Goodyear Tire & Rubber Company (GT) Posts Quarterly Earnings Results, Beats Expectations By $0.08 EPS, Report finds

Goodyear Tire & Rubber Company (GT) Posts Quarterly  Earnings Results, Beats Expectations By $0.08 EPS, Report finds

The Goodyear Tire & Rubber Company (NASDAQ:GT) posted its earnings results on Wednesday. The company reported $0.95 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.08. The Goodyear Tire & Rubber Company had a return on equity of 24.47% and a net margin of 2.09%. The firm had revenue of $3.70 billion for the quarter, compared to the consensus estimate of $3.87 billion. During the same quarter in the prior year, the business earned $0.93 EPS. The business’s revenue for the quarter was down 7.9% on a year-over-year basis.

The Goodyear Tire & Rubber Company (NASDAQ:GT) opened at 32.13 on Thursday. The company has a market capitalization of $8.39 billion, a PE ratio of 26.84 and a beta of 1.42. The stock’s 50 day moving average price is $31.46 and its 200 day moving average price is $30.67. The Goodyear Tire & Rubber Company has a 12-month low of $24.31 and a 12-month high of $33.36.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 1st. Stockholders of record on Wednesday, February 1st will be issued a dividend of $0.10 per share. The ex-dividend date is Monday, January 30th. This represents a $0.40 annualized dividend and a dividend yield of 1.24%. The Goodyear Tire & Rubber Company’s payout ratio is 33.33%.

GT has been the topic of several recent research reports. Zacks Investment Research downgraded The Goodyear Tire & Rubber Company from a “buy” rating to a “hold” rating in a research note on Tuesday, January 10th. Morgan Stanley set a $24.00 price target on The Goodyear Tire & Rubber Company and gave the stock a “sell” rating in a research note on Thursday, November 24th. Jefferies Group LLC initiated coverage on The Goodyear Tire & Rubber Company in a research note on Tuesday, November 29th. They issued a “buy” rating and a $36.50 price target on the stock. Finally, Berenberg Bank initiated coverage on The Goodyear Tire & Rubber Company in a research note on Tuesday, November 22nd. They issued a “buy” rating and a $36.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have issued 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 a consensus rating of “Buy” and an average price target of $34.63.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Holdings Inc. increased its position in The Goodyear Tire & Rubber Company by 2.0% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 828,724 shares of the company’s stock valued at $21,265,000 after buying an additional 16,237 shares during the period. Concert Wealth Management Inc. increased its position in The Goodyear Tire & Rubber Company by 23.7% in the second quarter. Concert Wealth Management Inc. now owns 8,689 shares of the company’s stock valued at $223,000 after buying an additional 1,663 shares during the period. Whittier Trust Co. increased its position in The Goodyear Tire & Rubber Company 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 during the period. Tokio Marine Asset Management Co. Ltd. increased its position in The Goodyear Tire & Rubber Company by 5.1% in the second quarter. Tokio Marine Asset Management Co. Ltd. now owns 11,396 shares of the company’s stock valued at $292,000 after buying an additional 553 shares during the period. Finally, Bank of Montreal Can bought a new position in The Goodyear Tire & Rubber Company during the second quarter valued at $2,045,000. Hedge funds and other institutional investors own 92.07% of the company’s stock.

The Goodyear Tire & Rubber Company Company Profile

The Goodyear Tire & Rubber Company is engaged in developing, manufacturing, marketing and distributing tires for various applications. It also manufactures and markets rubber-related chemicals for various applications. The Company’s Americas business comprises businesses of North America and Latin America.

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Goodyear Tire & Rubber Company (GT) Posts Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Goodyear Tire & Rubber Company (GT) Posts Quarterly  Earnings Results, Beats Expectations By $0.08 EPS

The Goodyear Tire & Rubber Company (NASDAQ:GT) posted its earnings results on Wednesday. The company reported $0.95 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.08. The Goodyear Tire & Rubber Company had a return on equity of 24.47% and a net margin of 2.09%. The firm had revenue of $3.70 billion for the quarter, compared to the consensus estimate of $3.87 billion. During the same quarter in the prior year, the business earned $0.93 EPS. The business’s revenue for the quarter was down 7.9% on a year-over-year basis.

The Goodyear Tire & Rubber Company (NASDAQ:GT) opened at 32.13 on Thursday. The company has a market capitalization of $8.39 billion, a PE ratio of 26.84 and a beta of 1.42. The stock’s 50 day moving average price is $31.46 and its 200 day moving average price is $30.67. The Goodyear Tire & Rubber Company has a 12-month low of $24.31 and a 12-month high of $33.36.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 1st. Stockholders of record on Wednesday, February 1st will be issued a dividend of $0.10 per share. The ex-dividend date is Monday, January 30th. This represents a $0.40 annualized dividend and a dividend yield of 1.24%. The Goodyear Tire & Rubber Company’s payout ratio is 33.33%.

GT has been the topic of several recent research reports. Zacks Investment Research downgraded The Goodyear Tire & Rubber Company from a “buy” rating to a “hold” rating in a research note on Tuesday, January 10th. Morgan Stanley set a $24.00 price target on The Goodyear Tire & Rubber Company and gave the stock a “sell” rating in a research note on Thursday, November 24th. Jefferies Group LLC initiated coverage on The Goodyear Tire & Rubber Company in a research note on Tuesday, November 29th. They issued a “buy” rating and a $36.50 price target on the stock. Finally, Berenberg Bank initiated coverage on The Goodyear Tire & Rubber Company in a research note on Tuesday, November 22nd. They issued a “buy” rating and a $36.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have issued 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 a consensus rating of “Buy” and an average price target of $34.63.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Holdings Inc. increased its position in The Goodyear Tire & Rubber Company by 2.0% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 828,724 shares of the company’s stock valued at $21,265,000 after buying an additional 16,237 shares during the period. Concert Wealth Management Inc. increased its position in The Goodyear Tire & Rubber Company by 23.7% in the second quarter. Concert Wealth Management Inc. now owns 8,689 shares of the company’s stock valued at $223,000 after buying an additional 1,663 shares during the period. Whittier Trust Co. increased its position in The Goodyear Tire & Rubber Company 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 during the period. Tokio Marine Asset Management Co. Ltd. increased its position in The Goodyear Tire & Rubber Company by 5.1% in the second quarter. Tokio Marine Asset Management Co. Ltd. now owns 11,396 shares of the company’s stock valued at $292,000 after buying an additional 553 shares during the period. Finally, Bank of Montreal Can bought a new position in The Goodyear Tire & Rubber Company during the second quarter valued at $2,045,000. Hedge funds and other institutional investors own 92.07% of the company’s stock.

The Goodyear Tire & Rubber Company Company Profile

The Goodyear Tire & Rubber Company is engaged in developing, manufacturing, marketing and distributing tires for various applications. It also manufactures and markets rubber-related chemicals for various applications. The Company’s Americas business comprises businesses of North America and Latin America.

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