pressofAtlanticCity.com: Your source for the latest Breaking News plus Local, Business, Sports, Entertainment & Video News for Southern New Jersey

default avatar
Welcome to the site! Login or Signup below.
|
Not you?||
Logout|My Dashboard
AAA  Sep. 27, 2013
A good year
By TREVOR DELANEY
  •       Text Size    
  •       AIM Article
  •       Share Article

Buy AP Photo Reprints

Goodyear Tire & Rubber is up 64 percent this year, placing it among the top 25 performers in the Standard & Poor’s 500 index. That’s more than triple the almost 19 percent rise of the broader market.

Shareholders are also encouraged by the company’s decision to reinstate its dividend after more than a decade. In the fourth quarter it will pay out 5 cents per share, its first dividend since December 2002. That produces a modest yield; just 0.9 percent compared with the average 2 percent yield of the S&P 500.

“Goodyear’s outlook hasn’t looked this sound in over a decade,” financial analyst Itay Michaeli of Citi Investment Research wrote in a recent note to clients. He gives Goodyear a “Buy” rating with a one-year price target of $28. Even so, he couples that rating with a “High Risk” designation, citing several factors, including the amount of debt on the company’s balance sheet.

Associated Press
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.