Cooper Tire & Rubber Company (CTB) Upgraded to Buy by Zacks Investment Research
Cooper Tire & Rubber Company (NYSE:CTB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday, July 24th. The firm currently has a $43.00 target price on the stock. Zacks Investment Research‘s target price would indicate a potential upside of 28.55% from the stock’s previous close.
According to Zacks, “Over the past 30 days, both the second-quarter and full estimates are moving up for Cooper Tire & Rubber. The company continues to expand its product portfolio with a focus to satisfy the market demand in all regions. It is also expanding its presence in Asia and Latin America through acquisitions and opening new sales offices. Also, it intends to reduce its manufacturing costs through increased automation in production facilities and consolidation of product family, which is expected to have a positive impact in its financials. Moreover, a strong balance sheet and frequent share repurchases by the company will boost shareholders’ value.”
Other analysts have also recently issued reports about the company. Standpoint Research upgraded Cooper Tire & Rubber from a “hold” rating to an “accumulate” rating in a report on Tuesday, June 20th. BidaskClub upgraded Cooper Tire & Rubber from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Jefferies Group LLC reiterated a “hold” rating and set a $40.00 price target on shares of Cooper Tire & Rubber in a report on Thursday, July 6th. Finally, Northcoast Research cut Cooper Tire & Rubber from a “buy” rating to a “neutral” rating in a report on Tuesday, April 18th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. Cooper Tire & Rubber has an average rating of “Hold” and an average target price of $42.00.
Cooper Tire & Rubber (CTB) traded up 0.45% during mid-day trading on Monday, hitting $33.45. 551,325 shares of the stock traded hands. The company’s 50 day moving average price is $36.16 and its 200-day moving average price is $38.55. Cooper Tire & Rubber has a 1-year low of $33.05 and a 1-year high of $44.50. The stock has a market cap of $1.75 billion, a price-to-earnings ratio of 9.25 and a beta of -0.02.
Cooper Tire & Rubber (NYSE:CTB) last issued its earnings results on Friday, August 4th. The company reported $0.85 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.11. The company had revenue of $720.75 million during the quarter, compared to analysts’ expectations of $775 million. Cooper Tire & Rubber had a return on equity of 17.67% and a net margin of 6.71%. The firm’s quarterly revenue was down 2.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.27 EPS. Analysts predict that Cooper Tire & Rubber will post $3.40 earnings per share for the current year.
Large investors have recently modified their holdings of the company. Principal Financial Group Inc. raised its stake in shares of Cooper Tire & Rubber by 15.9% in the first quarter. Principal Financial Group Inc. now owns 981,942 shares of the company’s stock valued at $43,549,000 after buying an additional 134,800 shares during the period. Oppenheimer Asset Management Inc. raised its stake in shares of Cooper Tire & Rubber by 487.3% in the first quarter. Oppenheimer Asset Management Inc. now owns 7,905 shares of the company’s stock valued at $351,000 after buying an additional 6,559 shares during the period. Northwestern Mutual Investment Management Company LLC acquired a new stake in shares of Cooper Tire & Rubber during the first quarter valued at $403,000. Royce & Associates LP raised its stake in shares of Cooper Tire & Rubber by 39.0% in the first quarter. Royce & Associates LP now owns 2,586,294 shares of the company’s stock valued at $114,702,000 after buying an additional 726,152 shares during the period. Finally, Norges Bank acquired a new stake in shares of Cooper Tire & Rubber during the fourth quarter valued at $29,062,000. 94.58% of the stock is currently owned by institutional investors and hedge funds.
About Cooper Tire & Rubber
Cooper Tire & Rubber Company is a manufacturer and marketer of replacement tires. The Company specializes in the design, manufacture, marketing and sales of passenger car, light truck, medium truck, motorcycle, and racing tires. The Company operates through four segments: North America, Latin America, Europe, and Asia.
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