|Bid||12.53 x 800|
|Ask||12.53 x 1000|
|Day's range||12.31 - 12.61|
|52-week range||9.66 - 16.51|
|Beta (5Y monthly)||1.81|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||31 Jan 2020|
|1y target est||N/A|
The move is expected to improve the segment's operating income by approximately $50 million to $55 million in 2025, the tire manufacturer said, adding that the plan would also improve profitability in its Australia and New Zealand operations. Goodyear would also exit nine warehouse locations, a regulatory filing showed. The Ohio-based company said the approved plan that is part of its broader restructuring effort would be completed by the end of 2024.
Investors need to pay close attention to Goodyear (GT) stock based on the movements in the options market lately.
The decision comes after activist investor Elliott Investment Management in May criticized Goodyear for mismanagement and lagging behind rivals Michelin and Bridgestone. Elliott, which holds a 10% stake in the tire company, had also pushed Goodyear for an operational review and sale of its stores. The restructuring will result in "significant" savings from 2024 till 2025 and comes as the company seeks to streamline its business and improve its cost structure, Goodyear said on Friday.