Brokerages forecast that Goodyear Tire & Rubber Co (NASDAQ:GT) will post sales of $3.87 billion for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Goodyear Tire & Rubber’s earnings, with the lowest sales estimate coming in at $3.82 billion and the highest estimate coming in at $3.93 billion. Goodyear Tire & Rubber reported sales of $3.93 billion during the same quarter last year, which would suggest a negative year-over-year growth rate of 1.5%. The firm is scheduled to report its next earnings results on Friday, October 25th.
According to Zacks, analysts expect that Goodyear Tire & Rubber will report full year sales of $15.14 billion for the current financial year, with estimates ranging from $14.99 billion to $15.20 billion. For the next fiscal year, analysts forecast that the company will report sales of $15.47 billion, with estimates ranging from $15.30 billion to $15.66 billion. Zacks’ sales averages are an average based on a survey of analysts that follow Goodyear Tire & Rubber.
Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Friday, July 26th. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.06). Goodyear Tire & Rubber had a net margin of 3.02% and a return on equity of 7.66%. The firm had revenue of $3.63 billion during the quarter, compared to the consensus estimate of $3.77 billion. During the same period last year, the business earned $0.62 EPS. The business’s revenue was down 5.4% on a year-over-year basis.
A number of research analysts have recently commented on GT shares. BidaskClub raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research report on Thursday, September 12th. BNP Paribas started coverage on shares of Goodyear Tire & Rubber in a research report on Friday, August 16th. They issued an “outperform” rating and a $10.00 price objective for the company. Citigroup decreased their price objective on shares of Goodyear Tire & Rubber from $16.00 to $14.00 and set a “neutral” rating for the company in a research report on Tuesday, July 30th. Morgan Stanley set a $14.00 price objective on shares of Goodyear Tire & Rubber and gave the company a “hold” rating in a research report on Wednesday, June 26th. Finally, Longbow Research raised shares of Goodyear Tire & Rubber from an “underperform” rating to a “neutral” rating and set a $14.74 price objective for the company in a research report on Thursday, June 6th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $17.52.
Shares of GT opened at $14.21 on Friday. The firm has a 50-day moving average of $12.40 and a 200-day moving average of $15.38. Goodyear Tire & Rubber has a one year low of $10.74 and a one year high of $23.97. The company has a market cap of $3.30 billion, a PE ratio of 6.13 and a beta of 1.76. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.33 and a quick ratio of 0.73.
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 1st were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 4.50%. The ex-dividend date was Wednesday, July 31st. Goodyear Tire & Rubber’s payout ratio is 27.59%.
Several hedge funds have recently made changes to their positions in the stock. Fruth Investment Management boosted its holdings in shares of Goodyear Tire & Rubber by 1.5% during the 2nd quarter. Fruth Investment Management now owns 68,090 shares of the company’s stock worth $1,041,000 after buying an additional 1,000 shares during the period. Cim Investment Mangement Inc. boosted its holdings in shares of Goodyear Tire & Rubber by 4.5% during the 2nd quarter. Cim Investment Mangement Inc. now owns 25,499 shares of the company’s stock worth $390,000 after buying an additional 1,087 shares during the period. Oppenheimer Asset Management Inc. boosted its holdings in shares of Goodyear Tire & Rubber by 17.4% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 10,153 shares of the company’s stock worth $155,000 after buying an additional 1,507 shares during the period. Advisory Services Network LLC boosted its holdings in Goodyear Tire & Rubber by 46.3% in the 1st quarter. Advisory Services Network LLC now owns 5,200 shares of the company’s stock valued at $94,000 after purchasing an additional 1,645 shares during the period. Finally, First Republic Investment Management Inc. boosted its holdings in Goodyear Tire & Rubber by 1.1% in the 2nd quarter. First Republic Investment Management Inc. now owns 158,187 shares of the company’s stock valued at $2,420,000 after purchasing an additional 1,747 shares during the period. 81.66% of the stock is owned by institutional investors and hedge funds.
Goodyear Tire & Rubber Company Profile
The Goodyear Tire & Rubber Company, together with its subsidiaries, develops, manufactures, distributes, and sells tires and related products and services worldwide. The company 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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