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

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During the same period a year ago, the business earned $1.17 EPS.

Cooper Tire & Rubber (NYSE CTB) traded down 1.92% during trading on Wednesday, hitting $35.75. Flinton Capital Management LLC lifted its holdings in Cooper Tire & Rubber by 76.7% in the 2nd quarter.

Goodyear's shares were down about 3 percent at $32.67 in premarket trading on Friday. Finally, MARSHALL WACE ASIA Ltd purchased a new position in Cooper Tire & Rubber during the first quarter worth about $210,000. The company's previous year sales total was 3.85 Million. Florida-based Wilen Invest Management has invested 9.23% in Goodyear Tire & Rubber Co (NASDAQ:GT). Washington Trust Bank lifted its stake in The Goodyear Tire & Rubber by 46.3% in the second quarter. The Russell 2000 index of smaller-company stocks picked up 7 points, or 0.5 percent, to 1,505.

Higher raw material costs, a slowdown in auto manufacturing and a slowing tire replacement cycle are all hurting the tiremaker, despite the fact that its per-tire revenues are up about 5% this year, the company reported.

Current levels places The Goodyear Tire & Rubber Company (NASDAQ:GT)'s stock about -6.78% from the 50-day high and 9.27% away from the 50-day low. The company reported $0.70 earnings per share for the quarter, beating analysts' consensus estimates of $0.67 by $0.03. Cooper Tire & Rubber had a return on equity of 17.67% and a net margin of 6.71%. The business had revenue of $720.75 million for the quarter, compared to analyst estimates of $775.00 million.

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Worse yet, perhaps, the company warned it "now expects its full-year 2017 segment operating income to be approximately $1.5 billion", down 25% from the $2 billion in operating income it posted in 2016. The Goodyear Tire & Rubber's quarterly revenue was up 1.9% on a year-over-year basis.

The company, which also makes tires for aircraft and mining equipment, said its tire unit volume fell 5 percent in the third quarter ended September 30. Shareholders of record on Friday, December 1st will be issued a $0.105 dividend. The stock's beta is 1.52 whilst the stock has an average true range (ATR) of 0.53. The results of the trading session contributed to over 83,550,210 shares changing hands. The ex-dividend date is Tuesday, October 31st. The Goodyear Tire & Rubber Co.'s payout ratio is presently 28.00%. 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. The stock presently has a consensus rating of "Hold" and a consensus price target of $42.00. It dived, as 44 investors sold Cooper Tire & Rubber Co shares while 75 reduced holdings.

The collective rating of 1.7 for The Goodyear Tire & Rubber Company (NASDAQ:GT) also leans strongly towards the bullish end of the spectrum. The stock has risen 12.97% since then.

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The Goodyear Tire & Rubber Company (GT) has the market capitalization of $8.48 Billion.