Jefferies Group Comments on Cooper Tire & Rubber Company’s FY2017 Earnings (CTB)
Cooper Tire & Rubber Company (NYSE:CTB) – Jefferies Group cut their FY2017 earnings per share estimates for Cooper Tire & Rubber in a report issued on Tuesday. Jefferies Group analyst B. Jordan now anticipates that the company will earn $3.26 per share for the year, down from their previous forecast of $3.29. Jefferies Group currently has a “Hold” rating and a $35.00 price objective on the stock.
CTB has been the subject of a number of other research reports. Zacks Investment Research cut shares of Cooper Tire & Rubber from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. KeyCorp reissued a “buy” rating and set a $42.00 target price on shares of Cooper Tire & Rubber in a research report on Wednesday. BidaskClub upgraded shares of Cooper Tire & Rubber from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. Deutsche Bank AG upped their price target on shares of Cooper Tire & Rubber from $40.00 to $45.00 and gave the company a “hold” rating in a research note on Monday, August 7th. Finally, FBR & Co restated a “buy” rating and set a $50.00 price target on shares of Cooper Tire & Rubber in a research note on Tuesday. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $40.86.
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Cooper Tire & Rubber (NYSE:CTB) last announced its quarterly earnings results on Monday, October 30th. The company reported $1.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.85 by $0.33. The company had revenue of $733.80 million during the quarter, compared to the consensus estimate of $779.02 million. Cooper Tire & Rubber had a net margin of 7.18% and a return on equity of 17.56%. The firm’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same quarter last year, the firm earned $1.04 earnings per share.
A number of institutional investors have recently modified their holdings of CTB. UBS Asset Management Americas Inc. increased its stake in Cooper Tire & Rubber by 8.7% during the 1st quarter. UBS Asset Management Americas Inc. now owns 42,635 shares of the company’s stock valued at $1,891,000 after purchasing an additional 3,401 shares in the last quarter. Alliancebernstein L.P. increased its stake in Cooper Tire & Rubber by 2.6% during the 1st quarter. Alliancebernstein L.P. now owns 87,573 shares of the company’s stock valued at $3,884,000 after purchasing an additional 2,199 shares in the last quarter. OppenheimerFunds Inc. acquired a new position in Cooper Tire & Rubber during the 1st quarter valued at approximately $789,000. Teachers Advisors LLC increased its stake in shares of Cooper Tire & Rubber by 1.2% in the first quarter. Teachers Advisors LLC now owns 441,191 shares of the company’s stock worth $19,567,000 after acquiring an additional 5,319 shares during the period. Finally, Legal & General Group Plc increased its stake in shares of Cooper Tire & Rubber by 28.8% in the first quarter. Legal & General Group Plc now owns 70,796 shares of the company’s stock worth $3,138,000 after acquiring an additional 15,814 shares during the period.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be paid a dividend of $0.105 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.42 dividend on an annualized basis and a yield of 1.29%. Cooper Tire & Rubber’s payout ratio is 10.82%.
Cooper Tire & Rubber Company Profile
Cooper Tire & Rubber Company is a manufacturer and marketer of replacement tires. The Company specializes in the design, manufacture, marketing and sales of passenger car, light truck, medium truck, motorcycle, and racing tires. The Company operates through four segments: North America, Latin America, Europe, and Asia.
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