Todays Report: The Goodyear Tire & Rubber Co.’s (GT) Buy Rating Reiterated at Goldman Sachs Group Inc.

The Goodyear Tire & Rubber Co.’s (GT) Buy Rating Reiterated at Goldman Sachs Group Inc.

Goldman Sachs Group Inc. reissued their buy rating on shares of The Goodyear Tire & Rubber Co. (NASDAQ:GT) in a report published on Saturday morning. Goldman Sachs Group Inc. currently has a $35.00 target price on the stock.

GT has been the topic of a number of other reports. Vetr raised The Goodyear Tire & Rubber Co. from a buy rating to a strong-buy rating and set a $30.38 price target on the stock in a report on Monday, June 27th. Credit Agricole SA upped their price target on 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. Deutsche Bank AG raised The Goodyear Tire & Rubber Co. from a hold rating to a buy rating and set a $37.00 price target on the stock in a report on Tuesday, September 6th. Zacks Investment Research upgraded The Goodyear Tire & Rubber Co. from a hold rating to a buy rating and set a $30.00 price objective for the company in a research report on Wednesday, July 13th. Finally, Citigroup Inc. upped their price objective on 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. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $35.26.

Shares of The Goodyear Tire & Rubber Co. (NASDAQ:GT) opened at 32.83 on Friday. The company has a market cap of $8.62 billion, a P/E ratio of 32.28 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 stock’s 50 day moving average price is $31.08 and its 200-day moving average price is $29.20.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.13. The firm had revenue of $3.88 billion for the quarter, compared to the consensus estimate of $3.93 billion. The Goodyear Tire & Rubber Co. had a return on equity of 24.06% and a net margin of 1.75%. The company’s quarterly revenue was down 7.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.84 earnings per share. Equities research analysts expect that The Goodyear Tire & Rubber Co. will post $4.08 earnings per share for the current year.

The business also recently declared 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. This is a boost from The Goodyear Tire & Rubber Co.’s previous quarterly dividend of $0.07. The ex-dividend date of this dividend is Friday, October 28th. This represents a $0.40 dividend on an annualized basis and a yield of 1.22%. The Goodyear Tire & Rubber Co.’s dividend payout ratio is presently 28.00%.

A number of hedge funds have recently modified their holdings of GT. Acrospire Investment Management LLC acquired a new position in The Goodyear Tire & Rubber Co. during the first quarter worth $106,000. Whittier Trust Co. raised its position 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 worth $127,000 after buying an additional 1,491 shares during the period. Pacer Advisors Inc. raised its position 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 worth $137,000 after buying an additional 479 shares during the period. Bayesian Capital Management LP acquired a new position in The Goodyear Tire & Rubber Co. during the first quarter worth $200,000. Finally, Daiwa Securities Group Inc. raised its position 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 worth $166,000 after buying an additional 550 shares during the period. Institutional investors and hedge funds own 92.93% of the company’s stock.

The Goodyear Tire & Rubber Co. Company Profile

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