Goodyear Tire running flat after lowering 2017 outlook

Goodyear Tire running flat after lowering 2017 outlook

Goodyear Tire running flat after lowering 2017 outlook

The share price of The Goodyear Tire & Rubber Company (NASDAQ:GT) was down -0.59% during the last trading session, with a day high of 36.21. It is positive, as 53 investors sold GT shares while 163 reduced holdings. Strs Ohio stated it has 0% of its portfolio in Cooper Tire & Rubber Co (NYSE:CTB).

Second quarter sales fell to $2.03 billion on 9-percent lower volume, Goodyear said, driven primarily by lower consumer demand, especially in the USA for tires in 16-inch rim diameters and below, due to increased competition. Following the completion of the transaction, the insider now owns 78,099 shares of the company's stock, valued at $2,756,113.71. Envestnet Asset Management Inc. boosted its stake in shares of Cooper Tire & Rubber by 9.0% in the fourth quarter. Over the last three months, the shares of the company have changed -9.34% and performed 8.86% over the last six months. Pacer Advisors Inc. boosted its position in The Goodyear Tire & Rubber by 3.2% in the first quarter. The institutional investor owned 63,277 shares of the company's stock after buying an additional 348 shares during the period. Louisiana State Employees Retirement System raised its position in The Goodyear Tire & Rubber by 0.6% in the second quarter. In the final minutes of trading on Thursday, shares hit $1,047.84, a climb of 42 percent in the last 12 months. Finally, Mutual of America Capital Management LLC raised its position in shares of The Goodyear Tire & Rubber by 19.7% in the first quarter.

The Goodyear Tire & Rubber (NASDAQ GT) opened at 35.58 on Wednesday. The Goodyear Tire & Rubber has a one year low of $26.70 and a one year high of $37.20. The firm has a 50-day moving average of $36.65 and a 200-day moving average of $38.69. On Thursday, April 7 the stock rating was upgraded by KeyBanc Capital Markets to "Overweight".

The Goodyear Tire & Rubber (NASDAQ:GT) last released its earnings results on Friday, April 28th.

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The company reported second quarter segment operating income of $361 million in 2017, down from $531 million a year ago.

Demand weakened for Goodyear in both the original equipment and replacement markets, Kramer said, with replacement tire shipments dropping 11 percent and original equipment unit volume down 8 percent, in the quarter ended June 30. The business had revenue of $3.70 billion for the quarter, compared to analyst estimates of $3.78 billion. Annual EPS Growth of past 5 years is 32.00%. The company's revenue was down 1.0% compared to the same quarter previous year.

Goodyear Tire & Rubber Co, the largest US tire maker, reported a 27.2 percent fall in quarterly profit, partly due to lower sales in its top two markets.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Tuesday, August 1st will be given a $0.10 dividend.

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On 7/13/2017 announced a quarterly dividend of $0.10 1.1% with an ex dividend date of 7/28/2017 which will be payable on 8/1/2017. The Goodyear Tire & Rubber's payout ratio is 8.46%. If you are accessing this report on another domain, it was illegally stolen and reposted in violation of United States and global copyright & trademark law. Federated Investors Inc bought 59,189 shares as the company's stock declined 11.33% while stock markets rallied. Cubist Systematic Strategies holds 0.01% of its portfolio in Goodyear Tire & Rubber Co (NASDAQ:GT) for 4,123 shares. Jefferies Group LLC set a $40.00 price objective on shares of The Goodyear Tire & Rubber and gave the stock a hold rating in a report on Monday, May 8th. Equity analyst Standpoint Research began coverage of CTB with an initial rating of "Buy". Standpoint Research downgraded the shares of CTB in report on Friday, October 7 to "Hold" rating. Goldman had a markedly different take on 30/03/2017, proposing that GT is now considered Neutral versus prior Buy rating. Consensus earnings estimates are far from flawless, but they are watched by many investors and play an important role in measuring the appropriate valuation for a stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company's stock.

In other The Goodyear Tire & Rubber news, insider Stephen R. Mcclellan sold 6,250 shares of the stock in a transaction on Tuesday, May 9th. The shares were sold at an average price of $35.46, for a total transaction of $221,625.00. The stock had a trading volume of 1,770,631 shares.

WARNING: "The Goodyear Tire & Rubber Company (NASDAQ:GT) Shares Bought by Clear Harbor Asset Management LLC" was first posted by Transcript Daily and is owned by of Transcript Daily. Hotchkis Wiley Cap Mgmt Ltd Liability Corporation has invested 0.49% in Goodyear Tire & Rubber Co (NASDAQ:GT).

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