The Goodyear Tire & Rubber Company (NASDAQ:GT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Friday.
According to Zacks, “Goodyear has been investing in new projects and is undertaking regular product and service launches, which is expected to have a positive impact in the sales. Also, its effort to make organizational structural changes will boost its earnings and growth, over the long term. Further, to enhance its efficiency, Goodyear is also going through frequent product developments and market projections. In the last six months, its shares have also substantially outperformed the industry it belongs to. However, the company is facing challenges in Latin America on account of volatile political and economic environment, lower production volume in Venezuela and Brazil and high currency fluctuations. Also, the recession in Brazil is expected to adversely impact the future operating income from the region.”
A number of other equities research analysts have also recently weighed in on the company. CLSA initiated coverage on The Goodyear Tire & Rubber in a research note on Wednesday, June 21st. They set a “buy” rating and a $39.00 price objective for the company. Guggenheim initiated coverage on The Goodyear Tire & Rubber in a research note on Wednesday, June 21st. They set a “buy” rating and a $39.00 price objective for the company. Jefferies Group LLC upgraded The Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $39.00 price objective for the company in a research note on Tuesday, June 20th. Citigroup Inc. upped their price objective on The Goodyear Tire & Rubber from $36.00 to $41.00 and gave the stock a “buy” rating in a research note on Friday, April 7th. Finally, BidaskClub upgraded The Goodyear Tire & Rubber from a “sell” rating to a “hold” rating in a research note on Wednesday, July 12th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The Goodyear Tire & Rubber presently has an average rating of “Buy” and an average target price of $36.30.
The Goodyear Tire & Rubber (NASDAQ GT) opened at 35.40 on Friday. The Goodyear Tire & Rubber has a 12 month low of $26.70 and a 12 month high of $37.20. The firm’s 50-day moving average price is $34.94 and its 200 day moving average price is $34.34. The stock has a market cap of $8.91 billion, a price-to-earnings ratio of 7.47 and a beta of 1.56.
The Goodyear Tire & Rubber (NASDAQ:GT) last issued its earnings results on Friday, April 28th. The company reported $0.74 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.11. The Goodyear Tire & Rubber had a return on equity of 22.60% and a net margin of 8.22%. The business had revenue of $3.70 billion during the quarter, compared to analysts’ expectations of $3.78 billion. During the same period in the prior year, the business earned $0.72 EPS. The business’s revenue for the quarter was up .2% compared to the same quarter last year. On average, analysts anticipate that The Goodyear Tire & Rubber will post $3.79 earnings per share for the current year.
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In other The Goodyear Tire & Rubber news, insider Stephen R. Mcclellan sold 6,250 shares of the stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $35.29, for a total value of $220,562.50. Following the completion of the sale, the insider now directly owns 78,099 shares in the company, valued at $2,756,113.71. The transaction was disclosed in a document filed with the SEC, which is available at this link. Over the last quarter, insiders sold 18,750 shares of company stock valued at $662,938. 1.40% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in GT. Pioneer Investment Management Inc. raised its position in shares of The Goodyear Tire & Rubber by 0.7% in the first quarter. Pioneer Investment Management Inc. now owns 1,448,785 shares of the company’s stock worth $52,156,000 after buying an additional 10,572 shares in the last quarter. British Columbia Investment Management Corp raised its position in shares of The Goodyear Tire & Rubber by 60.2% in the first quarter. British Columbia Investment Management Corp now owns 272,679 shares of the company’s stock worth $9,816,000 after buying an additional 102,488 shares in the last quarter. Parkwood LLC raised its position in shares of The Goodyear Tire & Rubber by 19.2% in the first quarter. Parkwood LLC now owns 23,982 shares of the company’s stock worth $863,000 after buying an additional 3,860 shares in the last quarter. Summit Securities Group LLC raised its position in shares of The Goodyear Tire & Rubber by 890.9% in the first quarter. Summit Securities Group LLC now owns 95,428 shares of the company’s stock worth $3,435,000 after buying an additional 85,798 shares in the last quarter. Finally, Mutual of America Capital Management LLC raised its position in shares of The Goodyear Tire & Rubber by 19.7% in the first quarter. Mutual of America Capital Management LLC now owns 33,711 shares of the company’s stock worth $1,214,000 after buying an additional 5,539 shares in the last quarter. Institutional investors own 92.38% of the company’s stock.
The Goodyear Tire & Rubber Company Profile
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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