The Goodyear Tire & Rubber Company (NASDAQ:GT) Downgraded to Sell at BidaskClub
BidaskClub downgraded shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) from a hold rating to a sell rating in a research report released on Tuesday.
Several other brokerages also recently issued reports on GT. Goldman Sachs Group, Inc. (The) downgraded The Goodyear Tire & Rubber from a buy rating to a neutral rating and decreased their target price for the company from $34.00 to $33.00 in a research note on Thursday, March 30th. They noted that the move was a valuation call. Zacks Investment Research raised The Goodyear Tire & Rubber from a sell rating to a hold rating in a research note on Friday, July 21st. Jefferies Group LLC reissued a hold rating and set a $38.00 target price on shares of The Goodyear Tire & Rubber in a research note on Tuesday, April 4th. Citigroup Inc. lifted their target price on The Goodyear Tire & Rubber from $36.00 to $41.00 and gave the company a buy rating in a research note on Friday, April 7th. Finally, CLSA began coverage on The Goodyear Tire & Rubber in a research note on Wednesday, June 21st. They set a buy rating and a $39.00 target price on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of Hold and an average price target of $39.40.
Shares of The Goodyear Tire & Rubber (GT) traded down 8.37% on Tuesday, hitting $32.51. The stock had a trading volume of 18,004,667 shares. The Goodyear Tire & Rubber has a 52 week low of $26.82 and a 52 week high of $37.20. The stock has a market capitalization of $8.19 billion, a P/E ratio of 6.86 and a beta of 1.56. The firm has a 50-day moving average price of $35.00 and a 200-day moving average price of $34.47.
The Goodyear Tire & Rubber (NASDAQ:GT) last issued its earnings results on Friday, July 28th. The company reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.75 by $0.05. The business had revenue of $3.69 billion for the quarter, compared to the consensus estimate of $3.70 billion. The Goodyear Tire & Rubber had a net margin of 8.22% and a return on equity of 22.60%. The firm’s revenue for the quarter was down 5.0% compared to the same quarter last year. During the same period last year, the business posted $1.16 EPS. Equities analysts expect that The Goodyear Tire & Rubber will post $3.76 earnings per share for the current fiscal year.
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The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Tuesday, August 1st will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.23%. The ex-dividend date is Friday, July 28th. The Goodyear Tire & Rubber’s dividend payout ratio is presently 8.46%.
In other The Goodyear Tire & Rubber news, insider Stephen R. Mcclellan sold 6,250 shares of the firm’s stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $35.46, for a total transaction of $221,625.00. Following the completion of the transaction, the insider now owns 71,849 shares in the company, valued at approximately $2,547,765.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 18,750 shares of company stock valued at $662,938 in the last 90 days. 1.40% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in GT. Thrivent Financial for Lutherans boosted its position in shares of The Goodyear Tire & Rubber by 5.9% in the fourth quarter. Thrivent Financial for Lutherans now owns 9,140 shares of the company’s stock worth $282,000 after buying an additional 510 shares during the period. Kentucky Retirement Systems bought a new position in shares of The Goodyear Tire & Rubber during the fourth quarter worth approximately $585,000. Kentucky Retirement Systems Insurance Trust Fund bought a new position in shares of The Goodyear Tire & Rubber during the fourth quarter worth approximately $261,000. Macquarie Group Ltd. boosted its position in shares of The Goodyear Tire & Rubber by 51.9% in the fourth quarter. Macquarie Group Ltd. now owns 98,450 shares of the company’s stock worth $3,039,000 after buying an additional 33,650 shares during the period. Finally, CHURCHILL MANAGEMENT Corp boosted its position in shares of The Goodyear Tire & Rubber by 24.7% in the first quarter. CHURCHILL MANAGEMENT Corp now owns 159,211 shares of the company’s stock worth $5,732,000 after buying an additional 31,553 shares during the period. Institutional investors and hedge funds own 92.47% of the company’s stock.
About The Goodyear Tire & Rubber
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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