The Goodyear Tire & Rubber Company (GT) Announces Quarterly Earnings Results

The Goodyear Tire & Rubber Company (NASDAQ:GT) issued its quarterly earnings data on Friday, October 27th. The company reported $0.70 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.03, Bloomberg Earnings reports. The Goodyear Tire & Rubber had a return on equity of 15.88% and a net margin of 6.67%. The company had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.91 billion. During the same period in the previous year, the firm posted $1.17 earnings per share. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis.

Shares of The Goodyear Tire & Rubber (NASDAQ:GT) opened at $29.07 on Friday. The stock has a market cap of $7,160.73, a price-to-earnings ratio of 9.38, a PEG ratio of 0.81 and a beta of 1.51. The Goodyear Tire & Rubber has a 1 year low of $28.81 and a 1 year high of $37.20. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.76 and a current ratio of 1.37.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Wednesday, November 1st will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.93%. The ex-dividend date of this dividend is Tuesday, October 31st. This is an increase from The Goodyear Tire & Rubber’s previous quarterly dividend of $0.10. The Goodyear Tire & Rubber’s dividend payout ratio (DPR) is 14.47%.

GT has been the subject of a number of research reports. Zacks Investment Research upgraded The Goodyear Tire & Rubber from a “sell” rating to a “hold” rating in a report on Friday, July 21st. BidaskClub lowered The Goodyear Tire & Rubber from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. ValuEngine lowered The Goodyear Tire & Rubber from a “strong-buy” rating to a “buy” rating in a report on Friday, July 28th. Morgan Stanley set a $52.00 target price on The Goodyear Tire & Rubber and gave the stock a “buy” rating in a report on Friday, July 28th. Finally, Deutsche Bank AG downgraded The Goodyear Tire & Rubber from a “buy” rating to a “hold” rating and set a $40.00 price target on the stock. in a research report on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $37.55.

In related news, insider Jean Claude Kihn sold 7,500 shares of the business’s stock in a transaction 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 Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders sold 23,001 shares of company stock valued at $736,841. 1.40% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of GT. Sound Shore Management Inc. CT acquired a new position in shares of The Goodyear Tire & Rubber during the second quarter worth about $101,396,000. Bank of New York Mellon Corp lifted its holdings in shares of The Goodyear Tire & Rubber by 15.9% in the second quarter. Bank of New York Mellon Corp now owns 6,202,190 shares of the company’s stock valued at $216,826,000 after purchasing an additional 852,947 shares in the last quarter. LSV Asset Management lifted its holdings in shares of The Goodyear Tire & Rubber by 6.6% in the second quarter. LSV Asset Management now owns 10,230,101 shares of the company’s stock valued at $357,644,000 after purchasing an additional 634,919 shares in the last quarter. Parametric Portfolio Associates LLC lifted its holdings in shares of The Goodyear Tire & Rubber by 94.1% in the second quarter. Parametric Portfolio Associates LLC now owns 1,296,130 shares of the company’s stock valued at $45,313,000 after purchasing an additional 628,221 shares in the last quarter. Finally, Seatown Holdings Pte. Ltd. acquired a new position in The Goodyear Tire & Rubber during the second quarter worth approximately $21,686,000. Institutional investors own 92.10% of the company’s stock.

COPYRIGHT VIOLATION WARNING: “The Goodyear Tire & Rubber Company (GT) Announces Quarterly Earnings Results” was first published by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are accessing this article on another site, it was illegally stolen and reposted in violation of United States and international copyright & trademark legislation. The correct version of this article can be accessed at https://www.dispatchtribunal.com/2017/11/12/the-goodyear-tire-rubber-company-gt-issues-earnings-results.html.

About The Goodyear Tire & Rubber

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.

Earnings History for The Goodyear Tire & Rubber (NASDAQ:GT)

Receive News & Ratings for The Goodyear Tire & Rubber Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The Goodyear Tire & Rubber Company and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply