The Goodyear Tire & Rubber Company (GT) Receives Average Rating of “Hold” from Analysts

Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) have been given a consensus recommendation of “Hold” by the thirteen research firms that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $39.56.

GT has been the subject of a number of research analyst reports. CLSA initiated coverage on shares of The Goodyear Tire & Rubber in a research report on Wednesday, June 21st. They set a “buy” rating and a $39.00 price objective for the company. Guggenheim started coverage on shares of The Goodyear Tire & Rubber in a research report on Wednesday, June 21st. They set a “buy” rating and a $39.00 price objective for the company. Jefferies Group LLC upgraded shares of The Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $39.00 target price for the company in a research report on Tuesday, June 20th. Zacks Investment Research upgraded shares of The Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $38.00 target price for the company in a research report on Monday, April 17th. Finally, Citigroup Inc. increased their target price on shares of The Goodyear Tire & Rubber from $36.00 to $41.00 and gave the company a “buy” rating in a research report on Friday, April 7th.

In related news, insider Stephen R. Mcclellan sold 6,250 shares of the company’s stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $35.32, for a total value of $220,750.00. Following the completion of the sale, the insider now owns 84,349 shares of the company’s stock, valued at $2,979,206.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 18,750 shares of company stock valued at $662,938 over the last quarter. Company insiders own 1.40% of the company’s stock.

Several large investors have recently made changes to their positions in the stock. Pioneer Investment Management Inc. raised its stake 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 stake 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 stake 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 stake 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 stake 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. 92.47% of the stock is owned by hedge funds and other institutional investors.

The Goodyear Tire & Rubber (NASDAQ:GT) traded down 8.37% during trading on Friday, reaching $32.51. 18,004,667 shares of the company traded hands. The company has a market capitalization of $8.19 billion, a P/E ratio of 6.86 and a beta of 1.56. The Goodyear Tire & Rubber has a 52 week low of $26.82 and a 52 week high of $37.20. The firm has a 50-day moving average price of $35.00 and a 200-day moving average price of $34.47.

The Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings data on Friday, July 28th. The company reported $0.70 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.75 by $0.05. The company had revenue of $3.69 billion for the quarter, compared to analyst estimates of $3.70 billion. The Goodyear Tire & Rubber had a return on equity of 22.60% and a net margin of 8.22%. The business’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 earnings per share. Analysts forecast that The Goodyear Tire & Rubber will post $3.76 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 1st will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date is Friday, July 28th. The Goodyear Tire & Rubber’s dividend payout ratio (DPR) is 8.46%.

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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.