Goodyear Tire & Rubber Co to Post FY2018 Earnings of $2.71 Per Share, Jefferies Financial Group Forecasts (GT)

Goodyear Tire & Rubber Co (NASDAQ:GT) – Research analysts at Jefferies Financial Group dropped their FY2018 earnings per share (EPS) estimates for Goodyear Tire & Rubber in a report issued on Tuesday, October 30th. Jefferies Financial Group analyst A. Kurian now anticipates that the company will post earnings per share of $2.71 for the year, down from their previous forecast of $2.80. Jefferies Financial Group currently has a “Buy” rating and a $30.00 target price on the stock.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings data on Friday, October 26th. The company reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.08). The business had revenue of $3.93 billion for the quarter, compared to analyst estimates of $3.95 billion. Goodyear Tire & Rubber had a return on equity of 13.84% and a net margin of 3.11%. Goodyear Tire & Rubber’s revenue was up .2% compared to the same quarter last year. During the same quarter last year, the company earned $0.70 EPS.

Several other equities research analysts have also commented on the stock. Argus dropped their price target on shares of Goodyear Tire & Rubber from $30.00 to $26.00 and set a “buy” rating on the stock in a research note on Wednesday. BidaskClub upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research note on Tuesday. Wolfe Research assumed coverage on shares of Goodyear Tire & Rubber in a research note on Tuesday, October 2nd. They issued an “outperform” rating on the stock. Berenberg Bank lowered shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating and set a $23.00 price target on the stock. in a research note on Friday, August 31st. Finally, Longbow Research restated a “hold” rating on shares of Goodyear Tire & Rubber in a research note on Monday, August 13th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $27.88.

GT opened at $21.83 on Wednesday. The stock has a market cap of $5.03 billion, a P/E ratio of 7.00 and a beta of 1.69. Goodyear Tire & Rubber has a fifty-two week low of $19.25 and a fifty-two week high of $36.07. The company has a current ratio of 1.34, a quick ratio of 0.76 and a debt-to-equity ratio of 1.12.

Several institutional investors have recently bought and sold shares of the company. Towle & Co. boosted its holdings in shares of Goodyear Tire & Rubber by 17.1% in the third quarter. Towle & Co. now owns 1,702,592 shares of the company’s stock valued at $39,824,000 after acquiring an additional 248,710 shares in the last quarter. Financial Counselors Inc. boosted its holdings in shares of Goodyear Tire & Rubber by 40.8% in the third quarter. Financial Counselors Inc. now owns 143,559 shares of the company’s stock valued at $3,358,000 after acquiring an additional 41,590 shares in the last quarter. Deroy & Devereaux Private Investment Counsel Inc. boosted its holdings in shares of Goodyear Tire & Rubber by 3.0% in the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 667,496 shares of the company’s stock valued at $15,613,000 after acquiring an additional 19,574 shares in the last quarter. Smith Graham & Co. Investment Advisors LP boosted its holdings in shares of Goodyear Tire & Rubber by 7.2% in the third quarter. Smith Graham & Co. Investment Advisors LP now owns 223,010 shares of the company’s stock valued at $5,216,000 after acquiring an additional 14,900 shares in the last quarter. Finally, Levin Capital Strategies L.P. boosted its holdings in shares of Goodyear Tire & Rubber by 23.5% in the third quarter. Levin Capital Strategies L.P. now owns 4,635,223 shares of the company’s stock valued at $108,418,000 after acquiring an additional 882,814 shares in the last quarter. Institutional investors and hedge funds own 86.88% of the company’s stock.

The company also recently declared a quarterly dividend, which will be paid on Monday, December 3rd. Shareholders of record on Thursday, November 1st will be paid a $0.14 dividend. The ex-dividend date of this dividend is Wednesday, October 31st. This represents a $0.56 annualized dividend and a dividend yield of 2.57%. Goodyear Tire & Rubber’s payout ratio 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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Earnings History and Estimates for Goodyear Tire & Rubber (NASDAQ:GT)

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