Goodyear Tire & Rubber (NASDAQ:GT) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Goodyear Tire & Rubber (NASDAQ:GT) from a strong sell rating to a sell rating in a research note published on Saturday.

Other equities analysts have also recently issued reports about the stock. Weiss Ratings reissued a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. TD Cowen reduced their target price 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. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $7.00 target price (down from $9.00) on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Citigroup dropped their price target on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, May 8th. Finally, Zacks Research raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $8.47.

Goodyear Tire & Rubber Trading Down 6.4%

Shares of GT stock opened at $6.03 on Friday. The business’s 50 day moving average is $6.59 and its two-hundred day moving average is $7.17. Goodyear Tire & Rubber has a twelve month low of $5.43 and a twelve month high of $10.62. The company has a market capitalization of $1.74 billion, a P/E ratio of -0.68 and a beta of 1.12. The company has a current ratio of 1.09, a quick ratio of 0.55 and a debt-to-equity ratio of 1.92.

Goodyear Tire & Rubber (NASDAQ:GT) last released its earnings results on Wednesday, August 5th. The company reported ($0.61) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.02. Goodyear Tire & Rubber had a negative return on equity of 2.95% and a negative net margin of 14.37%.The business had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.19 billion. During the same quarter in the previous year, the company posted ($0.17) earnings per share. The company’s revenue for the quarter was down 4.8% compared to the same quarter last year. Equities analysts forecast that Goodyear Tire & Rubber will post -0.26 EPS for the current year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bastion Asset Management Inc. boosted its position in Goodyear Tire & Rubber by 72.9% during the fourth quarter. Bastion Asset Management Inc. now owns 963,938 shares of the company’s stock worth $8,076,000 after purchasing an additional 406,410 shares in the last quarter. Readystate Asset Management LP grew its holdings in Goodyear Tire & Rubber by 45.8% in the first quarter. Readystate Asset Management LP now owns 2,606,350 shares of the company’s stock valued at $17,280,000 after purchasing an additional 818,588 shares during the last quarter. Hsbc Holdings PLC increased its position in shares of Goodyear Tire & Rubber by 144.6% in the first quarter. Hsbc Holdings PLC now owns 430,136 shares of the company’s stock valued at $2,798,000 after buying an additional 254,305 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Goodyear Tire & Rubber by 8.9% in the first quarter. Dimensional Fund Advisors LP now owns 16,558,938 shares of the company’s stock valued at $109,778,000 after buying an additional 1,352,085 shares in the last quarter. Finally, SG Americas Securities LLC increased its position in shares of Goodyear Tire & Rubber by 113.5% in the first quarter. SG Americas Securities LLC now owns 1,447,677 shares of the company’s stock valued at $9,598,000 after buying an additional 769,710 shares in the last quarter. Institutional investors and hedge funds own 84.19% of the company’s stock.

Goodyear Tire & Rubber Company Profile

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.