A number of other brokerages have also commented on GT. KeyCorp began coverage on Goodyear Tire & Rubber in a report on Wednesday, May 22nd. They set a sector weight rating and a $14.93 price objective on the stock. Morgan Stanley set a $14.00 price objective on Goodyear Tire & Rubber and gave the company a hold rating in a report on Wednesday, June 26th. ValuEngine lowered Goodyear Tire & Rubber from a sell rating to a strong sell rating in a report on Thursday, May 9th. Longbow Research raised Goodyear Tire & Rubber from an underperform rating to a neutral rating and set a $14.74 price objective on the stock in a report on Thursday, June 6th. Finally, Citigroup lowered their price objective on Goodyear Tire & Rubber from $16.00 to $14.00 and set a neutral rating on the stock in a report on Tuesday, July 30th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. Goodyear Tire & Rubber has an average rating of Hold and an average target price of $19.46.
GT opened at $11.92 on Friday. Goodyear Tire & Rubber has a fifty-two week low of $11.62 and a fifty-two week high of $24.85. The business’s 50-day moving average price is $14.21. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.33 and a quick ratio of 0.73. The stock has a market cap of $2.77 billion, a P/E ratio of 5.14 and a beta of 1.71.
Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings results on Friday, July 26th. The company reported $0.25 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.31 by ($0.06). Goodyear Tire & Rubber had a return on equity of 7.66% and a net margin of 3.02%. The firm had revenue of $3.63 billion for the quarter, compared to analysts’ expectations of $3.77 billion. During the same period last year, the business earned $0.62 earnings per share. The firm’s revenue for the quarter was down 5.4% on a year-over-year basis. Equities analysts forecast that Goodyear Tire & Rubber will post 1.55 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 1st will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 5.37%. The ex-dividend date of this dividend is Wednesday, July 31st. Goodyear Tire & Rubber’s dividend payout ratio (DPR) is currently 27.59%.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. grew its holdings in shares of Goodyear Tire & Rubber by 46.9% during the 1st quarter. BlackRock Inc. now owns 24,518,651 shares of the company’s stock worth $445,017,000 after purchasing an additional 7,827,837 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Goodyear Tire & Rubber by 3.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,952,083 shares of the company’s stock worth $141,894,000 after purchasing an additional 253,943 shares in the last quarter. Sound Shore Management Inc. CT grew its holdings in shares of Goodyear Tire & Rubber by 4.6% during the 1st quarter. Sound Shore Management Inc. CT now owns 6,578,014 shares of the company’s stock worth $119,391,000 after purchasing an additional 291,388 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Goodyear Tire & Rubber by 6.9% during the 4th quarter. Geode Capital Management LLC now owns 3,515,759 shares of the company’s stock worth $71,647,000 after purchasing an additional 226,311 shares in the last quarter. Finally, Newport Trust Co grew its holdings in shares of Goodyear Tire & Rubber by 1.4% during the 2nd quarter. Newport Trust Co now owns 3,293,968 shares of the company’s stock worth $50,398,000 after purchasing an additional 45,990 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other 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. 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.
Featured Story: Purposes and Functions of the Federal Reserve
Receive News & Ratings for Goodyear Tire & Rubber Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Goodyear Tire & Rubber and related companies with MarketBeat.com's FREE daily email newsletter.