Goodyear Tire & Rubber (GT) Lifted to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Goodyear Tire & Rubber (NASDAQ:GT) from a sell rating to a hold rating in a research note issued to investors on Tuesday.
According to Zacks, “Goodyear regularly launches innovative products and services to boost sales. It is also investing in projects having a high rate of return. It has plans to construct a facility in Luxembourg, scheduled to open in 2019. The plant will be used for manufacturing premium tires. Further, it is also trying to boost its shareholder value, strengthen the balance sheet and restructure its senior debt. Also, over a month, its shares have outperformed in the industry it belongs to. However,a competitive environment, weak product demand and a reduced auto production are few concerns for Goodyear. Moreover, the company has also provided a weak total operating income guidance for 2017.”
Several other research firms also recently commented on GT. Guggenheim downgraded Goodyear Tire & Rubber from a buy rating to a neutral rating and set a $39.00 price objective on the stock. in a research note on Wednesday, November 1st. KeyCorp reaffirmed a buy rating and issued a $37.00 price objective on shares of Goodyear Tire & Rubber in a research note on Thursday, October 12th. Jefferies Group reaffirmed a buy rating and issued a $36.00 price objective on shares of Goodyear Tire & Rubber in a research note on Thursday, October 12th. Citigroup downgraded Goodyear Tire & Rubber from a buy rating to a neutral rating and decreased their price objective for the stock from $38.00 to $36.00 in a research note on Monday, October 30th. Finally, Morgan Stanley reaffirmed a buy rating and issued a $46.00 price objective on shares of Goodyear Tire & Rubber in a research note on Monday, September 11th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $37.70.
Goodyear Tire & Rubber (GT) traded up $0.32 during mid-day trading on Tuesday, reaching $33.91. The company’s stock had a trading volume of 4,300,000 shares, compared to its average volume of 2,650,000. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.76 and a current ratio of 1.37. Goodyear Tire & Rubber has a 52 week low of $28.81 and a 52 week high of $37.20. The company has a market capitalization of $8,350.00, a P/E ratio of 8.76, a price-to-earnings-growth ratio of 0.72 and a beta of 1.53.
Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings data on Friday, October 27th. The company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.67 by $0.03. Goodyear Tire & Rubber had a return on equity of 15.88% and a net margin of 6.67%. The firm had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.91 billion. During the same quarter last year, the company earned $1.17 earnings per share. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. sell-side analysts anticipate that Goodyear Tire & Rubber will post 2.88 EPS for the current year.
In related news, SVP Jean Claude Kihn sold 7,500 shares of Goodyear Tire & Rubber stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $30.53, for a total transaction of $228,975.00. Following the sale, the senior vice president now owns 59,348 shares of the company’s stock, valued at approximately $1,811,894.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.40% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hexavest Inc. grew its holdings in Goodyear Tire & Rubber by 65.9% during the 4th quarter. Hexavest Inc. now owns 1,631,370 shares of the company’s stock valued at $52,710,000 after buying an additional 648,313 shares in the last quarter. Benson Investment Management Company Inc. purchased a new position in Goodyear Tire & Rubber during the 4th quarter valued at approximately $2,456,000. Waverton Investment Management Ltd grew its holdings in Goodyear Tire & Rubber by 18.5% during the 4th quarter. Waverton Investment Management Ltd now owns 20,052 shares of the company’s stock valued at $648,000 after buying an additional 3,132 shares in the last quarter. Belpointe Asset Management LLC purchased a new position in Goodyear Tire & Rubber during the 3rd quarter valued at approximately $258,000. Finally, IFM Investors Pty Ltd purchased a new position in Goodyear Tire & Rubber during the 3rd quarter valued at approximately $322,000. Institutional investors and hedge funds own 94.64% of the company’s stock.
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Goodyear Tire & Rubber Company Profile
The Goodyear Tire & Rubber Company is a manufacturer of tires. The Company operates through three segments. The Americas segment develops, manufactures, distributes and sells tires and related products and services in North, Central and South America, and sells tires to various export markets. The Americas segment manufactures and sells tires for automobiles, trucks, buses, earthmoving, mining and industrial equipment, aircraft and for various other applications.
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