BidaskClub cut shares of Goodyear Tire & Rubber (NASDAQ:GT) from a sell rating to a strong sell rating in a research note released on Friday morning.
Several other brokerages also recently commented on GT. Wolfe Research assumed coverage on Goodyear Tire & Rubber in a research report on Tuesday, October 2nd. They issued an outperform rating on the stock. Berenberg Bank downgraded Goodyear Tire & Rubber from a buy rating to a hold rating and set a $23.00 price target on the stock. in a research report on Friday, August 31st. Longbow Research reaffirmed a hold rating on shares of Goodyear Tire & Rubber in a research report on Monday, August 13th. Morgan Stanley downgraded Goodyear Tire & Rubber from an overweight rating to an equal weight rating and dropped their price target for the stock from $33.00 to $23.00 in a research report on Monday, August 13th. Finally, Argus dropped their price target on Goodyear Tire & Rubber to $30.00 and set an average rating on the stock in a research report on Monday, August 6th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $28.38.
Shares of GT stock opened at $20.59 on Friday. The company has a current ratio of 1.36, a quick ratio of 0.75 and a debt-to-equity ratio of 1.18. Goodyear Tire & Rubber has a twelve month low of $20.31 and a twelve month high of $36.07. The company has a market capitalization of $5.54 billion, a P/E ratio of 6.60 and a beta of 1.69.
Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings data on Friday, July 27th. The company reported $0.62 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.06. Goodyear Tire & Rubber had a return on equity of 14.04% and a net margin of 1.69%. The business had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.85 billion. During the same period last year, the business earned $0.70 EPS. The firm’s revenue was up 4.2% compared to the same quarter last year. On average, research analysts forecast that Goodyear Tire & Rubber will post 2.88 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Thursday, November 1st will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.72%. The ex-dividend date of this dividend is Wednesday, October 31st. Goodyear Tire & Rubber’s payout ratio is presently 17.95%.
Several large investors have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Goodyear Tire & Rubber by 3.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 65,312 shares of the company’s stock valued at $1,521,000 after buying an additional 2,269 shares in the last quarter. Itau Unibanco Holding S.A. boosted its stake in Goodyear Tire & Rubber by 80.7% in the second quarter. Itau Unibanco Holding S.A. now owns 5,279 shares of the company’s stock worth $123,000 after purchasing an additional 2,358 shares in the last quarter. Vident Investment Advisory LLC boosted its stake in Goodyear Tire & Rubber by 33.7% in the second quarter. Vident Investment Advisory LLC now owns 10,101 shares of the company’s stock worth $235,000 after purchasing an additional 2,547 shares in the last quarter. LS Investment Advisors LLC boosted its stake in Goodyear Tire & Rubber by 13.3% in the second quarter. LS Investment Advisors LLC now owns 21,991 shares of the company’s stock worth $512,000 after purchasing an additional 2,589 shares in the last quarter. Finally, DnB Asset Management AS boosted its stake in Goodyear Tire & Rubber by 14.3% in the second quarter. DnB Asset Management AS now owns 22,400 shares of the company’s stock worth $522,000 after purchasing an additional 2,800 shares in the last quarter. 86.52% of the stock is currently owned by institutional investors.
About Goodyear Tire & Rubber
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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