The Goodyear Tire & Rubber Company (GT) Upgraded to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) from a sell rating to a hold rating in a research report released on Monday morning. They currently have $37.00 target price on the stock.

According to Zacks, “Goodyear regularly launches innovative products and services to boost its sales. It is also investing to expand its tire factory in China, which will help the company to meet the premium, large-rim-diameter consumer tires in China and the Asia Pacific region. Moreover, the company is changing its organizational structure with an expectation to boost its earnings and growth over the long term. Also, in the last six months, its shares have outperformed in the industry it belongs to. However, in recent quarters, high raw material costs and low volume sales has lowered the Goodyear’s fiscal 2017 total operating income outlook. Other challenges faced by the company include a competitive environment, high overhead expenses and currency fluctuations in the United States and Europe.”

GT has been the subject of a number of other reports. Deutsche Bank AG cut shares of The Goodyear Tire & Rubber from a buy rating to a hold rating and set a $40.00 target price for the company. in a report on Friday, July 28th. BidaskClub upgraded shares of The Goodyear Tire & Rubber from a strong sell rating to a sell rating in a report on Wednesday, September 13th. Goldman Sachs Group, Inc. (The) set a $29.00 target price on shares of The Goodyear Tire & Rubber and gave the stock a hold rating in a report on Tuesday, August 1st. Morgan Stanley reaffirmed an overweight rating and issued a $46.00 price objective (down previously from $52.00) on shares of The Goodyear Tire & Rubber in a research note on Wednesday, August 2nd. Finally, Jefferies Group LLC set a $36.00 price objective on shares of The Goodyear Tire & Rubber and gave the stock a buy rating in a research note on Monday, August 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company. The company has a consensus rating of Buy and an average price target of $38.00.

The Goodyear Tire & Rubber (NASDAQ:GT) opened at 32.71 on Monday. The firm has a market capitalization of $8.24 billion, a P/E ratio of 7.13 and a beta of 1.56. The company’s 50 day moving average price is $31.97 and its 200 day moving average price is $33.53. The Goodyear Tire & Rubber has a 12 month low of $26.82 and a 12 month high of $37.20.

The Goodyear Tire & Rubber (NASDAQ:GT) last issued its earnings results on Friday, July 28th. The company reported $0.70 earnings per share for the quarter, missing the Zacks’ 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 return on equity of 18.94% and a net margin of 7.95%. The company’s quarterly revenue was down 5.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.16 earnings per share. Analysts anticipate that The Goodyear Tire & Rubber will post $3.05 EPS for the current year.

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The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Wednesday, November 1st will be given a $0.14 dividend. This is an increase from The Goodyear Tire & Rubber’s previous quarterly dividend of $0.10. The ex-dividend date is Tuesday, October 31st. This represents a $0.56 dividend on an annualized basis and a yield of 1.71%. The Goodyear Tire & Rubber’s dividend payout ratio is presently 8.77%.

In other The Goodyear Tire & Rubber news, insider Jean Claude Kihn sold 7,500 shares of the stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $33.26, for a total value of $249,450.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last quarter, insiders sold 15,501 shares of company stock valued at $507,866. Insiders own 1.40% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the business. Gateway Investment Advisers LLC lifted its position in The Goodyear Tire & Rubber by 0.3% in the 2nd quarter. Gateway Investment Advisers LLC now owns 15,882 shares of the company’s stock worth $555,000 after buying an additional 42 shares in the last quarter. Financial Architects Inc lifted its position in The Goodyear Tire & Rubber by 2.2% in the 2nd quarter. Financial Architects Inc now owns 3,546 shares of the company’s stock worth $124,000 after buying an additional 75 shares in the last quarter. Louisiana State Employees Retirement System lifted its position in The Goodyear Tire & Rubber by 0.6% in the 2nd quarter. Louisiana State Employees Retirement System now owns 15,600 shares of the company’s stock worth $545,000 after buying an additional 100 shares in the last quarter. Thrivent Financial For Lutherans lifted its position in The Goodyear Tire & Rubber by 1.5% in the 1st quarter. Thrivent Financial For Lutherans now owns 9,280 shares of the company’s stock worth $334,000 after buying an additional 140 shares in the last quarter. Finally, Capstone Asset Management Co. lifted its position in The Goodyear Tire & Rubber by 0.4% in the 2nd quarter. Capstone Asset Management Co. now owns 38,605 shares of the company’s stock worth $1,350,000 after buying an additional 165 shares in the last quarter. Institutional investors own 90.33% 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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Analyst Recommendations for The Goodyear Tire & Rubber (NASDAQ:GT)

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