Trade Report: The Analysts gives Consensus Recommendation of “Buy” to The Goodyear Tire & Rubber Co. (GT)

The Analysts gives Consensus Recommendation of “Buy” to The Goodyear Tire & Rubber Co. (GT)

Shares of The Goodyear Tire & Rubber Co. (NASDAQ:GT) have been given an average recommendation of “Buy” by the nine ratings firms that are currently covering the stock. One analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $35.26.

A number of research firms recently commented on GT. Credit Agricole SA increased their target price on shares of The Goodyear Tire & Rubber Co. from $34.00 to $37.00 and gave the company a “market perform” rating in a research report on Friday, September 16th. Zacks Investment Research raised shares of The Goodyear Tire & Rubber Co. from a “hold” rating to a “buy” rating and set a $30.00 target price for the company in a research report on Wednesday, July 13th. Vetr raised shares of The Goodyear Tire & Rubber Co. from a “buy” rating to a “strong-buy” rating and set a $30.38 target price for the company in a research report on Tuesday, June 14th. Citigroup Inc. increased 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 report on Thursday, July 28th. Finally, Goldman Sachs Group Inc. reissued a “buy” rating and set a $35.00 target price on shares of The Goodyear Tire & Rubber Co. in a research report on Saturday.

Shares of The Goodyear Tire & Rubber Co. (NASDAQ:GT) traded down 0.358% during midday trading on Wednesday, hitting $32.035. 1,208,788 shares of the stock were exchanged. The firm’s 50-day moving average is $31.26 and its 200-day moving average is $29.18. The stock has a market cap of $8.41 billion, a price-to-earnings ratio of 31.500 and a beta of 1.73. The Goodyear Tire & Rubber Co. has a 12 month low of $24.31 and a 12 month high of $35.30.

The Goodyear Tire & Rubber Co. (NASDAQ:GT) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.13. The Goodyear Tire & Rubber Co. had a net margin of 1.75% and a return on equity of 24.06%. The firm earned $3.88 billion during the quarter, compared to analysts’ expectations of $3.93 billion. During the same quarter in the prior year, the company earned $0.84 EPS. The company’s revenue was down 7.0% compared to the same quarter last year. Equities research analysts predict that The Goodyear Tire & Rubber Co. will post $4.08 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders of record on Tuesday, November 1st will be paid a $0.10 dividend. The ex-dividend date of this dividend is Friday, October 28th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.24%. This is a positive change from The Goodyear Tire & Rubber Co.’s previous quarterly dividend of $0.07. The Goodyear Tire & Rubber Co.’s dividend payout ratio is presently 28.00%.

Several hedge funds have recently added to or reduced their stakes in the company. Acrospire Investment Management LLC purchased a new stake in The Goodyear Tire & Rubber Co. during the first quarter valued at approximately $106,000. Whittier Trust Co. raised its stake in The Goodyear Tire & Rubber Co. by 43.3% in the second quarter. Whittier Trust Co. now owns 4,935 shares of the company’s stock valued at $127,000 after buying an additional 1,491 shares in the last quarter. Pacer Advisors Inc. raised its stake in The Goodyear Tire & Rubber Co. by 9.9% in the second quarter. Pacer Advisors Inc. now owns 5,323 shares of the company’s stock valued at $137,000 after buying an additional 479 shares in the last quarter. Bayesian Capital Management LP purchased a new stake in The Goodyear Tire & Rubber Co. during the first quarter valued at approximately $200,000. Finally, Daiwa Securities Group Inc. raised its stake in The Goodyear Tire & Rubber Co. by 9.3% in the second quarter. Daiwa Securities Group Inc. now owns 6,450 shares of the company’s stock valued at $166,000 after buying an additional 550 shares in the last quarter. Hedge funds and other institutional investors own 92.93% of the company’s stock.

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