The Goodyear Tire & Rubber Company (NASDAQ:GT) had its price objective lowered by J P Morgan Chase & Co from $40.00 to $38.00 in a report issued on Monday morning. The firm currently has an overweight rating on the stock.

A number of other research firms have also recently issued reports on GT. BidaskClub cut shares of The Goodyear Tire & Rubber from a sell rating to a strong sell rating in a research note on Wednesday, August 2nd. Zacks Investment Research cut shares of The Goodyear Tire & Rubber from a hold rating to a sell rating in a research note on Tuesday, July 11th. KeyCorp reiterated a buy rating and issued a $37.00 target price on shares of The Goodyear Tire & Rubber in a research note on Thursday, October 12th. Jefferies Group LLC reiterated a buy rating and issued a $36.00 target price on shares of The Goodyear Tire & Rubber in a research note on Thursday, October 12th. Finally, Morgan Stanley set a $52.00 target price on shares of The Goodyear Tire & Rubber and gave the company a buy rating in a research note on Friday, July 28th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The Goodyear Tire & Rubber presently has an average rating of Buy and an average target price of $37.55.

Shares of The Goodyear Tire & Rubber (GT) traded down 1.39% during mid-day trading on Monday, hitting $30.59. The stock had a trading volume of 4,097,932 shares. The Goodyear Tire & Rubber has a one year low of $26.82 and a one year high of $37.20. The stock has a market cap of $7.70 billion, a price-to-earnings ratio of 6.66 and a beta of 1.56. The firm has a 50 day moving average of $32.92 and a 200 day moving average of $33.32.

The Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings data on Friday, October 27th. The company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.03. The company had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.91 billion. The Goodyear Tire & Rubber had a return on equity of 15.88% and a net margin of 6.67%. The company’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.17 earnings per share. On average, analysts forecast that The Goodyear Tire & Rubber will post $2.97 earnings per share for the current year.

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The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Wednesday, November 1st will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.83%. The ex-dividend date is Tuesday, October 31st. This is a boost from The Goodyear Tire & Rubber’s previous quarterly dividend of $0.10. The Goodyear Tire & Rubber’s payout ratio is 10.34%.

In related news, insider Jean Claude Kihn sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $33.26, for a total value of $249,450.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 15,501 shares of company stock valued at $507,866 in the last 90 days. 1.40% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of the stock. Gateway Investment Advisers LLC grew its holdings in The Goodyear Tire & Rubber by 0.3% during the 2nd quarter. Gateway Investment Advisers LLC now owns 15,882 shares of the company’s stock worth $555,000 after acquiring an additional 42 shares during the period. Financial Architects Inc grew its holdings in The Goodyear Tire & Rubber by 2.2% during the 2nd quarter. Financial Architects Inc now owns 3,546 shares of the company’s stock worth $124,000 after acquiring an additional 75 shares during the period. Louisiana State Employees Retirement System grew its holdings in The Goodyear Tire & Rubber by 0.6% during the 2nd quarter. Louisiana State Employees Retirement System now owns 15,600 shares of the company’s stock worth $545,000 after acquiring an additional 100 shares during the period. Thrivent Financial For Lutherans grew its holdings in The Goodyear Tire & Rubber by 1.5% during the 1st quarter. Thrivent Financial For Lutherans now owns 9,280 shares of the company’s stock worth $334,000 after acquiring an additional 140 shares during the period. Finally, Capstone Asset Management Co. grew its holdings in The Goodyear Tire & Rubber by 0.4% during the 2nd quarter. Capstone Asset Management Co. now owns 38,605 shares of the company’s stock worth $1,350,000 after acquiring an additional 165 shares during the period. Hedge funds and other institutional investors own 90.02% of the company’s stock.

About The Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company is a manufacturer of tires. The Company operates through three segments. The Americas segment develops, manufactures, distributes and sells tires and related products and services in North, Central and South America, and sells tires to various export markets. The Americas segment manufactures and sells tires for automobiles, trucks, buses, earthmoving, mining and industrial equipment, aircraft and for various other applications.

Analyst Recommendations for The Goodyear Tire & Rubber (NASDAQ:GT)

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