Morgan Stanley set a $52.00 price target on The Goodyear Tire & Rubber Company (NASDAQ:GT) in a research note published on Friday. The brokerage currently has a buy rating on the stock.
GT has been the topic of several other reports. BidaskClub downgraded The Goodyear Tire & Rubber from a hold rating to a sell rating in a research report on Tuesday. Zacks Investment Research raised The Goodyear Tire & Rubber from a sell rating to a hold rating in a research report on Friday, July 21st. CLSA began coverage on The Goodyear Tire & Rubber in a research report on Wednesday, June 21st. They issued a buy rating and a $39.00 price target on the stock. Guggenheim began coverage on The Goodyear Tire & Rubber in a research report on Wednesday, June 21st. They issued a buy rating and a $39.00 price target on the stock. Finally, Goldman Sachs Group, Inc. (The) downgraded The Goodyear Tire & Rubber from a buy rating to a neutral rating and dropped their price target for the stock from $34.00 to $33.00 in a research report on Thursday, March 30th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $39.40.
Shares of The Goodyear Tire & Rubber (GT) traded down 8.37% during mid-day trading on Friday, reaching $32.51. 18,004,667 shares of the company’s stock traded hands. The firm has a 50-day moving average price of $35.00 and a 200-day moving average price of $34.47. 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 1-year low of $26.82 and a 1-year high of $37.20.
The Goodyear Tire & Rubber (NASDAQ:GT) last posted its earnings results on Friday, July 28th. The company reported $0.70 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.75 by $0.05. The Goodyear Tire & Rubber had a return on equity of 22.60% and a net margin of 8.22%. The company had revenue of $3.69 billion during the quarter, compared to analyst estimates of $3.70 billion. During the same quarter last year, the firm posted $1.16 earnings per share. The firm’s revenue for the quarter was down 5.0% compared to the same quarter last year. On average, equities research analysts forecast that The Goodyear Tire & Rubber will post $3.76 earnings per share for the current fiscal year.
COPYRIGHT VIOLATION WARNING: This story was originally posted by StockNewsTimes and is owned by of StockNewsTimes. If you are accessing this story on another site, it was stolen and reposted in violation of international copyright & trademark legislation. The correct version of this story can be viewed at https://stocknewstimes.com/2017/07/30/the-goodyear-tire-rubber-company-gt-given-a-52-00-price-target-by-morgan-stanley-analysts.html.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders 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 yield of 1.23%. The ex-dividend date is Friday, July 28th. The Goodyear Tire & Rubber’s dividend payout ratio (DPR) is 8.46%.
In other The Goodyear Tire & Rubber news, insider Stephen R. Mcclellan sold 6,250 shares of the business’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $35.29, for a total value of $220,562.50. Following the transaction, the insider now owns 78,099 shares of the company’s stock, valued at $2,756,113.71. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In the last three months, insiders sold 18,750 shares of company stock worth $662,938. Insiders own 1.40% of the company’s stock.
Several institutional investors have recently modified their holdings of GT. Thrivent Financial for Lutherans raised its position in shares of The Goodyear Tire & Rubber by 5.9% in the fourth quarter. Thrivent Financial for Lutherans now owns 9,140 shares of the company’s stock valued at $282,000 after buying an additional 510 shares during the period. Kentucky Retirement Systems purchased a new position in shares of The Goodyear Tire & Rubber during the fourth quarter valued at about $585,000. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in shares of The Goodyear Tire & Rubber during the fourth quarter valued at about $261,000. Macquarie Group Ltd. raised its position in shares of The Goodyear Tire & Rubber by 51.9% in the fourth quarter. Macquarie Group Ltd. now owns 98,450 shares of the company’s stock valued at $3,039,000 after buying an additional 33,650 shares during the period. Finally, CHURCHILL MANAGEMENT Corp raised its position in shares of The Goodyear Tire & Rubber by 24.7% in the first quarter. CHURCHILL MANAGEMENT Corp now owns 159,211 shares of the company’s stock valued at $5,732,000 after buying an additional 31,553 shares during the period. 92.47% of the stock is currently owned by institutional investors and hedge funds.
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.
Receive News & Ratings for The Goodyear Tire & Rubber Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The Goodyear Tire & Rubber Company and related companies with MarketBeat.com's FREE daily email newsletter.
