dglobalnews.com Goodyear Tire profit falls 9.8 pct
Published: Sun, April 30, 2017
Markets | By Armando Jensen

Goodyear Tire profit falls 9.8 pct

Goodyear Tire profit falls 9.8 pct

With all other things going on, The Goodyear Tire & Rubber Company (NASDAQ:GT) has been on a run - rising 12.15 percent in just three months. For the last period, the company reported quarter over quarter EPS growth of 251.60% and quarter over quarter sales growth of -7.90%.

April 28 Goodyear Tire & Rubber Co, the largest USA tire maker, reported a 9.8 percent fall in quarterly profit, as raw material costs rose and the company shipped fewer tires.

Cash flow from operations amounted to $286 million in first-quarter 2017 compared with $372 million in the year-ago period. The business had revenue of $3.70 billion for the quarter, compared to analyst estimates of $3.87 billion. The figure also missed Zacks Consensus Estimate of $687.9 million. The Goodyear Tire & Rubber Company (NASDAQ:GT) shares have been recently spotted -4.52% away from the 52-week high, and 47.41% away from the 52-week low mark. Moreover, Fort Point Capital Partners Llc has 0.08% invested in the company for 154,100 shares. Cooper Tire & Rubber Co had a return on equity of 23.13% and a net margin of 8.17%. The ex-dividend date of this dividend was Tuesday, February 28th.

Europe, Middle East and Africa's first quarter 2017 sales decreased 1 percent from a year ago to $1.2 billion, which reflects a 4 percent decrease in tire unit volume and unfavorable foreign currency translation partially offset by improved price/mix. This represents a $0.40 dividend on an annualized basis and a yield of 1.13%. During the first quarter of 2017, the company spent $17.8 million on repurchasing 472,967 shares at a price of $37.63 per share. That's down from $91 million during the same time in 2016. The consensus rating is 2.1, suggesting the market has given up on the stock. Zacks Investment Research downgraded Goodyear Tire & Rubber Co from a "buy" rating to a "hold" rating in a research note on Tuesday, January 10th.

In other news, insider Stephen R. Mcclellan sold 6,250 shares of Goodyear Tire & Rubber Co stock in a transaction that occurred on Monday, April 10th. Following the completion of the transaction, the senior vice president now owns 63,852 shares of the company's stock, valued at $2,355,500.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Current price places the company's stock 13.5% away from its 200-day simple moving average, 0.72%, away from the 50-day average and also 1.67% away from 20-day average. Replacement tire shipments were down 2 percent.

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TRADEMARK VIOLATION NOTICE: "Cooper Tire & Rubber Co (CTB) Shares Down 9.8% on Disappointing Earnings" was posted by Chaffey Breeze and is the sole property of of Chaffey Breeze.

Shares had sunk as much as 9 percent in early trading after Cooper reported its results. On the bright side, the company's share price has been on the rebound, up more than 61.83% since hitting lows of $24.1 on July 06, 2016. BlackRock Fund Advisors increased its position in shares of Cooper Tire & Rubber Co by 7.9% in the third quarter.

For this year, The Goodyear Tire & Rubber Company (NASDAQ:GT) is performing 16.7%. They now have a Dollars 51 price target on the stock.

02/18/2014 - Cooper Tire & Rubber Company was upgraded to "buy" by analysts at Ned Davis Research. The Firm operates through hospital activities segment, which includes its general acute care hospitals and related healthcare entities that provide inpatient and outpatient healthcare services. It is positive, as 72 investors sold Community Health Systems shares while 55 reduced holdings. Unit volume in the Americas segment was down 7.4 percent, driven by a decrease of 9.3 percent in North America.

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