts have also recently issued research reports about the stock. Jefferies Group LLC set a $36.00 target price on shares of The Goodyear Tire & Rubber and gave the company a buy rating in a research note on Monday, August 7th. Guggenheim assumed coverage on shares of The Goodyear Tire & Rubber in a research note on Wednesday, June 21st. They set a buy rating and a $39.00 target price on the stock. Goldman Sachs Group, Inc. (The) set a $29.00 target price on shares of The Goodyear Tire & Rubber and gave the company a hold rating in a research note on Tuesday, August 1st. BidaskClub upgraded shares of The Goodyear Tire & Rubber from a strong sell rating to a sell rating in a research note on Wednesday, September 13th. Finally, CLSA assumed coverage on shares of The Goodyear Tire & Rubber in a research note on Wednesday, June 21st. They set a buy rating and a $39.00 target price on the stock. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $38.11.
Shares of The Goodyear Tire & Rubber (NASDAQ GT) opened at 32.99 on Monday. The Goodyear Tire & Rubber has a 12-month low of $26.82 and a 12-month high of $37.20. The stock has a market cap of $8.31 billion, a P/E ratio of 7.19 and a beta of 1.56. The company’s 50-day moving average is $31.88 and its 200-day moving average is $33.54.
The Goodyear Tire & Rubber (NASDAQ:GT) last posted its earnings results on Friday, July 28th. The company reported $0.70 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.75 by ($0.05). The company had revenue of $3.69 billion for the quarter, compared to the consensus estimate of $3.70 billion. The Goodyear Tire & Rubber had a net margin of 7.95% and a return on equity of 18.94%. The Goodyear Tire & Rubber’s revenue was down 5.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.16 EPS. On average, equities research analysts anticipate that The Goodyear Tire & Rubber will post $3.05 earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Wednesday, November 1st will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.70%. This is a boost from The Goodyear Tire & Rubber’s previous quarterly dividend of $0.10. The Goodyear Tire & Rubber’s dividend payout ratio is 8.77%.
In related news, insider Jean Claude Kihn sold 7,500 shares of the stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $33.26, for a total value of $249,450.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 15,501 shares of company stock valued at $507,866 over the last three months. 1.40% of the stock is currently owned by insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Financial Architects Inc increased its holdings in The Goodyear Tire & Rubber by 2.2% in the 2nd quarter. Financial Architects Inc now owns 3,546 shares of the company’s stock worth $124,000 after acquiring an additional 75 shares in the last quarter. First Quadrant L P CA purchased a new stake in The Goodyear Tire & Rubber in the 2nd quarter worth approximately $130,000. Washington Trust Bank increased its holdings in The Goodyear Tire & Rubber by 46.3% in the 2nd quarter. Washington Trust Bank now owns 3,885 shares of the company’s stock worth $136,000 after acquiring an additional 1,230 shares in the last quarter. Exane Derivatives increased its holdings in The Goodyear Tire & Rubber by 204,800.0% in the 2nd quarter. Exane Derivatives now owns 4,098 shares of the company’s stock worth $143,000 after acquiring an additional 4,096 shares in the last quarter. Finally, Schroder Investment Management Group purchased a new stake in The Goodyear Tire & Rubber in the 2nd quarter worth approximately $160,000. 90.33% of the stock is owned by institutional investors.
About The Goodyear Tire & Rubber
The Goodyear Tire & Rubber Company is a manufacturer of tires. The Company operates through three segments. The Americas segment develops, manufactures, distributes and sells tires and related products and services in North, Central and South America, and sells tires to various export markets. The Americas segment manufactures and sells tires for automobiles, trucks, buses, earthmoving, mining and industrial equipment, aircraft and for various other applications.
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