Goodyear Tire & Rubber (NASDAQ:GT) Upgraded to “Hold” at Zacks Research

Zacks Research upgraded shares of Goodyear Tire & Rubber (NASDAQ:GT) from a strong sell rating to a hold rating in a research report report published on Monday,Zacks.com reports.

A number of other research analysts also recently issued reports on the company. Citigroup cut their price objective on Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Friday, May 8th. Weiss Ratings restated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $7.00 price target (down from $9.00) on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Wall Street Zen upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 6th. Finally, TD Cowen reduced their price objective on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday, April 15th. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Goodyear Tire & Rubber has an average rating of “Hold” and an average price target of $8.54.

Goodyear Tire & Rubber Stock Performance

NASDAQ:GT opened at $6.66 on Monday. The stock has a 50-day simple moving average of $6.21 and a two-hundred day simple moving average of $7.44. Goodyear Tire & Rubber has a 52-week low of $5.43 and a 52-week high of $11.65. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.51 and a current ratio of 1.04. The firm has a market capitalization of $1.91 billion, a PE ratio of -0.92 and a beta of 1.12.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.39) EPS for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.05. Goodyear Tire & Rubber had a positive return on equity of 0.93% and a negative net margin of 11.64%.The business had revenue of $3.88 billion during the quarter, compared to analysts’ expectations of $3.81 billion. During the same quarter in the prior year, the business posted ($0.04) earnings per share. The business’s quarterly revenue was down 8.7% on a year-over-year basis. Analysts forecast that Goodyear Tire & Rubber will post -0.24 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. raised its holdings in Goodyear Tire & Rubber by 6.3% in the second quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company’s stock valued at $177,000 after acquiring an additional 1,011 shares in the last quarter. Pin Oak Investment Advisors Inc. lifted its position in shares of Goodyear Tire & Rubber by 1.4% during the 4th quarter. Pin Oak Investment Advisors Inc. now owns 75,055 shares of the company’s stock worth $657,000 after purchasing an additional 1,065 shares during the last quarter. Farther Finance Advisors LLC grew its stake in shares of Goodyear Tire & Rubber by 11.5% during the fourth quarter. Farther Finance Advisors LLC now owns 11,181 shares of the company’s stock worth $98,000 after purchasing an additional 1,152 shares in the last quarter. Cetera Investment Advisers grew its stake in shares of Goodyear Tire & Rubber by 1.0% during the fourth quarter. Cetera Investment Advisers now owns 131,568 shares of the company’s stock worth $1,153,000 after purchasing an additional 1,282 shares in the last quarter. Finally, Advisory Services Network LLC increased its holdings in Goodyear Tire & Rubber by 2.8% in the fourth quarter. Advisory Services Network LLC now owns 56,631 shares of the company’s stock valued at $496,000 after buying an additional 1,529 shares during the last quarter. 84.19% of the stock is owned by hedge funds and other institutional investors.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company is a leading tire manufacturer and rubber products supplier with more than a century of innovation in its portfolio. Founded in 1898 by Frank Seiberling in Akron, Ohio, the company has grown into a global enterprise known for its engineering expertise and quality standards. Over its history, Goodyear has pioneered advances in tire technology, from early pneumatic designs to modern high-performance and fuel-efficient solutions.

Goodyear’s core business encompasses the design, production and distribution of tires for a variety of markets, including passenger cars, commercial trucks, off-the-road vehicles, aircraft and specialty applications.