Goodyear Tire & Rubber (NASDAQ:GT) Trading 7% Higher

Goodyear Tire & Rubber Co (NASDAQ:GT)’s stock price traded up 7% on Wednesday . The stock traded as high as $14.01 and last traded at $13.96, 6,518,869 shares were traded during trading. An increase of 53% from the average session volume of 4,262,981 shares. The stock had previously closed at $13.05.

Several analysts recently weighed in on the company. BNP Paribas assumed coverage on Goodyear Tire & Rubber in a research note on Friday, August 16th. They set an “outperform” rating and a $10.00 target price for the company. BidaskClub upgraded Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research note on Thursday. ValuEngine upgraded Goodyear Tire & Rubber from a “sell” rating to a “hold” rating in a research note on Tuesday. Citigroup decreased their target price on Goodyear Tire & Rubber from $16.00 to $14.00 and set a “neutral” rating for the company in a research note on Tuesday, July 30th. Finally, Morgan Stanley set a $14.00 target price on Goodyear Tire & Rubber and gave the company a “hold” rating in a research note on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the stock. Goodyear Tire & Rubber currently has a consensus rating of “Hold” and a consensus price target of $17.52.

The firm has a 50 day moving average of $12.28 and a two-hundred day moving average of $15.76. The stock has a market cap of $3.23 billion, a P/E ratio of 6.03 and a beta of 1.76. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.73 and a current ratio of 1.33.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Friday, July 26th. The company reported $0.25 EPS for the quarter, missing the Zacks’ consensus estimate of $0.31 by ($0.06). Goodyear Tire & Rubber had a return on equity of 7.66% and a net margin of 3.02%. The firm had revenue of $3.63 billion during the quarter, compared to the consensus estimate of $3.77 billion. During the same quarter in the prior year, the business posted $0.62 EPS. Goodyear Tire & Rubber’s revenue was down 5.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Goodyear Tire & Rubber Co will post 1.53 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 1st were given a $0.16 dividend. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $0.64 dividend on an annualized basis and a dividend yield of 4.57%. Goodyear Tire & Rubber’s dividend payout ratio is currently 27.59%.

Several hedge funds have recently made changes to their positions in the business. Fruth Investment Management lifted its position in shares of Goodyear Tire & Rubber by 1.5% in the 2nd quarter. Fruth Investment Management now owns 68,090 shares of the company’s stock worth $1,041,000 after acquiring an additional 1,000 shares during the period. Cim Investment Mangement Inc. lifted its position in shares of Goodyear Tire & Rubber by 4.5% in the 2nd quarter. Cim Investment Mangement Inc. now owns 25,499 shares of the company’s stock worth $390,000 after acquiring an additional 1,087 shares during the period. Oppenheimer Asset Management Inc. lifted its position in shares of Goodyear Tire & Rubber by 17.4% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 10,153 shares of the company’s stock worth $155,000 after buying an additional 1,507 shares during the period. Advisory Services Network LLC lifted its position in shares of Goodyear Tire & Rubber by 46.3% during the 1st quarter. Advisory Services Network LLC now owns 5,200 shares of the company’s stock worth $94,000 after buying an additional 1,645 shares during the period. Finally, First Republic Investment Management Inc. lifted its position in shares of Goodyear Tire & Rubber by 1.1% during the 2nd quarter. First Republic Investment Management Inc. now owns 158,187 shares of the company’s stock worth $2,420,000 after buying an additional 1,747 shares during the period. Institutional investors own 81.76% of the company’s stock.

Goodyear Tire & Rubber Company Profile (NASDAQ:GT)

The Goodyear Tire & Rubber Company, together with its subsidiaries, develops, manufactures, distributes, and sells tires and related products and services worldwide. The company 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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