BidaskClub cut shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) from a hold rating to a sell rating in a research report report published on Friday morning.
A number of other research analysts have also weighed in on GT. Guggenheim lowered The Goodyear Tire & Rubber from a buy rating to a neutral rating and set a $39.00 target price on the stock. in a report on Wednesday. Jefferies Group LLC set a $36.00 target price on The Goodyear Tire & Rubber and gave the stock a buy rating in a report on Monday, August 7th. J P Morgan Chase & Co decreased their target price 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. Zacks Investment Research lowered The Goodyear Tire & Rubber from a buy rating to a hold rating in a report on Tuesday, October 31st. Finally, Citigroup Inc. lowered 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 report on Monday, October 30th. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $37.55.
The Goodyear Tire & Rubber (NASDAQ:GT) traded down $0.49 during trading hours on Friday, hitting $29.45. The company’s stock had a trading volume of 2,610,000 shares, compared to its average volume of 3,120,000. The firm has a market cap of $7,250.00, a price-to-earnings ratio of 9.50, a price-to-earnings-growth ratio of 0.82 and a beta of 1.51. The Goodyear Tire & Rubber has a 52-week low of $27.59 and a 52-week high of $37.20. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.37 and a quick ratio of 0.76.
The Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings results on Friday, October 27th. The company reported $0.70 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.03. The firm 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 business’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.17 EPS. equities research analysts forecast that The Goodyear Tire & Rubber will post 2.91 EPS for the current year.
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The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Wednesday, November 1st will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date of this dividend is Tuesday, October 31st. This is a boost from The Goodyear Tire & Rubber’s previous quarterly dividend of $0.10. The Goodyear Tire & Rubber’s dividend payout ratio is presently 14.47%.
In other news, SVP Jean Claude Kihn sold 7,500 shares of the stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $30.53, for a total value of $228,975.00. Following the completion of the sale, the senior vice president now owns 59,348 shares of the company’s stock, valued at $1,811,894.44. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last ninety days, insiders sold 23,001 shares of company stock valued at $736,841. Insiders own 1.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Grimes & Company Inc. grew its stake in The Goodyear Tire & Rubber by 2.4% during the third quarter. Grimes & Company Inc. now owns 167,418 shares of the company’s stock worth $5,567,000 after purchasing an additional 3,867 shares during the period. Swiss National Bank grew its stake in The Goodyear Tire & Rubber by 1.1% during the third quarter. Swiss National Bank now owns 927,600 shares of the company’s stock worth $30,843,000 after purchasing an additional 9,800 shares during the period. IPG Investment Advisors LLC acquired a new stake in The Goodyear Tire & Rubber during the third quarter worth approximately $5,831,000. Principal Financial Group Inc. grew its stake in The Goodyear Tire & Rubber by 0.6% during the third quarter. Principal Financial Group Inc. now owns 670,709 shares of the company’s stock worth $22,301,000 after purchasing an additional 4,331 shares during the period. Finally, Oregon Public Employees Retirement Fund boosted its holdings in The Goodyear Tire & Rubber by 15.2% in the third quarter. Oregon Public Employees Retirement Fund now owns 146,118 shares of the company’s stock worth $4,858,000 after acquiring an additional 19,322 shares in the last quarter. 90.02% of the stock is 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.
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