Cooper Tire & Rubber Shares Up 6% (CTB)

Shares of Cooper Tire & Rubber Company CTB are currently up 6% at $20.80 per share during Monday afternoon trading. Today's trading range for shares of Cooper Tire & Rubber Company has been between $20.18 and $21.52 per share. The consensus price target of analysts covering the company's stock is $24.25 per share. Volume of 1.5 million shares is already well above the daily average volume of 899,000 shares. Cooper Tire & Rubber Company (CTB) released financial results early Monday morning. Cooper Tire & Rubber Company reported quarterly earnings of 71 cents per share, on revenue of $883 million. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 60 cents per share, on revenue of $895.11 million. Chief executive officer Roy Armes said, "We were pleased with the strong margins achieved by the company during the third quarter of 2010 and the continued strong demand for our products. We entered the third quarter with lower inventory in contrast with a year ago when high levels of inventory were available to support demand. We are taking action to increase our production levels and intend to produce 10 percent more units in 2011 than in 2010. We expect raw material costs will continue to be elevated in the near future and have implemented price increases around the globe. Our focus remains on profitable top line growth including opportunities in various global regions and with new products. We also remain committed to improving our cost structure while prudently managing our resources and driving improved organizational capabilities. Changing industry and economic conditions can still present challenges, but we remain optimistic about our opportunities to further improve results." Read more from Benzinga's Company news.