Goodyear Tire & Rubber Co. Downgraded to Hold at Deutsche Bank (GT)
Goodyear Tire & Rubber Co. (NYSE:GT) was downgraded by stock analysts at Deutsche Bank from a “buy” rating to a “hold” rating in a report issued on Monday, TheFlyOnTheWall.com reports. They currently have a $26.00 price target on the stock, down from their previous price target of $29.00. Deutsche Bank’s price objective suggests a potential upside of 17.06% from the company’s current price.
The analysts wrote, “We have increasingly focused our attention on the steady drumbeat of new tire capacity announcements, and the record high levels of capex from the Global Tire Industry. Based on this, we have revisited our proprietary Global Tire Industry Supply/Demand analysis. Our conclusion is that the mid-term (i.e. 2-3 years) outlook for margins (due to supply/demand and competitiveness) may not be as clear as it has been in over the past 2-3 years. While we still see Goodyear’s shares as attractively valued based on our near term estimates, intermediate term uncertainty leads us to take a more Neutral stance on Goodyear’s shares.”
Shares of Goodyear Tire & Rubber Co. (NYSE:GT) traded up 0.27% during mid-day trading on Monday, hitting $22.21. The stock had a trading volume of 2,988,890 shares. Goodyear Tire & Rubber Co. has a one year low of $10.91 and a one year high of $22.36. The stock has a 50-day moving average of $19.46 and a 200-day moving average of $15.37. The company has a market cap of $5.463 billion and a P/E ratio of 17.75.
Goodyear Tire & Rubber Co. (NYSE:GT) last released its earnings data on Tuesday, July 30th. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.19. The company had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $4.88 billion. During the same quarter in the prior year, the company posted $0.56 earnings per share. The company’s quarterly revenue was down 4.9% on a year-over-year basis. On average, analysts predict that Goodyear Tire & Rubber Co. will post $2.48 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Sunday, December 1st. Shareholders of record on Friday, November 1st will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 0.90%. The ex-dividend date is Wednesday, October 30th.
Several other analysts have also recently commented on the stock. Analysts at Zacks upgraded shares of Goodyear Tire & Rubber Co. from a “neutral” rating to an “outperform” rating in a research note to investors on Friday, September 27th. They now have a $27.00 price target on the stock. Separately, analysts at Argus raised their price target on shares of Goodyear Tire & Rubber Co. from $17.00 to $22.00 in a research note to investors on Monday, August 12th. They now have a “buy” rating on the stock. Finally, analysts at Citigroup Inc. raised their price target on shares of Goodyear Tire & Rubber Co. from $20.00 to $24.00 in a research note to investors on Wednesday, July 31st. They now have a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $21.57.
The Goodyear Tire & Rubber Company is a manufacturer of tires. The Company, together with subsidiaries and joint ventures, develops, manufactures, markets and distributes tires for a range of applications.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.