Goodyear Tire & Rubber (NASDAQ:GT) Lowered to Hold Rating by StockNews.com

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

Separately, Wolfe Research downgraded shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 5th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $17.23.

Goodyear Tire & Rubber Price Performance

Goodyear Tire & Rubber stock opened at $9.49 on Wednesday. The firm has a 50-day moving average price of $8.45 and a 200-day moving average price of $10.11. The firm has a market capitalization of $2.70 billion, a PE ratio of -9.13 and a beta of 1.69. The company has a current ratio of 1.14, a quick ratio of 0.65 and a debt-to-equity ratio of 1.51. Goodyear Tire & Rubber has a 12-month low of $7.27 and a 12-month high of $15.24.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.12. The company had revenue of $4.82 billion during the quarter, compared to analyst estimates of $4.96 billion. Goodyear Tire & Rubber had a negative net margin of 1.56% and a positive return on equity of 6.66%. The firm’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same quarter last year, the business posted $0.36 EPS. As a group, equities research analysts forecast that Goodyear Tire & Rubber will post 1.08 EPS for the current year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

A number of hedge funds have recently modified their holdings of the company. Tidal Investments LLC increased its stake in Goodyear Tire & Rubber by 41.6% in the first quarter. Tidal Investments LLC now owns 63,967 shares of the company’s stock valued at $878,000 after purchasing an additional 18,790 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Goodyear Tire & Rubber by 2.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,715,149 shares of the company’s stock worth $30,817,000 after buying an additional 71,410 shares during the last quarter. National Bank of Canada FI raised its stake in shares of Goodyear Tire & Rubber by 2,944.7% during the 1st quarter. National Bank of Canada FI now owns 1,666,708 shares of the company’s stock worth $21,600,000 after buying an additional 1,611,966 shares during the last quarter. Edgestream Partners L.P. raised its stake in shares of Goodyear Tire & Rubber by 1,011.8% during the 2nd quarter. Edgestream Partners L.P. now owns 634,077 shares of the company’s stock worth $7,197,000 after buying an additional 577,045 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky increased its position in Goodyear Tire & Rubber by 132.2% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 224,158 shares of the company’s stock worth $3,077,000 after purchasing an additional 127,610 shares in the last quarter. Hedge funds and other institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Company Profile

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.