Cooper Tire & Rubber Company (CTB) Rating Reiterated by FBR & Co
Cooper Tire & Rubber Company (NYSE:CTB)‘s stock had its “buy” rating reiterated by FBR & Co in a research note issued to investors on Tuesday. They currently have a $53.00 price target on the stock. FBR & Co’s target price would indicate a potential upside of 57.74% from the stock’s previous close.
The analysts wrote, “We recently traveled with the Cooper management team and came away incrementally more positive around the growth opportunities that are in front of the company in both legacy markets such as North America and new markets such as China and Latin America. We think the primary concern for investors right now is lighter demand for passenger vehicle and light-truck (PVLT) replacement tires in the U.S. (a significant market). Our view is that lighter demand reflects a temporary air pocket and not a degradation in fundamentals, which we think remain favorable (higher miles driven, penetration of 17-inch and higher rim sizes, age of fleet). In addition, we believe Cooper has growth opportunities outside of the U.S. PVLT market. The company’s initiatives targeting Chinese OEM tires continue to be successful, and in our view, this is a significant revenue growth opportunity. Cooper also has opportunities in the truck and bus radial (TBR) tire market, where we believe its Roadmaster brand is seeing continued success here in the U.S. and could see opportunities abroad, as well, and in the Latin American market (although that opportunity is still in the early innings, in our view).””
A number of other brokerages also recently weighed in on CTB. BidaskClub downgraded shares of Cooper Tire & Rubber from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. Zacks Investment Research upgraded shares of Cooper Tire & Rubber from a “hold” rating to a “buy” rating and set a $43.00 target price on the stock in a report on Monday, July 24th. Deutsche Bank AG boosted their target price on shares of Cooper Tire & Rubber from $40.00 to $45.00 and gave the stock a “hold” rating in a report on Monday, August 7th. Jefferies Group LLC restated a “hold” rating and set a $40.00 target price on shares of Cooper Tire & Rubber in a report on Thursday, July 6th. Finally, Standpoint Research upgraded shares of Cooper Tire & Rubber from a “hold” rating to an “accumulate” rating in a report on Tuesday, June 20th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. Cooper Tire & Rubber has a consensus rating of “Hold” and an average price target of $42.00.
Cooper Tire & Rubber (NYSE CTB) opened at 33.60 on Tuesday. The firm has a market cap of $1.75 billion, a price-to-earnings ratio of 9.29 and a beta of -0.03. Cooper Tire & Rubber has a 1-year low of $32.90 and a 1-year high of $44.50. The firm has a 50-day moving average of $35.22 and a 200 day moving average of $38.32.
Cooper Tire & Rubber (NYSE:CTB) last issued its earnings results on Friday, August 4th. The company reported $0.85 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.74 by $0.11. The business had revenue of $720.75 million for the quarter, compared to the consensus estimate of $775 million. Cooper Tire & Rubber had a net margin of 6.71% and a return on equity of 17.67%. The firm’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.27 earnings per share. Analysts expect that Cooper Tire & Rubber will post $3.40 earnings per share for the current fiscal year.
A number of hedge funds have recently added to or reduced their stakes in CTB. FNY Partners Fund LP bought a new position in Cooper Tire & Rubber during the first quarter worth $110,000. Flinton Capital Management LLC bought a new position in Cooper Tire & Rubber during the first quarter worth $112,000. Creative Planning boosted its position in Cooper Tire & Rubber by 5.3% during the first quarter. Creative Planning now owns 2,585 shares of the company’s stock worth $115,000 after purchasing an additional 129 shares during the period. Neuburgh Advisers LLC bought a new position in Cooper Tire & Rubber during the first quarter worth $136,000. Finally, Riverhead Capital Management LLC boosted its position in Cooper Tire & Rubber by 75.2% during the second quarter. Riverhead Capital Management LLC now owns 4,029 shares of the company’s stock worth $145,000 after purchasing an additional 1,729 shares during the period. 94.58% of the stock is owned by hedge funds and other institutional investors.
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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