Cooper Tire & Rubber Company (CTB - Free Report) added a long-haul trailer (LHT) tire in its Cooper PRO Series. The tire portfolio aids fleets to deliver high performance with low cost of ownership. The newly added trailer tire has Cooper Tire’s ECO (Energy Conservation Optimization) technology, with construction that provides ultra-low rolling resistance. The tire is currently available in size 295/75R22.5. Additional sizes of the tire will be available in summer this year.
Prior to this recent launch, the PRO Series had two tires in its portfolio, consisting of long-haul drive (LHD) and long-haul steer (LHS) tires. LHD tires have a deep 30/32nds tread depth that offers longevity required for closed shoulder drive tires. Further, LHS is an 18/32nds long-haul steer tire provides wide footprint with premium dimensions. The new LHT tire completes the product lineup for PRO Series created for fleets. The brand offers tires for all fleet positions that can run long miles with best fuel efficiency.
The company focuses on developing products with superior design and functionality that can meet market demands. It frequently launches tires under different brands to cater to varies vehicle types. Further, it also forms partnerships with fast-growing retailers to offer products to a larger customer base. Widening product development, along with new partnerships, will likely aid Cooper Tire to witness growth in the market.
Cooper Tire & Rubber Company Price and Consensus
Over the past three months, shares of the company have gained 2.7% against the industry’s 11% decline.
Zacks Rank & Stocks to Consider
Cooper Tire currently carries a Zacks Rank #4 (Buy). A few better-ranked stocks in the broader auto sector are Navistar International Corporation (NAV - Free Report) , Ford Motor Company (F - Free Report) and Allison Transmission Holdings, Inc. (ALSN - Free Report) , each currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Navistar has an expected long-term growth rate of 15.5%. The stock has gained 21.6% in the past six months.
Ford has an expected long-term growth rate of 7.3%. The stock has gained 14.2% in the past six months.
Allison Transmission has an expected long-term growth rate of 10%. Over the past six months, shares of the company have gained 3.9%.
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