Today, Morgan Stanley Reiterates “$24.00” Price Target for The Goodyear Tire & Rubber Co. (GT)

Today, Morgan Stanley Reiterates “$24.00” Price Target for The Goodyear Tire & Rubber Co. (GT)
The Goodyear Tire & Rubber Co. (NASDAQ:GT) has been assigned a $24.00 target price by investment analysts at Morgan Stanley in a report issued on Thursday. The brokerage presently has a “sell” rating on the stock. Morgan Stanley’s target price points to a potential downside of 22.98% from the stock’s previous close.

Other research analysts have also issued research reports about the company. Citigroup Inc. lifted their target price on The Goodyear Tire & Rubber Co. from $36.00 to $37.00 and gave the company a “buy” rating in a report on Thursday, July 28th. Berenberg Bank initiated coverage on The Goodyear Tire & Rubber Co. in a report on Tuesday. They set a “buy” rating and a $36.00 price objective for the company. Deutsche Bank AG raised The Goodyear Tire & Rubber Co. from a “hold” rating to a “buy” rating and set a $37.00 price objective for the company in a report on Tuesday, September 6th. Goldman Sachs Group Inc. reissued a “buy” rating and set a $35.00 price objective on shares of The Goodyear Tire & Rubber Co. in a report on Saturday, October 8th. Finally, boosted their price objective on The Goodyear Tire & Rubber Co. from $34.00 to $37.00 and gave the stock a “market perform” rating in a report on Friday, September 16th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $34.04.

The Goodyear Tire & Rubber Co. (NASDAQ:GT) traded up 0.78% on Thursday, hitting $31.16. 1,300,856 shares of the stock were exchanged. The Goodyear Tire & Rubber Co. has a 52-week low of $24.31 and a 52-week high of $35.30. The firm has a market cap of $8.13 billion, a PE ratio of 26.03 and a beta of 1.33. The company has a 50-day moving average price of $30.35 and a 200-day moving average price of $28.99.

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

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Tuesday, November 1st will be given a $0.10 dividend. The ex-dividend date of this dividend is Friday, October 28th. This represents a $0.40 annualized dividend and a yield of 1.28%. This is an increase from The Goodyear Tire & Rubber Co.’s previous quarterly dividend of $0.07. The Goodyear Tire & Rubber Co.’s payout ratio is presently 33.33%.

Hedge funds have recently made changes to their positions in the stock. Whittier Trust Co. increased its position in shares of 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 worth $127,000 after buying an additional 1,491 shares in the last quarter. Pacer Advisors Inc. increased its position in shares of 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 worth $137,000 after buying an additional 479 shares in the last quarter. Daiwa Securities Group Inc. increased its position in shares of 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 worth $166,000 after buying an additional 550 shares in the last quarter. TradeLink Capital LLC increased its position in shares of The Goodyear Tire & Rubber Co. by 4.6% in the second quarter. TradeLink Capital LLC now owns 7,833 shares of the company’s stock worth $201,000 after buying an additional 343 shares in the last quarter. Finally, Telemus Capital LLC acquired a new position in shares of The Goodyear Tire & Rubber Co. during the second quarter worth approximately $207,000. Hedge funds and other institutional investors own 90.58% of the company’s stock.

About The Goodyear Tire & Rubber Co.

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