The Goodyear Tire & Rubber Company (GT) Expected to Announce Quarterly Sales of $3.91 Billion

Wall Street analysts forecast that The Goodyear Tire & Rubber Company (NASDAQ:GT) will post sales of $3.91 billion for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for The Goodyear Tire & Rubber’s earnings. The highest sales estimate is $3.99 billion and the lowest is $3.83 billion. The Goodyear Tire & Rubber posted sales of $3.85 billion in the same quarter last year, which suggests a positive year over year growth rate of 1.6%. The company is scheduled to issue its next quarterly earnings results before the market opens on Friday, October 27th.

On average, analysts expect that The Goodyear Tire & Rubber will report full-year sales of $3.91 billion for the current year, with estimates ranging from $15.17 billion to $15.33 billion. For the next year, analysts expect that the company will post sales of $15.59 billion per share, with estimates ranging from $15.42 billion to $15.81 billion. Zacks’ sales averages are an average based on a survey of analysts that follow The Goodyear Tire & Rubber.

The Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings data on Friday, July 28th. The company reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.05). The Goodyear Tire & Rubber had a return on equity of 18.94% and a net margin of 7.95%. The company had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $3.70 billion. During the same quarter last year, the business posted $1.16 EPS. The business’s quarterly revenue was down 5.0% on a year-over-year basis.

Several research firms have issued reports on GT. Guggenheim began coverage on shares of The Goodyear Tire & Rubber in a research note on Wednesday, June 21st. They set a “buy” rating and a $39.00 target price on the stock. Jefferies Group LLC set a $36.00 target price on shares of The Goodyear Tire & Rubber and gave the company a “buy” rating in a research note on Monday, August 7th. Zacks Investment Research cut shares of The Goodyear Tire & Rubber from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Goldman Sachs Group, Inc. (The) set a $29.00 target price on shares of The Goodyear Tire & Rubber and gave the company a “hold” rating in a research note on Tuesday, August 1st. Finally, BidaskClub upgraded shares of The Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research note on Wednesday, September 13th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $38.00.

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Shares of The Goodyear Tire & Rubber (NASDAQ GT) opened at 33.03 on Wednesday. The company’s 50-day moving average is $32.11 and its 200-day moving average is $33.47. The stock has a market cap of $8.32 billion, a P/E ratio of 7.20 and a beta of 1.56. The Goodyear Tire & Rubber has a 12-month low of $26.82 and a 12-month high of $37.20.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Wednesday, November 1st will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.70%. The ex-dividend date of this dividend is Tuesday, October 31st. This is a boost from The Goodyear Tire & Rubber’s previous quarterly dividend of $0.10. The Goodyear Tire & Rubber’s dividend payout ratio is 8.77%.

In other news, insider Jean Claude Kihn sold 7,500 shares of the stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $33.26, for a total value of $249,450.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders sold a total of 15,501 shares of company stock worth $507,866 in the last quarter. Company insiders own 1.40% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the stock. Achmea Investment Management B.V. increased its holdings in The Goodyear Tire & Rubber by 20.5% in the 2nd quarter. Achmea Investment Management B.V. now owns 36,009 shares of the company’s stock worth $1,257,000 after acquiring an additional 6,136 shares in the last quarter. Toronto Dominion Bank increased its holdings in The Goodyear Tire & Rubber by 24.6% in the 2nd quarter. Toronto Dominion Bank now owns 87,296 shares of the company’s stock worth $3,051,000 after acquiring an additional 17,256 shares in the last quarter. Cetera Investment Advisers purchased a new stake in The Goodyear Tire & Rubber in the 2nd quarter worth approximately $569,000. U S Global Investors Inc. increased its holdings in The Goodyear Tire & Rubber by 9.0% in the 2nd quarter. U S Global Investors Inc. now owns 33,800 shares of the company’s stock worth $1,182,000 after acquiring an additional 2,800 shares in the last quarter. Finally, Walthausen & Co. LLC purchased a new stake in The Goodyear Tire & Rubber in the 2nd quarter worth approximately $6,498,000. 90.23% of the stock is owned by institutional investors.

The Goodyear Tire & Rubber Company Profile

The Goodyear Tire & Rubber Company is a manufacturer of tires. The Company operates through three segments. The Americas segment develops, manufactures, distributes and sells tires and related products and services in North, Central and South America, and sells tires to various export markets. The Americas segment manufactures and sells tires for automobiles, trucks, buses, earthmoving, mining and industrial equipment, aircraft and for various other applications.

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