Published: Sun, April 30, 2017
Business | By Jorge Reeves

Reports First Quarter 2017 Results

Reports First Quarter 2017 Results

Replacement tire shipments dropped 2% while original equipment unit volume declined by 8% year over year due to lower US auto production. Investors have been eagerly awaiting Goodyear's latest earnings report to see whether it delivers an earnings beat in the first quarter as well.

Cooper Tire & Rubber Co (NYSE:CTB) reported Q1 2017 earnings this Morning, coming in at $0.57 per share, missing Wall Street's estimates of $0.69 per Share.

First quarter 2017 segment operating income of $73 million was down 8 percent from previous year as lower income in other tire-related businesses and unfavorable foreign currency translation offset favorable price/mix net of raw materials. That compares to net income of $184 million, or 68 cents per share, on revenue of $3.7 billion a year ago.

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Goodyear logged revenues of $3.7 billion, narrowly passing the Zacks Consensus Estimate of $3.69 billion. Analysts were expecting $687.9 million in revenue and $0.74 per share in earnings. The biggest holder now is Roy V. Armes who owns 302,046 shares (0.57% of those outstanding), whilst Mr. Bradley E. Hughes holds 194,620 (0.37% of shares outstanding) and Brenda S. Harmon holds 78,666 (0.15% of shares outstanding). 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 is Thursday, April 27th.

Cooper Tire's revenues decreased 1% to $643 million in this quarter from the year-ago figure of $650 million. They now have a Dollars 40 price target on the stock. This represents a $0.40 dividend on an annualized basis and a yield of 1.13%. Northern Trust Corp increased its position in shares of Cooper Tire & Rubber Co by 2.4% in the third quarter. Finally, Franklin Resources Inc. acquired a new position in Goodyear Tire & Rubber Co during the fourth quarter worth $122,228,000. For investors, Forward P/E ratio allows a quick snapshot of the company's finances without getting bogged down in the details of an accounting report. The Firm specializes in the design, manufacture, marketing and sales of passenger auto, light truck, medium truck, motorcycle, and racing tires. Standpoint Research downgraded the stock to "Hold" rating in Wednesday, March 1 report. Zacks Investment Research downgraded Cooper Tire & Rubber Co from a "hold" rating to a "sell" rating in a report on Tuesday, January 10th.

In other news, VP Stephen Zamansky sold 14,041 shares of the firm's stock in a transaction that occurred on Tuesday, February 28th. The transaction was disclosed in a filing with the SEC, which is available at this link. The 7 months technical chart setup indicates high risk for the $2.07 billion company.

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The Goodyear Tire & Rubber Company is a manufacturer of tires. About 1.11M shares traded. Citigroup Inc lifted their price objective on shares of Goodyear Tire & Rubber Co from $36.00 to $41.00 and gave the company a "buy" rating in a research note on Friday, April 7th. The stock's current RSI reading is at 51.62. Advisor Group Inc. now owns 3,550 shares of the company's stock valued at $135,000 after buying an additional 1,568 shares in the last quarter.

The Goodyear Tire & Rubber Company (GT) is now showing its ROA (Return on Assets) of 7.5%. The company's last traded volume of 3.1 million shares was up it's an average volume of 2.95 million shares. It also reduced Nabors Industries Ltd (NYSE:NBR) stake by 90,000 shares and now owns 220,000 shares. Scotia Cap Inc stated it has 0.02% of its portfolio in Goodyear Tire & Rubber Co (NASDAQ:GT). As of December 31, 2016, the Company operated nine manufacturing facilities and 20 distribution centers in 10 countries. Its share price has decline -19.50% in three months and is down -4.89% for the last five trades.

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