Equities researchers at Berenberg Bank started coverage on shares of The Goodyear Tire & Rubber Co. (NASDAQ:GT) in a note issued to investors on Tuesday. The brokerage set a “buy” rating and a $36.00 price target on the stock. Berenberg Bank’s price objective suggests a potential upside of 16.43% from the company’s current price.

GT has been the topic of several other reports. boosted their price objective on shares of The Goodyear Tire & Rubber Co. from $34.00 to $37.00 and gave the company a “market perform” rating in a report on Friday, September 16th. Goldman Sachs Group Inc. restated a “buy” rating and issued a $35.00 price objective on shares of The Goodyear Tire & Rubber Co. in a report on Saturday, October 8th. Deutsche Bank AG upgraded shares of The Goodyear Tire & Rubber Co. from a “hold” rating to a “buy” rating and set a $37.00 price objective on the stock in a report on Tuesday, September 6th. Finally, Citigroup Inc. boosted their price objective on shares of The Goodyear Tire & Rubber Co. from $36.00 to $37.00 and gave the company a “buy” rating in a report on Thursday, July 28th. One analyst has rated the stock with a sell rating, one has issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $35.15.

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

Shares of The Goodyear Tire & Rubber Co. (NASDAQ:GT) opened at 30.92 on Tuesday. The Goodyear Tire & Rubber Co. has a 52-week low of $24.31 and a 52-week high of $35.30. The firm’s 50 day moving average is $30.46 and its 200 day moving average is $28.97. The stock has a market capitalization of $8.07 billion, a price-to-earnings ratio of 25.83 and a beta of 1.33.

The Goodyear Tire & Rubber Co. (NASDAQ:GT) last posted its quarterly earnings results on Friday, October 28th. The company reported $1.17 EPS for the quarter, topping the consensus estimate of $1.16 by $0.01. The Goodyear Tire & Rubber Co. had a return on equity of 24.47% and a net margin of 2.09%. The business had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.97 billion. During the same quarter in the previous year, the firm earned $0.99 EPS. The company’s quarterly revenue was down 8.1% compared to the same quarter last year. Equities analysts expect that The Goodyear Tire & Rubber Co. will post $3.95 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Tuesday, November 1st will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.29%. This is an increase from The Goodyear Tire & Rubber Co.’s previous quarterly dividend of $0.07. The ex-dividend date of this dividend is Friday, October 28th. The Goodyear Tire & Rubber Co.’s dividend payout ratio is 33.33%.

A number of institutional investors have recently made changes to their positions in GT. HighPoint Advisor Group LLC boosted its stake in shares of The Goodyear Tire & Rubber Co. by 1.8% in the third quarter. HighPoint Advisor Group LLC now owns 10,182 shares of the company’s stock worth $311,000 after buying an additional 180 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of The Goodyear Tire & Rubber Co. by 389.6% in the third quarter. Price T Rowe Associates Inc. MD now owns 2,285,959 shares of the company’s stock worth $73,836,000 after buying an additional 1,819,073 shares in the last quarter. Quantitative Systematic Strategies LLC purchased a new stake in shares of The Goodyear Tire & Rubber Co. during the third quarter worth $1,355,000. Cornerstone Capital Management Holdings LLC. boosted its stake in shares of The Goodyear Tire & Rubber Co. by 60.1% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 98,213 shares of the company’s stock worth $3,171,000 after buying an additional 36,885 shares in the last quarter. Finally, Verition Fund Management LLC purchased a new stake in shares of The Goodyear Tire & Rubber Co. during the third quarter worth $676,000. 90.58% of the stock is owned by hedge funds and other institutional investors.

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The Goodyear Tire & Rubber Co. Company Profile

The Goodyear Tire & Rubber Company is engaged in developing, manufacturing, marketing and distributing tires for various applications. It also manufactures and markets rubber-related chemicals for various applications. The Company’s Americas business comprises businesses of North America and Latin America.

5 Day Chart for NASDAQ:GT

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