Published: Mon, October 30, 2017
Economy | By Melissa Porter

Goodyear Tire & Rubber Co (GT) Stock Skids on Falling Q3 Profit

Goodyear Tire & Rubber Co (GT) Stock Skids on Falling Q3 Profit

The company said revenue for the quarter rose 1.8% to $3.92 billion. Parametric Portfolio Associates LLC owned approximately 0.38% of Cooper Tire & Rubber worth $7,279,000 at the end of the most recent reporting period.

Large investors have recently added to or reduced their stakes in the company. Unit volumes also decreased to 17.1 million from 18.6 million in the quarter and 51.4 from 55.4 million in the first nine months. Riverhead Capital Management LLC boosted its position in Cooper Tire & Rubber by 75.2% during the second quarter.

The company estimates that the negative impact of the hurricanes on the USA consumer replacement industry overall was about 1 percent in the third quarter. Finally, Advisory Services Network LLC lifted its holdings in Cooper Tire & Rubber by 6.8% in the 2nd quarter. Exane Derivatives now owns 4,098 shares of the company's stock worth $143,000 after purchasing an additional 4,096 shares during the last quarter. Smith Asset Management Group LP boosted its position in Cooper Tire & Rubber 3.2% in the second quarter.

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Goodyear Tire & Rubber Co's net income for the third quarter of the year was $129 million. (NYSE:CTB) traded up 6.7% on Monday after the company announced better than expected quarterly earnings. Over the last quarter, insiders sold 15,501 shares of company stock worth $507,866. The stock has a 50 day moving average of $32.75 and a 200-day moving average of $33.39. The stock has a market capitalization of $1.87 billion and a PE ratio of 9.89. The company attributed the decline to higher raw material costs and the impact of lower sales volumes.

The Akron-based tiremaker reported third-quarter net income of $129 million, down 59.3% from earnings of $317 million in the same period past year.

The company reported $1.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.01 by $0.03. These items have been excluded from operating earnings per share in the quarter. The Return on Equity (ROE) value stands at 25.6%. The firm's revenue for the quarter was down 2.6% compared to the same quarter previous year.

Sales increased to $3.9 billion, up by about $100,000 compared to a year ago. On average, analysts expect that Cooper Tire & Rubber will post $3.37 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 29th. Shareholders of record on Friday, December 1st will be issued a $0.105 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.74%. The Goodyear Tire & Rubber's dividend payout ratio (DPR) is now 8.77%.

A number of equities research analysts have recently issued reports on CTB shares. BidaskClub upgraded Cooper Tire & Rubber from a "sell" rating to a "hold" rating in a research report on Wednesday, July 19th. 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. Morgan Stanley set a $52.00 price objective on shares of The Goodyear Tire & Rubber and gave the stock a "buy" rating in a research report on Friday, July 28th.

Some buy side analysts are also providing their Analysis on The Goodyear Tire & Rubber Company, where 6 analysts have rated the stock as Strong buy, 3 analysts have given a Buy signal, 2 said it's a HOLD, 0 reported it as Underperform and 0 analysts rated the stock as Sell.

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