Goodyear Tire and Rubber (GT) Sets New 12-Month High and Low After Better-Than-Expected Earnings

Goodyear Tire and Rubber (NASDAQ:GT) reached a new 52-week high and low on Wednesday following a stronger than expected earnings report. The stock traded as low as $25.28 and last traded at $25.54, with a volume of 3831156 shares traded. The stock had previously closed at $26.87.

The company reported $0.50 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.06. Goodyear Tire and Rubber had a return on equity of 15.70% and a net margin of 2.25%. The firm had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.80 billion. During the same quarter in the previous year, the company posted $0.74 EPS. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 1st. Shareholders of record on Tuesday, May 1st will be given a $0.14 dividend. The ex-dividend date of this dividend is Monday, April 30th. This represents a $0.56 annualized dividend and a yield of 2.20%. Goodyear Tire and Rubber’s payout ratio is 17.95%.

A number of research firms have recently weighed in on GT. Zacks Investment Research upgraded Goodyear Tire and Rubber from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a research report on Monday, January 29th. BidaskClub upgraded Goodyear Tire and Rubber from a “hold” rating to a “buy” rating in a research report on Friday, January 26th. Longbow Research began coverage on Goodyear Tire and Rubber in a research report on Wednesday, January 31st. They set a “neutral” rating for the company. TheStreet downgraded Goodyear Tire and Rubber from a “b” rating to a “c+” rating in a research report on Thursday, February 8th. Finally, Guggenheim set a $32.00 target price on Goodyear Tire and Rubber and gave the stock a “hold” rating in a research report on Friday, February 9th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $36.10.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Amalgamated Bank increased its holdings in Goodyear Tire and Rubber by 3.4% in the fourth quarter. Amalgamated Bank now owns 51,160 shares of the company’s stock valued at $1,653,000 after purchasing an additional 1,671 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in Goodyear Tire and Rubber by 16.8% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 12,627 shares of the company’s stock valued at $408,000 after purchasing an additional 1,813 shares during the last quarter. Municipal Employees Retirement System of Michigan increased its holdings in Goodyear Tire and Rubber by 13.4% in the fourth quarter. Municipal Employees Retirement System of Michigan now owns 18,780 shares of the company’s stock valued at $607,000 after purchasing an additional 2,220 shares during the last quarter. Advisory Services Network LLC increased its holdings in Goodyear Tire and Rubber by 164.5% in the fourth quarter. Advisory Services Network LLC now owns 3,832 shares of the company’s stock valued at $124,000 after purchasing an additional 2,383 shares during the last quarter. Finally, Parkside Investments LLC increased its holdings in Goodyear Tire and Rubber by 2.6% in the fourth quarter. Parkside Investments LLC now owns 97,017 shares of the company’s stock valued at $3,135,000 after purchasing an additional 2,450 shares during the last quarter. Institutional investors and hedge funds own 95.03% of the company’s stock.

The firm has a market cap of $6,461.67, a P/E ratio of 8.14 and a beta of 1.79. The company has a quick ratio of 0.66, a current ratio of 1.21 and a debt-to-equity ratio of 1.05.

Goodyear Tire and 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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