The Goodyear Tire & Rubber Company Rating Increased to Conviction-Buy at Goldman Sachs (GT)
The Goodyear Tire & Rubber Company (NYSE:GT) was upgraded by research analysts at Goldman Sachs from a “buy” rating to a “conviction-buy” rating in a report released on Thursday, TheFlyOnTheWall.com reports. The firm currently has a $36.00 target price on the stock, up from their previous target price of $33.00. Goldman Sachs’ price objective indicates a potential upside of 31.77% from the company’s current price.
Several other analysts have also recently commented on the stock. Analysts at Zacks reiterated a “neutral” rating on shares of The Goodyear Tire & Rubber Company in a research note on Wednesday, April 2nd. They now have a $28.00 price target on the stock. Separately, analysts at Morgan Stanley raised their price target on shares of The Goodyear Tire & Rubber Company from $12.00 to $20.00 in a research note on Wednesday, February 26th. Finally, analysts at Argus raised their price target on shares of The Goodyear Tire & Rubber Company from $24.00 to $31.00 in a research note on Monday, February 24th. They now have a “buy” rating on the stock. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The Goodyear Tire & Rubber Company presently has a consensus rating of “Buy” and an average target price of $27.11.
The Goodyear Tire & Rubber Company (NYSE:GT) traded up 3.62% on Thursday, hitting $28.31. The stock had a trading volume of 2,632,843 shares. The Goodyear Tire & Rubber Company has a 52 week low of $12.14 and a 52 week high of $28.32. The stock’s 50-day moving average is $26.6 and its 200-day moving average is $24.06. The company has a market cap of $7.023 billion and a price-to-earnings ratio of 12.03.
The Goodyear Tire & Rubber Company (NYSE:GT) last released its earnings data on Wednesday, February 19th. The company reported $0.84 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.63 by $0.21. The company had revenue of $4.79 billion for the quarter, compared to the consensus estimate of $4.95 billion. The Goodyear Tire & Rubber Company’s revenue was down 5.0% compared to the same quarter last year. On average, analysts predict that The Goodyear Tire & Rubber Company will post $2.92 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, June 2nd. Stockholders of record on Thursday, May 1st will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.73%. The ex-dividend date of this dividend is Tuesday, April 29th.
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.
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