Goodyear Tire & Rubber (GT) Bonds Trading 0.6% Higher

An issue of Goodyear Tire & Rubber Co (NASDAQ:GT) bonds rose 0.6% against their face value during trading on Monday. The debt issue has a 4.875% coupon and will mature on March 15, 2027. The debt is now trading at $102.75 and was trading at $102.60 one week ago. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its share price.

Several analysts recently weighed in on the company. BidaskClub upgraded Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research note on Wednesday, September 13th. Zacks Investment Research downgraded Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note on Tuesday, October 31st. Citigroup downgraded Goodyear Tire & Rubber from a “buy” rating to a “neutral” rating and cut their price target for the stock from $38.00 to $36.00 in a research note on Monday, October 30th. Jefferies Group restated a “buy” rating and issued a $36.00 price target on shares of Goodyear Tire & Rubber in a research note on Thursday, October 12th. Finally, JPMorgan Chase & Co. cut their price target on Goodyear Tire & Rubber from $40.00 to $38.00 and set an “overweight” rating on the stock in a research note on Monday, October 30th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $37.70.

Shares of Goodyear Tire & Rubber Co (NASDAQ:GT) opened at $32.60 on Wednesday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.76 and a current ratio of 1.37. Goodyear Tire & Rubber Co has a 52 week low of $28.81 and a 52 week high of $37.20. The company has a market capitalization of $8,090.00, a price-to-earnings ratio of 8.42, a price-to-earnings-growth ratio of 0.92 and a beta of 1.52.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings results on Friday, October 27th. The company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.03. The firm had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.91 billion. Goodyear Tire & Rubber had a return on equity of 15.88% and a net margin of 6.67%. The company’s revenue was up 1.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.17 EPS. equities research analysts anticipate that Goodyear Tire & Rubber Co will post 2.88 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Wednesday, November 1st were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.72%. This is a boost from Goodyear Tire & Rubber’s previous quarterly dividend of $0.10. The ex-dividend date was Tuesday, October 31st. Goodyear Tire & Rubber’s dividend payout ratio is presently 14.47%.

In related news, SVP Jean Claude Kihn sold 7,500 shares of the firm’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $32.12, for a total value of $240,900.00. Following the transaction, the senior vice president now directly owns 51,848 shares of the company’s stock, valued at approximately $1,665,357.76. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders have sold a total of 22,500 shares of company stock worth $719,325 over the last three months. Insiders own 1.40% of the company’s stock.

A number of large investors have recently bought and sold shares of the business. Belpointe Asset Management LLC purchased a new position in shares of Goodyear Tire & Rubber during the third quarter valued at about $258,000. IFM Investors Pty Ltd purchased a new position in shares of Goodyear Tire & Rubber during the third quarter valued at about $322,000. Walthausen & Co. LLC grew its position in shares of Goodyear Tire & Rubber by 12.4% during the third quarter. Walthausen & Co. LLC now owns 208,850 shares of the company’s stock valued at $6,944,000 after purchasing an additional 22,990 shares in the last quarter. California Public Employees Retirement System grew its position in shares of Goodyear Tire & Rubber by 2.1% during the third quarter. California Public Employees Retirement System now owns 730,342 shares of the company’s stock valued at $24,284,000 after purchasing an additional 15,342 shares in the last quarter. Finally, Janney Capital Management LLC grew its position in shares of Goodyear Tire & Rubber by 45.4% during the third quarter. Janney Capital Management LLC now owns 10,098 shares of the company’s stock valued at $335,000 after purchasing an additional 3,152 shares in the last quarter. 94.64% of the stock is currently owned by institutional investors and hedge funds.

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About 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.

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