Goodyear Tire & Rubber (NASDAQ:GT) Lowered to “Hold” at StockNews.com

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

A number of other brokerages have also commented on GT. Morgan Stanley began coverage on shares of Goodyear Tire & Rubber in a research report on Thursday, June 13th. They set an equal weight rating and a $14.00 target price on the stock. Wolfe Research downgraded Goodyear Tire & Rubber from an outperform rating to a peer perform rating in a report on Thursday, September 5th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Goodyear Tire & Rubber has a consensus rating of Moderate Buy and an average price target of $17.23.

Goodyear Tire & Rubber Price Performance

GT opened at $7.81 on Friday. The business has a fifty day moving average of $9.82 and a 200 day moving average of $11.43. The stock has a market cap of $2.22 billion, a P/E ratio of -3.46 and a beta of 1.70. 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 has a 52-week low of $7.63 and a 52-week high of $15.24.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its earnings results on Wednesday, July 31st. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.10. The firm had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.78 billion. Goodyear Tire & Rubber had a negative net margin of 1.82% and a positive return on equity of 6.55%. The business’s revenue was down 6.1% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.34) earnings per share. As a group, sell-side analysts anticipate that Goodyear Tire & Rubber will post 1.12 EPS for the current year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

A number of large investors have recently bought and sold shares of GT. Newbridge Financial Services Group Inc. purchased a new position in Goodyear Tire & Rubber in the fourth quarter valued at about $28,000. Family Firm Inc. purchased a new position in shares of Goodyear Tire & Rubber in the 2nd quarter worth approximately $26,000. Jones Financial Companies Lllp purchased a new position in shares of Goodyear Tire & Rubber in the 4th quarter worth approximately $33,000. Mather Group LLC. raised its stake in shares of Goodyear Tire & Rubber by 4,526.3% during the 2nd quarter. Mather Group LLC. now owns 2,637 shares of the company’s stock worth $30,000 after acquiring an additional 2,580 shares in the last quarter. Finally, Beach Investment Counsel Inc. PA purchased a new stake in Goodyear Tire & Rubber during the second quarter valued at approximately $40,000. Institutional investors own 84.19% of the company’s stock.

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.