Zacks Investment Research cut shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) from a buy rating to a hold rating in a report released on Tuesday, October 31st.
According to Zacks, “Goodyear’s earnings and revenues beat the Zacks Consensus Estimate in the third quarter. Compared with the year-ago figures, the company’s earnings per share were lower, whereas the revenue was higher. The stock has Zacks Consensus Estimate for its yearly earnings being revised upward of late. The company has been investing in projects with higher rate of return. Further, to boost sales, the company keeps introducing new products and services for its customers. However, a few headwinds that the company has been facing include a competitive environment, weak demand and a reduced auto production. Goodyear has also provided a weak total operating income guidance for 2017. Also, for a month now, the company’s shares have underperformed the industry it belongs to.”
A number of other research analysts have also weighed in on the company. J P Morgan Chase & Co dropped their price objective on The Goodyear Tire & Rubber from $40.00 to $38.00 and set an overweight rating on the stock in a report on Monday, October 30th. Citigroup Inc. downgraded The Goodyear Tire & Rubber from a buy rating to a neutral rating and decreased their target price for the stock from $38.00 to $36.00 in a research report on Monday, October 30th. BidaskClub upgraded The Goodyear Tire & Rubber from a sell rating to a hold rating in a research report on Saturday, October 21st. KeyCorp restated a buy rating and issued a $37.00 price objective on shares of The Goodyear Tire & Rubber in a research report on Thursday, October 12th. Finally, Jefferies Group LLC restated a buy rating and issued a $36.00 price objective on shares of The Goodyear Tire & Rubber in a research report on Thursday, October 12th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. The company has a consensus rating of Hold and an average price target of $37.55.
Shares of The Goodyear Tire & Rubber (GT) traded down $0.08 during trading hours on Tuesday, hitting $29.07. The stock had a trading volume of 2,806,800 shares, compared to its average volume of 2,910,514. The Goodyear Tire & Rubber has a 52-week low of $28.81 and a 52-week high of $37.20. The stock has a market cap of $7,180.44, a price-to-earnings ratio of 9.40, a price-to-earnings-growth ratio of 0.81 and a beta of 1.51. The company has a quick ratio of 0.76, a current ratio of 1.37 and a debt-to-equity ratio of 1.12.
The Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Friday, October 27th. The company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.03. The company had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.91 billion. The Goodyear Tire & Rubber had a return on equity of 15.88% and a net margin of 6.67%. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.17 EPS. analysts forecast that The Goodyear Tire & Rubber will post 2.88 earnings per share for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Wednesday, November 1st will be given a $0.14 dividend. This is a boost from The Goodyear Tire & Rubber’s previous quarterly dividend of $0.10. This represents a $0.56 annualized dividend and a yield of 1.93%. The ex-dividend date of this dividend is Tuesday, October 31st. The Goodyear Tire & Rubber’s dividend payout ratio (DPR) is currently 14.47%.
In related news, SVP Jean Claude Kihn sold 7,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $30.53, for a total value of $228,975.00. Following the sale, the senior vice president now directly owns 59,348 shares in the company, valued at approximately $1,811,894.44. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders sold 23,001 shares of company stock worth $736,841. 1.40% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Financial Architects Inc increased its stake in The Goodyear Tire & Rubber by 2.2% during the second quarter. Financial Architects Inc now owns 3,546 shares of the company’s stock valued at $124,000 after acquiring an additional 75 shares during the period. First Quadrant L P CA acquired a new stake in The Goodyear Tire & Rubber during the second quarter valued at approximately $130,000. Washington Trust Bank boosted its holdings in shares of 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 boosted its holdings in shares of 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, Benjamin F. Edwards & Company Inc. boosted its holdings in shares of The Goodyear Tire & Rubber by 143.0% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 4,557 shares of the company’s stock worth $152,000 after acquiring an additional 2,682 shares in the last quarter. Institutional investors own 92.10% 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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