Zacks Investment Research upgraded shares of Cooper Tire & Rubber (NYSE:CTB) from a hold rating to a buy rating in a research report report published on Thursday. Zacks Investment Research currently has $37.00 price target on the stock.
According to Zacks, “Cooper Tire & Rubber Co. recorded lower-than-expected fourth-quarter 2017 earnings. Also, revenue figure missed the Zacks Consensus Estimate. Cooper Tire continues to expand its product portfolio with a focus to satisfy the market demand in all regions. It is also expanding its presence in Asia and Latin America through acquisitions and opening new sales offices. Also, it intends to reduce its manufacturing costs through increased automation in production facilities and consolidation of its product family, which is expected to have a positive impact on its financials. Moreover, a strong balance sheet and frequent share repurchases by the company will boost shareholders value.”
A number of other equities research analysts have also issued reports on the company. KeyCorp reiterated a buy rating and issued a $42.00 price target on shares of Cooper Tire & Rubber in a research note on Wednesday, November 1st. Longbow Research started coverage on Cooper Tire & Rubber in a research note on Wednesday, January 31st. They issued a buy rating and a $50.00 price target for the company. B. Riley reiterated a buy rating and issued a $50.00 price target on shares of Cooper Tire & Rubber in a research note on Monday, December 11th. FBR & Co reiterated a buy rating and issued a $50.00 price target on shares of Cooper Tire & Rubber in a research note on Tuesday, October 31st. Finally, ValuEngine upgraded Cooper Tire & Rubber from a hold rating to a buy rating in a research note on Thursday, November 30th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $43.63.
Cooper Tire & Rubber (NYSE:CTB) last issued its quarterly earnings results on Tuesday, February 20th. The company reported $0.50 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.62 by ($0.12). Cooper Tire & Rubber had a return on equity of 13.71% and a net margin of 3.34%. The business had revenue of $757.04 million during the quarter, compared to analysts’ expectations of $750.97 million. During the same quarter in the previous year, the company posted $1.30 EPS. The company’s quarterly revenue was down 3.4% on a year-over-year basis. analysts anticipate that Cooper Tire & Rubber will post 3.76 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Thursday, March 1st will be given a dividend of $0.105 per share. The ex-dividend date of this dividend is Wednesday, February 28th. This represents a $0.42 dividend on an annualized basis and a dividend yield of 1.27%. Cooper Tire & Rubber’s payout ratio is 23.60%.
Several institutional investors have recently modified their holdings of the company. Elkfork Partners LLC bought a new position in shares of Cooper Tire & Rubber in the 4th quarter valued at about $168,000. Unison Advisors LLC bought a new position in shares of Cooper Tire & Rubber in the 4th quarter valued at about $224,000. Taylor Hoffman Wealth Management bought a new position in shares of Cooper Tire & Rubber in the 4th quarter valued at about $281,000. Crossmark Global Holdings Inc. bought a new position in shares of Cooper Tire & Rubber in the 3rd quarter valued at about $299,000. Finally, Stone Ridge Asset Management LLC bought a new position in shares of Cooper Tire & Rubber in the 4th quarter valued at about $420,000.
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About Cooper Tire & Rubber
Cooper Tire & Rubber Company is a manufacturer and marketer of replacement tires. The Company specializes in the design, manufacture, marketing and sales of passenger car, light truck, medium truck, motorcycle, and racing tires. The Company operates through four segments: North America, Latin America, Europe, and Asia.
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