Cooper Tire & Rubber CompanyCTB announced that it opened new warehouse spreading across one million square feet in Byhalia, MS. The new facility will supplement the existing U.S. distribution network of the Findlay, OH-based company, which manufactures and markets tires, and related products.
This is the largest distribution center of Cooper Tire in the country. This center is likely to aid the company to consolidate and distribute products to customers in an effective way. Further, this center serves as a supply base for the company's regional distribution centers. Moreover, the new facility can be expanded by additional 400,000 square feet in the future.
In third-quarter 2018, Cooper Tire's earnings surpassed the Zacks Consensus Estimate, though it came in lower than the prior-year quarter figure. Per the company, the new facility will aid in enhancing the logistics infrastructure and support Cooper Tire's initiatives to offer service to customers.
In the past year, Cooper Tire outperformed the industry it belongs to. The company's shares have increased 30.2% over this period, whereas the industry decreased 6.2%.
Zacks Rank & Other Key Picks
Currently, Cooper Tire carries a Zacks Rank #2 (Buy).
A few other top-ranked stocks in the auto space are Allison Transmission Holdings, Inc. ALSN , Fox Factory Holding Corp. FOXF and AutoZone, Inc. AZO . While Allison Transmission and Fox Factory currently sport a Zacks Rank #1 (Strong Buy), AutoZone carries a Zacks Rank #2. You can see the complete list of today's Zacks #1 Rank stocks here .
Allison Transmission has an expected long-term growth rate of 10%. Over the past six months, shares of the company have surged 7.5%.
Fox Factory has an expected long-term growth rate of 17.2%. Over the past six months, shares of the company have risen 93.7%.
AutoZone has an expected long-term growth rate of 12.2%. Over the past six months, shares of the company have risen 24.5 %.
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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportFox Factory Holding Corp. (FOXF): Free Stock Analysis ReportAutoZone, Inc. (AZO): Free Stock Analysis ReportAllison Transmission Holdings, Inc. (ALSN): Free Stock Analysis ReportCooper Tire & Rubber Company (CTB): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research