Goodyear Tire & Rubber Co (NASDAQ:GT) – Northcoast Research dropped their FY2019 earnings estimates for shares of Goodyear Tire & Rubber in a report released on Monday, October 29th. Northcoast Research analyst J. Healy now anticipates that the company will post earnings of $3.28 per share for the year, down from their previous estimate of $3.67. Northcoast Research also issued estimates for Goodyear Tire & Rubber’s Q4 2019 earnings at $1.18 EPS.
Other research analysts also recently issued research reports about the company. Citigroup decreased their price objective on Goodyear Tire & Rubber from $29.00 to $24.00 and set a “neutral” rating on the stock in a research note on Monday, July 30th. Zacks Investment Research raised Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 11th. BidaskClub raised Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research note on Tuesday. Morgan Stanley downgraded Goodyear Tire & Rubber from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $33.00 to $23.00 in a research note on Monday, August 13th. Finally, Jefferies Financial Group set a $30.00 price objective on Goodyear Tire & Rubber and gave the stock a “buy” rating in a research note on Tuesday, July 31st. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $28.38.
Goodyear Tire & Rubber (NASDAQ:GT) last posted its earnings results on Friday, October 26th. The company reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.08). Goodyear Tire & Rubber had a net margin of 3.11% and a return on equity of 13.84%. The firm had revenue of $3.93 billion during the quarter, compared to the consensus estimate of $3.95 billion. During the same period in the prior year, the company posted $0.70 EPS. The firm’s revenue was up .2% compared to the same quarter last year.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Itau Unibanco Holding S.A. grew its position in shares of Goodyear Tire & Rubber by 80.7% during the second quarter. Itau Unibanco Holding S.A. now owns 5,279 shares of the company’s stock worth $123,000 after purchasing an additional 2,358 shares in the last quarter. Exane Asset Management purchased a new stake in shares of Goodyear Tire & Rubber during the second quarter worth about $193,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Goodyear Tire & Rubber during the third quarter worth about $205,000. Baird Financial Group Inc. purchased a new stake in shares of Goodyear Tire & Rubber during the second quarter worth about $209,000. Finally, Vident Investment Advisory LLC grew its position in shares of Goodyear Tire & Rubber by 33.7% during the second quarter. Vident Investment Advisory LLC now owns 10,101 shares of the company’s stock worth $235,000 after purchasing an additional 2,547 shares in the last quarter. 86.88% of the stock is currently owned by hedge funds and other institutional investors.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Thursday, November 1st will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.59%. The ex-dividend date is Wednesday, October 31st. Goodyear Tire & Rubber’s dividend payout ratio (DPR) is currently 17.95%.
About Goodyear Tire & Rubber
The Goodyear Tire & Rubber Company, together with its subsidiaries, develops, manufactures, distributes, and sells tires and related products and services worldwide. It 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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