Bank of America Corp DE Buys 12,024 Shares of Cooper Tire & Rubber Co (NYSE:CTB)

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Bank of America Corp DE increased its stake in Cooper Tire & Rubber Co (NYSE:CTB) by 5.8% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 219,825 shares of the company’s stock after acquiring an additional 12,024 shares during the quarter. Bank of America Corp DE owned 0.44% of Cooper Tire & Rubber worth $6,936,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. C M Bidwell & Associates Ltd. bought a new stake in shares of Cooper Tire & Rubber in the 2nd quarter valued at $30,000. NumerixS Investment Technologies Inc bought a new stake in Cooper Tire & Rubber during the 1st quarter valued at $102,000. SG Americas Securities LLC bought a new stake in Cooper Tire & Rubber during the 2nd quarter valued at $104,000. Quantamental Technologies LLC increased its stake in Cooper Tire & Rubber by 233.6% during the 2nd quarter. Quantamental Technologies LLC now owns 4,691 shares of the company’s stock valued at $148,000 after purchasing an additional 3,285 shares in the last quarter. Finally, Synovus Financial Corp bought a new stake in Cooper Tire & Rubber during the 2nd quarter valued at $189,000. Institutional investors own 99.25% of the company’s stock.

NYSE CTB opened at $26.62 on Friday. Cooper Tire & Rubber Co has a 1 year low of $22.46 and a 1 year high of $35.36. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.83 and a quick ratio of 1.04. The firm has a market cap of $1.28 billion, a price-to-earnings ratio of 12.21 and a beta of 0.68. The company has a fifty day moving average price of $24.77 and a 200-day moving average price of $28.37.

Cooper Tire & Rubber (NYSE:CTB) last posted its earnings results on Monday, July 29th. The company reported $0.18 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.51 by ($0.33). Cooper Tire & Rubber had a return on equity of 8.61% and a net margin of 2.46%. The firm had revenue of $679.10 million during the quarter, compared to the consensus estimate of $718.74 million. During the same quarter in the previous year, the company earned $0.30 EPS. The business’s revenue was down 2.8% compared to the same quarter last year. On average, research analysts anticipate that Cooper Tire & Rubber Co will post 1.51 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Tuesday, September 3rd were paid a $0.105 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.42 annualized dividend and a dividend yield of 1.58%. Cooper Tire & Rubber’s payout ratio is 19.27%.

A number of analysts have commented on the stock. ValuEngine lowered shares of Cooper Tire & Rubber from a “hold” rating to a “sell” rating in a research note on Monday, July 29th. B. Riley set a $40.00 price target on shares of Cooper Tire & Rubber and gave the company a “buy” rating in a research note on Friday, August 16th. Zacks Investment Research upgraded shares of Cooper Tire & Rubber from a “hold” rating to a “buy” rating and set a $32.00 price target for the company in a research note on Tuesday, July 23rd. Longbow Research restated a “hold” rating on shares of Cooper Tire & Rubber in a research note on Sunday, July 7th. Finally, KeyCorp boosted their price target on shares of Cooper Tire & Rubber from $29.00 to $31.00 and gave the company an “overweight” rating in a research note on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $35.25.

About Cooper Tire & Rubber

Cooper Tire & Rubber Company, together with its subsidiaries, designs, manufactures, markets, and sells replacement tires in North America, Latin America, Europe, and Asia. The company operates through Americas Tire Operations and International Tire Operations segments. It manufactures and markets passenger car, light truck, truck and bus radial (TBR), motorcycle, and racing tires, as well as tire retread materials; and markets and distributes racing, TBR, and motorcycle tires.

Further Reading: What is a dividend reinvestment plan?

Institutional Ownership by Quarter for Cooper Tire & Rubber (NYSE:CTB)

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