Goodyear Tire & Rubber (NASDAQ:GT) Shares Gap Down on Analyst Downgrade

The Goodyear Tire & Rubber Company (NASDAQ:GT)’s stock price gapped down before the market opened on Monday after Citigroup lowered their price target on the stock from $8.00 to $5.00. The stock had previously closed at $4.36, but opened at $4.15. Citigroup currently has a neutral rating on the stock. Goodyear Tire & Rubber shares last traded at $4.2650, with a volume of 1,393,083 shares traded.

Several other equities analysts also recently weighed in on the stock. Weiss Ratings restated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a report on Wednesday, November 4th. Zacks Research cut shares of Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research report on Friday, October 16th. Wall Street Zen raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set an “overweight” rating on the stock in a research report on Friday, October 2nd. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $7.46.

Institutional Investors Weigh In On Goodyear Tire & Rubber

A number of hedge funds and other institutional investors have recently modified their holdings of the company. 180 Wealth Advisors LLC lifted its stake in shares of Goodyear Tire & Rubber by 7.3% during the first quarter. 180 Wealth Advisors LLC now owns 25,658 shares of the company’s stock valued at $170,000 after buying an additional 1,747 shares during the period. Oregon Public Employees Retirement Fund grew its stake in Goodyear Tire & Rubber by 3.3% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 58,743 shares of the company’s stock worth $389,000 after acquiring an additional 1,900 shares during the period. Cidel Asset Management Inc. grew its stake in Goodyear Tire & Rubber by 14.0% in the 3rd quarter. Cidel Asset Management Inc. now owns 21,855 shares of the company’s stock worth $109,000 after acquiring an additional 2,683 shares during the period. Plan A Wealth LLC raised its holdings in Goodyear Tire & Rubber by 22.5% in the 3rd quarter. Plan A Wealth LLC now owns 16,538 shares of the company’s stock valued at $82,000 after acquiring an additional 3,041 shares during the last quarter. Finally, Sequoia Financial Advisors LLC raised its holdings in Goodyear Tire & Rubber by 16.7% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 21,396 shares of the company’s stock valued at $141,000 after acquiring an additional 3,064 shares during the last quarter. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

Goodyear Tire & Rubber Price Performance

The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of -1.98 and a beta of 1.22. The company has a fifty day simple moving average of $4.86 and a two-hundred day simple moving average of $6.50. The company has a debt-to-equity ratio of 2.16, a quick ratio of 0.59 and a current ratio of 1.12.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings data on Wednesday, November 4th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.05). The business had revenue of $4.54 billion for the quarter, compared to analyst estimates of $4.59 billion. Goodyear Tire & Rubber had a negative return on equity of 6.69% and a negative net margin of 3.33%. Goodyear Tire & Rubber’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.28 EPS. As a group, research analysts anticipate that The Goodyear Tire & Rubber Company will post -1.03 earnings per share for the current year.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company is a global manufacturer of tires and related products and services. Founded in Akron, Ohio, in 1898, the company makes tires for passenger and light trucks, commercial vehicles, aircraft, and off-road equipment, as well as for original-equipment and replacement markets. Goodyear sells products under brands including Goodyear and Cooper. Its tire-related offerings also include retreading, vehicle and fleet services, and solutions for commercial customers. The company serves customers across markets around the world and is headquartered in Akron, Ohio.