Citigroup Inc. downgraded shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) from a buy rating to a neutral rating in a report released on Monday, Marketbeat Ratings reports. Citigroup Inc. currently has $36.00 target price on the stock, down from their previous target price of $38.00.

A number of other equities research analysts have also issued reports on the company. BidaskClub raised The Goodyear Tire & Rubber from a strong sell rating to a sell rating in a research note on Wednesday, September 13th. Morgan Stanley reaffirmed a buy rating and issued a $46.00 target price on shares of The Goodyear Tire & Rubber in a research note on Monday, September 11th. ValuEngine lowered The Goodyear Tire & Rubber from a strong-buy rating to a buy rating in a research note on Friday, July 28th. KeyCorp reaffirmed a buy rating and issued a $37.00 target price on shares of The Goodyear Tire & Rubber in a research note on Thursday, October 12th. Finally, Zacks Investment Research raised The Goodyear Tire & Rubber from a sell rating to a hold rating and set a $37.00 target price on the stock in a research note on Monday, October 9th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $37.55.

The Goodyear Tire & Rubber (NASDAQ:GT) last posted its earnings results on Friday, October 27th. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.03. The 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 analyst estimates of $3.91 billion. During the same quarter in the prior year, the company earned $1.17 EPS. The Goodyear Tire & Rubber’s revenue was up 1.9% on a year-over-year basis.

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The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Wednesday, November 1st will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date is Tuesday, October 31st. This is a positive change from The Goodyear Tire & Rubber’s previous quarterly dividend of $0.10. The Goodyear Tire & Rubber’s dividend payout ratio is currently 14.47%.

In other The Goodyear Tire & Rubber news, insider Jean Claude Kihn sold 7,500 shares of the stock in a transaction on Monday, September 18th. The stock was sold at an average price of $32.44, for a total transaction of $243,300.00. Following the transaction, the insider now owns 74,348 shares of the company’s stock, valued at approximately $2,411,849.12. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In the last three months, insiders have sold 15,501 shares of company stock worth $507,866. Corporate insiders own 1.40% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in GT. Sound Shore Management Inc. CT acquired a new stake in shares of The Goodyear Tire & Rubber during the 2nd quarter worth $101,396,000. Bank of New York Mellon Corp increased its holdings in shares of The Goodyear Tire & Rubber by 15.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,202,190 shares of the company’s stock worth $216,826,000 after buying an additional 852,947 shares during the last quarter. LSV Asset Management increased its holdings in shares of The Goodyear Tire & Rubber by 6.6% during the 2nd quarter. LSV Asset Management now owns 10,230,101 shares of the company’s stock worth $357,644,000 after buying an additional 634,919 shares during the last quarter. Parametric Portfolio Associates LLC increased its holdings in shares of The Goodyear Tire & Rubber by 94.1% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 1,296,130 shares of the company’s stock worth $45,313,000 after buying an additional 628,221 shares during the last quarter. Finally, Seatown Holdings Pte. Ltd. acquired a new stake in shares of The Goodyear Tire & Rubber during the 2nd quarter worth $21,686,000. Institutional investors and hedge funds own 90.02% of the company’s stock.

The 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.

Analyst Recommendations for The Goodyear Tire & Rubber (NASDAQ:GT)

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