Zacks upgraded shares of Goodyear Tire & Rubber Co from a hold rating to a buy rating in a research note released on Monday morning. They currently have US$32.00 target price on the stock.
Zacks’ analyst wrote, “Goodyear’s first-quarter 2015 adjusted earnings declined year over year but surpassed the Zacks Consensus Estimate. Revenues fell short of both the year-ago quarter figure and the Zacks Consensus Estimate. The drop in revenues was attributable to unfavorable foreign currency translation. Goodyear expects annual segment operating income to increase in 2015 and 2016. The company regularly launches products and services to boost sales. Its capital allocation plan is expected to enhance shareholder value. However, Goodyear’s revenue has been declining over the years. The company is also facing a challenging situation in Latin America.”
Zacks has also taken action a number of other consumer discretionary stocks recently. The firm upgraded shares of Federal-Mogul Holdings Corp from a sell rating to a hold rating. Also, Zacks reiterated its hold rating on shares of Tower International Inc. Finally, Zacks downgraded shares of Dorman Products Inc. from a buy rating to a sell rating.
Shares of Goodyear Tire & Rubber Co opened at 27.94 on Monday. Goodyear Tire & Rubber Co has a 52-week low of US$18.87 and a 52-week high of US$29.07. The stock has a 50-day moving average of US$27. and a 200-day moving average of US$26.. The company has a market cap of US$7.53 billion and a price-to-earnings ratio of 3.18.
Goodyear Tire & Rubber Co (NYSE:GT) last posted its quarterly earnings results on Wednesday, April 29th. The company reported US$0.54 earnings per share for the quarter, beating the analysts’ consensus estimate of US$0.44 by US$0.10. The company had revenue of US$4.00 billion for the quarter, compared to the consensus estimate of US$4.09 billion. During the same quarter last year, the company posted US$0.56 earnings per share. Goodyear Tire & Rubber Co’s revenue was down 10.0% compared to the same quarter last year. Analysts expect that Goodyear Tire & Rubber Co will post US$2.98 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 1st will be given a dividend of US$0.06 per share. This represents a US$0.24 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date of this dividend is Wednesday, April 29th.
Other equities research analysts have also recently issued reports about the stock. Analysts at Citigroup Inc. raised their price target on shares of Goodyear Tire & Rubber Co from US$31.00 to US$34.00 and gave the company a buy rating in a research note on Thursday, April 30th. Analysts at Deutsche Bank raised their price target on shares of Goodyear Tire & Rubber Co from US$28.00 to US$31.00 and gave the company a hold rating in a research note on Thursday, April 30th. Analysts at Argus raised their price target on shares of Goodyear Tire & Rubber Co from US$31.00 to US$35.00 and gave the company a buy rating in a research note on Friday, February 27th. Finally, analysts at Scotiabank reiterated a strong-buy rating on shares of Goodyear Tire & Rubber Co in a research note on Wednesday, February 18th. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of Buy and an average price target of US$32.29.
Goodyear Tire & Rubber Company is a manufacturer of tires. The Company develops, manufactures, market and distributes tires. The Company manufactures and markets rubber-related chemicals. The Company is an operator of commercial truck service and tire retreading centers. The Company has four operating segments: North America; Europe, Middle East and Africa Latin America and Asia Pacific.