Goodyear Tire & Rubber Co (NASDAQ:GT) – Research analysts at Jefferies Financial Group cut their FY2018 earnings per share estimates for Goodyear Tire & Rubber in a research note issued on Tuesday, December 4th. Jefferies Financial Group analyst A. Kurian now anticipates that the company will post earnings per share of $2.68 for the year, down from their previous estimate of $2.71. Jefferies Financial Group has a “Buy” rating and a $26.00 price objective on the stock.
Several other research analysts have also recently issued reports on the stock. Berenberg Bank cut shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating and set a $23.00 target price on the stock. in a report on Friday, August 31st. Morgan Stanley cut shares of Goodyear Tire & Rubber from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $33.00 to $23.00 in a report on Monday, August 13th. BidaskClub cut shares of Goodyear Tire & Rubber from a “sell” rating to a “strong sell” rating in a report on Wednesday, September 5th. Argus cut their target price on shares of Goodyear Tire & Rubber from $30.00 to $26.00 and set a “buy” rating on the stock in a report on Wednesday, October 31st. Finally, Longbow Research restated a “hold” rating on shares of Goodyear Tire & Rubber in a report on Monday, August 13th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $27.25.
Shares of NASDAQ GT opened at $22.59 on Thursday. Goodyear Tire & Rubber has a one year low of $19.25 and a one year high of $36.07. The company has a current ratio of 1.34, a quick ratio of 0.76 and a debt-to-equity ratio of 1.12. The company has a market cap of $5.36 billion, a price-to-earnings ratio of 7.24 and a beta of 1.74.
Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Friday, October 26th. The company reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.08). Goodyear Tire & Rubber had a net margin of 3.11% and a return on equity of 13.84%. The business had revenue of $3.93 billion for the quarter, compared to the consensus estimate of $3.95 billion. During the same quarter in the previous year, the business earned $0.70 earnings per share. The firm’s revenue was up .2% on a year-over-year basis.
Hedge funds have recently made changes to their positions in the stock. Itau Unibanco Holding S.A. lifted 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 acquiring an additional 2,358 shares during the period. Exane Asset Management purchased a new position in Goodyear Tire & Rubber during the second quarter valued at $193,000. Columbia Asset Management purchased a new position in Goodyear Tire & Rubber during the third quarter valued at $195,000. Oppenheimer Asset Management Inc. purchased a new position in Goodyear Tire & Rubber during the third quarter valued at $205,000. Finally, Baird Financial Group Inc. purchased a new position in Goodyear Tire & Rubber during the second quarter valued at $209,000. 87.92% of the stock is owned by institutional investors.
The firm also recently declared a quarterly dividend, which was paid on Monday, December 3rd. Investors of record on Thursday, November 1st were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date was Wednesday, October 31st. Goodyear Tire & Rubber’s payout ratio is 20.51%.
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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