Zacks Investment Research lowered shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) from a hold rating to a sell rating in a research note released on Tuesday.
According to Zacks, “Goodyear’s current quarter and full year earnings estimates have declined lately. The company anticipates its 2017 operating income to be adversely affected by weak demand and high raw material costs. In fact, Goodyear’s revenue has shown a downward trend in the last six years. The company also faces 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. Goodyear also encounters pricing pressure from OEMs.”
Several other equities research analysts have also commented on the stock. Morgan Stanley upgraded shares of The Goodyear Tire & Rubber from an underweight rating to an overweight rating in a research note on Thursday, June 1st. Jefferies Group LLC set a $40.00 price target on shares of The Goodyear Tire & Rubber and gave the company a hold rating in a research note on Monday, May 8th. Citigroup Inc. raised their price target on shares of The Goodyear Tire & Rubber from $36.00 to $41.00 and gave the company a buy rating in a research note on Friday, April 7th. Goldman Sachs Group, Inc. (The) lowered shares of The Goodyear Tire & Rubber from a buy rating to a neutral rating and dropped their price target for the company from $34.00 to $33.00 in a research note on Thursday, March 30th. They noted that the move was a valuation call. Finally, Guggenheim initiated coverage on shares of The Goodyear Tire & Rubber in a research note on Wednesday, June 21st. They issued a buy rating and a $39.00 price target on the stock. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $36.30.
Shares of The Goodyear Tire & Rubber (NASDAQ:GT) traded up 0.11% during trading on Tuesday, reaching $36.31. The company had a trading volume of 1,360,427 shares. The stock has a 50 day moving average of $33.78 and a 200 day moving average of $33.97. The stock has a market capitalization of $9.14 billion, a price-to-earnings ratio of 7.66 and a beta of 1.55. The Goodyear Tire & Rubber has a 52-week low of $26.26 and a 52-week high of $37.20.
The Goodyear Tire & Rubber (NASDAQ:GT) last issued its earnings results on Friday, April 28th. The company reported $0.74 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.11. The Goodyear Tire & Rubber had a net margin of 8.22% and a return on equity of 22.60%. The firm had revenue of $3.70 billion for the quarter, compared to analysts’ expectations of $3.78 billion. During the same quarter last year, the company posted $0.72 earnings per share. The Goodyear Tire & Rubber’s revenue was up .2% on a year-over-year basis. Equities research analysts forecast that The Goodyear Tire & Rubber will post $3.83 EPS for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Tuesday, August 1st will be paid a dividend of $0.10 per share. The ex-dividend date is Friday, July 28th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.10%. The Goodyear Tire & Rubber’s dividend payout ratio is presently 8.46%.
In related news, insider Stephen R. Mcclellan sold 6,250 shares of the firm’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $35.29, for a total transaction of $220,562.50. Following the transaction, the insider now owns 78,099 shares in the company, valued at $2,756,113.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 18,750 shares of company stock worth $662,938 in the last quarter. Company insiders own 1.40% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Weybosset Research & Management LLC raised its position in The Goodyear Tire & Rubber by 1.5% in the first quarter. Weybosset Research & Management LLC now owns 37,047 shares of the company’s stock valued at $1,334,000 after buying an additional 565 shares during the period. Capstone Asset Management Co. raised its position in The Goodyear Tire & Rubber by 13.3% in the first quarter. Capstone Asset Management Co. now owns 38,440 shares of the company’s stock worth $1,384,000 after buying an additional 4,515 shares in the last quarter. Bank of Montreal Can raised its position in The Goodyear Tire & Rubber by 5.2% in the first quarter. Bank of Montreal Can now owns 94,973 shares of the company’s stock worth $3,419,000 after buying an additional 4,709 shares in the last quarter. Gulf International Bank UK Ltd raised its position in The Goodyear Tire & Rubber by 1.0% in the first quarter. Gulf International Bank UK Ltd now owns 77,860 shares of the company’s stock worth $2,802,000 after buying an additional 800 shares in the last quarter. Finally, Waverton Investment Management Ltd purchased a new position in The Goodyear Tire & Rubber during the first quarter worth approximately $580,000. Hedge funds and other 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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