According to Zacks, “Goodyear regularly launches innovative products and services to boost sales, and remain competitive in the market. The company is also working on an intelligent tire prototype that will facilitate fleet operators to communicate in real-time via a mobile application. Also, the planned establishment of TireHub is benefiting Goodyear. Moreover, the company is trying to boost shareholder value and strengthen the balance sheet. However, it has been struggling with softening market conditions in China, economic volatility in Brazil and rise in raw material costs. Unfavorable foreign currency translation is another headwind for this tire supplier.”
Other analysts have also recently issued reports about the stock. Longbow Research cut shares of Goodyear Tire & Rubber from a “neutral” rating to an “underperform” rating and set a $14.00 price objective for the company. in a research note on Monday, February 11th. BidaskClub cut shares of Goodyear Tire & Rubber from a “hold” rating to a “sell” rating in a research note on Saturday, March 9th. ValuEngine raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research note on Friday, March 1st. Morgan Stanley set a $19.00 price objective on shares of Goodyear Tire & Rubber and gave the stock a “hold” rating in a research note on Tuesday, January 29th. Finally, Argus cut shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note on Monday, February 11th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $23.56.
Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings results on Friday, February 8th. The company reported $0.51 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by ($0.09). Goodyear Tire & Rubber had a return on equity of 11.17% and a net margin of 4.48%. The business had revenue of $3.88 billion during the quarter, compared to the consensus estimate of $4.04 billion. During the same quarter in the previous year, the business posted $0.99 earnings per share. The firm’s revenue was down 4.8% on a year-over-year basis. Equities analysts forecast that Goodyear Tire & Rubber will post 2.21 earnings per share for the current fiscal year.
In related news, Director Werner Geissler bought 35,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 13th. The stock was bought at an average cost of $18.65 per share, with a total value of $652,750.00. Following the completion of the purchase, the director now owns 50,000 shares of the company’s stock, valued at approximately $932,500. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.60% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of GT. Financial Counselors Inc. grew its stake in shares of Goodyear Tire & Rubber by 0.4% in the 4th quarter. Financial Counselors Inc. now owns 144,076 shares of the company’s stock worth $2,941,000 after buying an additional 517 shares in the last quarter. State of Alaska Department of Revenue grew its stake in shares of Goodyear Tire & Rubber by 1.1% in the 4th quarter. State of Alaska Department of Revenue now owns 58,014 shares of the company’s stock worth $1,183,000 after buying an additional 632 shares in the last quarter. TD Asset Management Inc. lifted its holdings in shares of Goodyear Tire & Rubber by 0.9% in the 4th quarter. TD Asset Management Inc. now owns 69,256 shares of the company’s stock worth $1,414,000 after acquiring an additional 638 shares during the last quarter. Comerica Bank lifted its holdings in shares of Goodyear Tire & Rubber by 1.3% in the 4th quarter. Comerica Bank now owns 51,019 shares of the company’s stock worth $1,065,000 after acquiring an additional 676 shares during the last quarter. Finally, CSat Investment Advisory L.P. lifted its holdings in shares of Goodyear Tire & Rubber by 58.9% in the 4th quarter. CSat Investment Advisory L.P. now owns 2,467 shares of the company’s stock worth $50,000 after acquiring an additional 914 shares during the last quarter. 88.38% of the stock is owned by institutional investors.
Goodyear Tire & Rubber Company Profile
The Goodyear Tire & Rubber Company, together with its subsidiaries, develops, manufactures, distributes, and sells tires and related products and services worldwide. The company offers various lines of rubber tires for automobiles, trucks, buses, aircrafts, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and various other applications under the Goodyear, Dunlop, Kelly, Debica, Sava, Fulda, and various other Goodyear owned house brands, as well as under the private-label brands.
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