An issue of Goodyear Tire & Rubber Co (NASDAQ:GT) bonds rose 0.5% against their face value during trading on Friday. The high-yield issue of debt has a 5% coupon and will mature on May 31, 2026. The bonds in the issue are now trading at $93.75 and were trading at $94.25 last week. Price changes in a company’s bonds in credit markets sometimes anticipate parallel changes in its share price.
Several equities research analysts have recently commented on the stock. Morgan Stanley downgraded shares of Goodyear Tire & Rubber from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $33.00 to $23.00 in a research note on Monday, August 13th. Jefferies Financial Group reiterated a “buy” rating and set a $32.00 price objective on shares of Goodyear Tire & Rubber in a research note on Friday, July 13th. Berenberg Bank downgraded shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating and set a $23.00 target price for the company. in a research report on Friday, August 31st. Guggenheim restated a “hold” rating and set a $21.00 target price on shares of Goodyear Tire & Rubber in a research report on Friday, July 20th. Finally, Citigroup decreased their target price on shares of Goodyear Tire & Rubber from $29.00 to $24.00 and set a “neutral” rating for the company in a research report on Monday, July 30th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $29.33.
NASDAQ GT traded up $0.24 on Friday, reaching $23.72. 3,199,700 shares of the company’s stock traded hands, compared to its average volume of 3,137,173. The company has a market capitalization of $5.55 billion, a PE ratio of 7.60 and a beta of 1.73. Goodyear Tire & Rubber Co has a fifty-two week low of $20.75 and a fifty-two week high of $36.07. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.36 and a quick ratio of 0.75.
Goodyear Tire & Rubber (NASDAQ:GT) last posted its earnings results on Friday, July 27th. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.06. The company had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.85 billion. Goodyear Tire & Rubber had a net margin of 1.69% and a return on equity of 14.04%. The firm’s quarterly revenue was up 4.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.70 earnings per share. research analysts expect that Goodyear Tire & Rubber Co will post 2.88 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 4th. Investors of record on Wednesday, August 1st were given a dividend of $0.14 per share. The ex-dividend date was Tuesday, July 31st. This represents a $0.56 dividend on an annualized basis and a yield of 2.36%. Goodyear Tire & Rubber’s dividend payout ratio is presently 17.95%.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Exane Asset Management purchased a new position in Goodyear Tire & Rubber in the second quarter valued at $193,000. Wilsey Asset Management Inc. increased its holdings in Goodyear Tire & Rubber by 6.3% in the second quarter. Wilsey Asset Management Inc. now owns 353,750 shares of the company’s stock valued at $8,189,000 after buying an additional 20,841 shares in the last quarter. Andra AP fonden increased its holdings in Goodyear Tire & Rubber by 26.7% in the second quarter. Andra AP fonden now owns 243,700 shares of the company’s stock valued at $5,676,000 after buying an additional 51,400 shares in the last quarter. Advisors Asset Management Inc. increased its stake in shares of Goodyear Tire & Rubber by 211.0% during the second quarter. Advisors Asset Management Inc. now owns 86,704 shares of the company’s stock worth $269,000 after purchasing an additional 58,827 shares in the last quarter. Finally, California Public Employees Retirement System increased its stake in shares of Goodyear Tire & Rubber by 11.5% during the second quarter. California Public Employees Retirement System now owns 883,204 shares of the company’s stock worth $20,570,000 after purchasing an additional 91,379 shares in the last quarter. 86.67% of the stock is owned by institutional investors.
Goodyear Tire & Rubber Company Profile (NASDAQ:GT)
The Goodyear Tire & Rubber Company, together with its subsidiaries, develops, manufactures, distributes, and sells tires and related products and services worldwide. It 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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