StockNews.com Lowers Goodyear Tire & Rubber (NASDAQ:GT) to Hold

StockNews.com downgraded shares of Goodyear Tire & Rubber (NASDAQ:GT) from a buy rating to a hold rating in a report released on Tuesday.

GT has been the subject of several other reports. Wolfe Research cut shares of Goodyear Tire & Rubber from an outperform rating to a peer perform rating in a research note on Thursday, September 5th. Morgan Stanley started coverage on Goodyear Tire & Rubber in a report on Thursday, June 13th. They set an equal weight rating and a $14.00 price objective on the stock. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, Goodyear Tire & Rubber presently has an average rating of Moderate Buy and an average target price of $17.23.

Goodyear Tire & Rubber Price Performance

Goodyear Tire & Rubber stock opened at $8.25 on Tuesday. The firm has a market capitalization of $2.35 billion, a PE ratio of -3.65 and a beta of 1.70. Goodyear Tire & Rubber has a 52 week low of $7.27 and a 52 week high of $15.24. The firm’s 50-day simple moving average is $9.33 and its 200 day simple moving average is $11.21. The company has a quick ratio of 0.54, a current ratio of 1.06 and a debt-to-equity ratio of 1.41.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.10. The firm had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.78 billion. Goodyear Tire & Rubber had a positive return on equity of 6.55% and a negative net margin of 1.82%. The company’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.34) EPS. On average, equities research analysts predict that Goodyear Tire & Rubber will post 1.06 EPS for the current fiscal year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Several hedge funds have recently modified their holdings of the stock. Family Firm Inc. acquired a new stake in Goodyear Tire & Rubber during the 2nd quarter valued at $26,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of Goodyear Tire & Rubber during the fourth quarter valued at about $28,000. Mather Group LLC. grew its stake in shares of Goodyear Tire & Rubber by 4,526.3% during the second quarter. Mather Group LLC. now owns 2,637 shares of the company’s stock valued at $30,000 after acquiring an additional 2,580 shares in the last quarter. Jones Financial Companies Lllp purchased a new stake in shares of Goodyear Tire & Rubber during the fourth quarter worth about $33,000. Finally, Beach Investment Counsel Inc. PA acquired a new position in shares of Goodyear Tire & Rubber in the second quarter worth about $40,000. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company, together with its subsidiaries, develops, manufactures, distributes, and sells tires and related products and services worldwide. It offers various lines of rubber tires for automobiles, trucks, buses, aircraft, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and other applications under the Goodyear, Cooper, Dunlop, Kelly, Mastercraft, Roadmaster, Debica, Sava, Fulda, Mickey Thompson, Avon, and Remington brands and various house brands, as well as under the private-label brands.