Bank of New York Mellon Corp Increases Holdings in Cooper Tire & Rubber Co (NYSE:CTB)

Bank of New York Mellon Corp lifted its stake in Cooper Tire & Rubber Co (NYSE:CTB) by 8.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 837,758 shares of the company’s stock after acquiring an additional 68,359 shares during the period. Bank of New York Mellon Corp owned 1.67% of Cooper Tire & Rubber worth $26,432,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its position in Cooper Tire & Rubber by 6.3% during the 4th quarter. Geode Capital Management LLC now owns 528,682 shares of the company’s stock valued at $17,092,000 after buying an additional 31,506 shares in the last quarter. Rhumbline Advisers increased its position in Cooper Tire & Rubber by 0.8% during the 1st quarter. Rhumbline Advisers now owns 163,859 shares of the company’s stock valued at $4,898,000 after buying an additional 1,365 shares in the last quarter. Texas Permanent School Fund increased its position in Cooper Tire & Rubber by 3.8% during the 1st quarter. Texas Permanent School Fund now owns 33,997 shares of the company’s stock valued at $1,016,000 after buying an additional 1,231 shares in the last quarter. Mason Street Advisors LLC increased its position in Cooper Tire & Rubber by 3.4% during the 1st quarter. Mason Street Advisors LLC now owns 16,081 shares of the company’s stock valued at $481,000 after buying an additional 531 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund grew its stake in Cooper Tire & Rubber by 1.8% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 19,391 shares of the company’s stock valued at $580,000 after purchasing an additional 350 shares during the last quarter. 99.25% of the stock is owned by hedge funds and other institutional investors.

Several research firms have weighed in on CTB. Longbow Research reiterated a “hold” rating on shares of Cooper Tire & Rubber in a research note on Sunday, July 7th. B. Riley set a $40.00 target price on Cooper Tire & Rubber and gave the stock a “buy” rating in a research note on Friday, August 16th. KeyCorp upped their target price on Cooper Tire & Rubber from $29.00 to $31.00 and gave the stock an “overweight” rating in a research note on Friday, September 27th. ValuEngine cut Cooper Tire & Rubber from a “hold” rating to a “sell” rating in a report on Monday, July 29th. Finally, Zacks Investment Research raised Cooper Tire & Rubber from a “hold” rating to a “buy” rating and set a $32.00 price target for the company in a report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $35.25.

Shares of NYSE:CTB traded up $1.37 during midday trading on Friday, hitting $26.62. The company had a trading volume of 392,811 shares, compared to its average volume of 278,955. Cooper Tire & Rubber Co has a twelve month low of $22.46 and a twelve month high of $35.36. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.83 and a quick ratio of 1.04. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of 12.21 and a beta of 0.68. The business’s 50-day simple moving average is $24.77 and its 200-day simple moving average is $28.37.

Cooper Tire & Rubber (NYSE:CTB) last issued its quarterly earnings data on Monday, July 29th. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.33). The business had revenue of $679.10 million during the quarter, compared to analysts’ expectations of $718.74 million. Cooper Tire & Rubber had a return on equity of 8.61% and a net margin of 2.46%. The company’s revenue was down 2.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.30 earnings per share. As a group, sell-side analysts forecast that Cooper Tire & Rubber Co will post 1.51 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Tuesday, September 3rd were given a $0.105 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.42 annualized dividend and a yield of 1.58%. Cooper Tire & Rubber’s payout ratio is 19.27%.

Cooper Tire & Rubber Profile

Cooper Tire & Rubber Company, together with its subsidiaries, designs, manufactures, markets, and sells replacement tires in North America, Latin America, Europe, and Asia. The company operates through Americas Tire Operations and International Tire Operations segments. It manufactures and markets passenger car, light truck, truck and bus radial (TBR), motorcycle, and racing tires, as well as tire retread materials; and markets and distributes racing, TBR, and motorcycle tires.

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Institutional Ownership by Quarter for Cooper Tire & Rubber (NYSE:CTB)

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