“Why NEUTRAL? We remain concerned about incremental negative earnings revisions through early 2019 driven by aggressive 4Q18 and 2019 outlooks. For investors confident in the 4Q18 outlook, the stock is attractive, but we cast our doubts as the industry has shown little evidence of successfully passing through h igher raw material costs over the past 18 months given an unfavorable supply/demand equation. Overall, we are maintaining our Neutral rating on GT.”,” Longbow Research’s analyst wrote.
Other analysts have also recently issued reports about the stock. Northcoast Research restated a buy rating on shares of Goodyear Tire & Rubber in a research note on Monday, June 25th. Argus reaffirmed a buy rating and set a $36.00 target price on shares of Goodyear Tire & Rubber in a report on Tuesday, May 8th. Jefferies Financial Group set a $38.00 target price on shares of Goodyear Tire & Rubber and gave the company a buy rating in a report on Wednesday, April 4th. Zacks Investment Research raised shares of Goodyear Tire & Rubber from a strong sell rating to a hold rating in a report on Wednesday, July 11th. Finally, ValuEngine lowered shares of Goodyear Tire & Rubber from a buy rating to a hold rating in a report on Monday, April 2nd. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. Goodyear Tire & Rubber has a consensus rating of Hold and an average target price of $31.50.
Shares of NASDAQ:GT traded down $0.49 during trading on Friday, reaching $24.28. The stock had a trading volume of 2,562,340 shares, compared to its average volume of 4,130,020. Goodyear Tire & Rubber has a one year low of $20.75 and a one year high of $36.07. The stock has a market capitalization of $5.87 billion, a P/E ratio of 7.78 and a beta of 1.65. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.75 and a current ratio of 1.36.
Goodyear Tire & Rubber (NASDAQ:GT) last released its earnings results on Friday, July 27th. The company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.06. The company had revenue of $3.84 billion during the quarter, compared to analysts’ expectations of $3.85 billion. Goodyear Tire & Rubber had a net margin of 1.69% and a return on equity of 14.04%. Goodyear Tire & Rubber’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same period last year, the business earned $0.70 EPS. research analysts forecast that Goodyear Tire & Rubber will post 3.17 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 4th. Stockholders of record on Wednesday, August 1st will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date is Tuesday, July 31st. Goodyear Tire & Rubber’s payout ratio is 17.95%.
Several institutional investors have recently added to or reduced their stakes in the company. Trilogy Capital Inc. acquired a new position in shares of Goodyear Tire & Rubber during the 1st quarter valued at about $160,000. Point72 Asia Hong Kong Ltd boosted its position in shares of Goodyear Tire & Rubber by 1,888.9% during the 1st quarter. Point72 Asia Hong Kong Ltd now owns 6,603 shares of the company’s stock valued at $176,000 after acquiring an additional 6,271 shares during the last quarter. Ostrum Asset Management acquired a new position in shares of Goodyear Tire & Rubber during the 1st quarter valued at about $179,000. Rampart Investment Management Company LLC boosted its position in shares of Goodyear Tire & Rubber by 115.6% during the 1st quarter. Rampart Investment Management Company LLC now owns 7,224 shares of the company’s stock valued at $192,000 after acquiring an additional 3,874 shares during the last quarter. Finally, Oakbrook Investments LLC acquired a new position in shares of Goodyear Tire & Rubber during the 2nd quarter valued at about $238,000. 87.66% of the stock is owned by institutional investors and hedge funds.
Goodyear Tire & Rubber Company Profile
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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