Today, The Goodyear Tire & Rubber Co. (GT) Research Coverage Started at Berenberg Bank

Today, The Goodyear Tire & Rubber Co. (GT) Research Coverage Started at Berenberg Bank
Berenberg Bank started coverage on shares of The Goodyear Tire & Rubber Co. (NASDAQ:GT) in a research note issued to investors on Tuesday morning. The brokerage issued a buy rating and a $36.00 price objective on the stock.

A number of other equities analysts also recently weighed in on GT. Citigroup Inc. raised their target price on shares of The Goodyear Tire & Rubber Co. from $36.00 to $37.00 and gave the company a buy rating in a research note on Thursday, July 28th. Deutsche Bank AG raised shares of The Goodyear Tire & Rubber Co. from a hold rating to a buy rating and set a $37.00 target price for the company in a research note on Tuesday, September 6th. increased their price target on shares of The Goodyear Tire & Rubber Co. from $34.00 to $37.00 and gave the company a market perform rating in a report on Friday, September 16th. Finally, Goldman Sachs Group Inc. reiterated a buy rating and set a $35.00 price target on shares of The Goodyear Tire & Rubber Co. in a report on Saturday, October 8th. One analyst has rated the stock with a sell rating, one has given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. The Goodyear Tire & Rubber Co. has an average rating of Buy and an average price target of $35.15.

Shares of The Goodyear Tire & Rubber Co. (NASDAQ:GT) opened at 30.92 on Tuesday. The Goodyear Tire & Rubber Co. has a one year low of $24.31 and a one year high of $35.30. The firm’s 50-day moving average is $30.46 and its 200-day moving average is $28.97. The company has a market cap of $8.07 billion, a PE ratio of 25.83 and a beta of 1.33.

The Goodyear Tire & Rubber Co. (NASDAQ:GT) last announced its earnings results on Friday, October 28th. The company reported $1.17 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.16 by $0.01. The Goodyear Tire & Rubber Co. had a net margin of 2.09% and a return on equity of 24.47%. The business earned $3.80 billion during the quarter, compared to the consensus estimate of $3.97 billion. During the same quarter last year, the firm earned $0.99 earnings per share. The business’s revenue for the quarter was down 8.1% on a year-over-year basis. On average, equities analysts anticipate that The Goodyear Tire & Rubber Co. will post $3.95 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Tuesday, November 1st will be issued a $0.10 dividend. The ex-dividend date is Friday, October 28th. This represents a $0.40 annualized dividend and a yield of 1.29%. This is a boost from The Goodyear Tire & Rubber Co.’s previous quarterly dividend of $0.07. The Goodyear Tire & Rubber Co.’s dividend payout ratio (DPR) is currently 33.33%.

Hedge funds and other institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC boosted its position in shares of The Goodyear Tire & Rubber Co. by 133.4% in the first quarter. Renaissance Technologies LLC now owns 512,700 shares of the company’s stock valued at $16,909,000 after buying an additional 293,000 shares in the last quarter. Legal & General Group Plc increased its stake in shares of The Goodyear Tire & Rubber Co. by 210.6% in the first quarter. Legal & General Group Plc now owns 1,247,893 shares of the company’s stock valued at $41,151,000 after buying an additional 846,079 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in shares of The Goodyear Tire & Rubber Co. by 65.9% in the first quarter. Envestnet Asset Management Inc. now owns 27,475 shares of the company’s stock valued at $906,000 after buying an additional 10,911 shares during the last quarter. A.R.T. Advisors LLC purchased a new stake in shares of The Goodyear Tire & Rubber Co. during the first quarter valued at approximately $1,920,000. Finally, LPL Financial LLC increased its stake in shares of The Goodyear Tire & Rubber Co. by 2.0% in the first quarter. LPL Financial LLC now owns 143,391 shares of the company’s stock valued at $4,481,000 after buying an additional 2,769 shares during the last quarter. Institutional investors and hedge funds own 90.58% of the company’s stock.

About The Goodyear Tire & Rubber Co.

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