The Goodyear Tire & Rubber Company’s Neutral Rating Reaffirmed at Zacks (GT)
The Goodyear Tire & Rubber Company (NYSE:GT)‘s stock had its “neutral” rating reiterated by Zacks in a research note issued to investors on Monday. They currently have a $27.00 price objective on the stock. Zacks‘s price target points to a potential upside of 2.90% from the stock’s previous close.
Zacks’ analyst wrote, “Goodyear reported a 33.3% rise in earnings per share to $0.56 in the first quarter of 2014, missing the Zacks Consensus Estimate of $0.60. Revenues fell 8.2% year over year to $4.5 billion, missing the Zacks Consensus Estimate of $4.75 billion. The drop in revenues was due to lower sales in other tire-related businesses, a lower price/mix and an unfavorable foreign currency translation. Goodyear’s capital deployment strategy, innovative product launches and efforts to improve margins are yielding results. However, weakness in Latin America, rising debt and capital expenditure and falling cash balance are some concerns. Considering the pros and cons, we have maintained our Neutral recommendation. “
Shares of The Goodyear Tire & Rubber Company (NYSE:GT) traded up 4.21% on Monday, hitting $27.344. 3,036,723 shares of the company’s stock traded hands. The Goodyear Tire & Rubber Company has a 52-week low of $13.90 and a 52-week high of $28.48. The stock has a 50-day moving average of $25.66 and a 200-day moving average of $25.09. The company has a market cap of $6.794 billion and a price-to-earnings ratio of 13.29.
The Goodyear Tire & Rubber Company (NYSE:GT) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $0.42 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.60 by $0.18. The company had revenue of $4.50 billion for the quarter, compared to the consensus estimate of $4.81 billion. During the same quarter in the prior year, the company posted $0.10 earnings per share. The company’s quarterly revenue was down 7.9% on a year-over-year basis. Analysts expect that The Goodyear Tire & Rubber Company will post $2.89 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on GT. Analysts at Goldman Sachs raised their price target on shares of The Goodyear Tire & Rubber Company from $33.00 to $34.00 in a research note on Friday, May 30th. They now have a “buy” rating on the stock. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $28.75.
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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