The Goodyear Tire & Rubber Company (GT) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research cut shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning.

According to Zacks, “Goodyear has underperformed the Zacks-categorized Rubber-Tires industry over the last 3 months due to declining revenues and volatility in the U.S. commercial truck tire business. Economic weakness in Latin America and Brazil and adverse impact of foreign currency translation are other challenges. However, Goodyear regularly launches products and services to boost sales. Moreover, its capital allocation plan is expected to enhance shareholder value. Further, Goodyear is benefitting from lower raw material costs. The company has a mostly positive record of earnings surprises in recent quarters.”

A number of other analysts have also weighed in on GT. upped their target price on shares of The Goodyear Tire & Rubber Company from $34.00 to $37.00 and gave the stock a market perform rating in a report on Friday, September 16th. Berenberg Bank started coverage on shares of The Goodyear Tire & Rubber Company in a report on Tuesday, November 22nd. They set a buy rating and a $36.00 target price on the stock. Goldman Sachs Group, Inc. (The) reaffirmed a buy rating and set a $35.00 target price on shares of The Goodyear Tire & Rubber Company in a report on Saturday, October 8th. Jefferies Group initiated coverage on shares of The Goodyear Tire & Rubber Company in a research report on Tuesday, November 29th. They set a buy rating and a $36.50 price target for the company. Finally, Morgan Stanley set a $24.00 target price on shares of The Goodyear Tire & Rubber Company and gave the stock a sell rating in a research report on Thursday, November 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $34.72.

Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) traded down 2.87% during mid-day trading on Tuesday, reaching $31.15. 3,719,576 shares of the company’s stock were exchanged. The firm has a market cap of $8.13 billion, a P/E ratio of 26.02 and a beta of 1.33. The Goodyear Tire & Rubber Company has a 52-week low of $24.31 and a 52-week high of $33.36. The company has a 50 day moving average price of $31.38 and a 200 day moving average price of $29.82.

The Goodyear Tire & Rubber Company (NASDAQ:GT) last posted its earnings results on Friday, October 28th. The company reported $1.17 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.01. The business had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.97 billion. The Goodyear Tire & Rubber Company had a net margin of 2.09% and a return on equity of 24.47%. The Goodyear Tire & Rubber Company’s revenue was down 8.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.99 EPS. Analysts forecast that The Goodyear Tire & Rubber Company will post $3.94 earnings per share for the current fiscal year.

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A number of institutional investors have recently modified their holdings of GT. Vanguard Group Inc. increased its position in shares of The Goodyear Tire & Rubber Company by 1.2% in the second quarter. Vanguard Group Inc. now owns 23,666,446 shares of the company’s stock valued at $607,280,000 after buying an additional 279,719 shares in the last quarter. State Street Corp increased its position in shares of The Goodyear Tire & Rubber Company by 0.6% in the second quarter. State Street Corp now owns 11,555,437 shares of the company’s stock valued at $296,519,000 after buying an additional 70,723 shares in the last quarter. LSV Asset Management increased its position in shares of The Goodyear Tire & Rubber Company by 5.0% in the third quarter. LSV Asset Management now owns 9,267,168 shares of the company’s stock valued at $299,329,000 after buying an additional 440,800 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its position in shares of The Goodyear Tire & Rubber Company by 28.7% in the second quarter. Adage Capital Partners GP L.L.C. now owns 8,485,852 shares of the company’s stock valued at $217,747,000 after buying an additional 1,892,700 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. increased its position in shares of The Goodyear Tire & Rubber Company by 5.4% in the third quarter. Diamond Hill Capital Management Inc. now owns 6,143,650 shares of the company’s stock valued at $198,440,000 after buying an additional 315,818 shares in the last quarter. 91.98% of the stock is currently owned by institutional investors and hedge funds.

About The Goodyear Tire & Rubber Company

The Goodyear Tire & Rubber Company is engaged in developing, manufacturing, marketing and distributing tires for various applications. It also manufactures and markets rubber-related chemicals for various applications. The Company’s Americas business comprises businesses of North America and Latin America.

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