The Goodyear Tire & Rubber Company (NASDAQ:GT) Forecasted to Post Q3 2024 Earnings of $0.34 Per Share

The Goodyear Tire & Rubber Company (NASDAQ:GT) – Analysts at Zacks Research dropped their Q3 2024 earnings per share estimates for Goodyear Tire & Rubber in a research note issued to investors on Monday, July 29th. Zacks Research analyst R. Department now anticipates that the company will post earnings of $0.34 per share for the quarter, down from their previous estimate of $0.45. The consensus estimate for Goodyear Tire & Rubber’s current full-year earnings is $1.20 per share. Zacks Research also issued estimates for Goodyear Tire & Rubber’s FY2024 earnings at $1.20 EPS, Q2 2025 earnings at $0.43 EPS and FY2026 earnings at $2.64 EPS.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.10. The company 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 3.28% and a positive return on equity of 3.41%. The firm’s revenue was down 6.1% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.34) EPS.

Several other research firms have also recently issued reports on GT. StockNews.com raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research note on Thursday, May 16th. Morgan Stanley initiated coverage on Goodyear Tire & Rubber in a research note on Thursday, June 13th. They set an “equal weight” rating and a $14.00 target price on the stock. Finally, HSBC dropped their price target on Goodyear Tire & Rubber from $16.80 to $15.90 and set a “buy” rating for the company in a research note on Wednesday, May 8th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $17.23.

Goodyear Tire & Rubber Price Performance

GT stock opened at $9.84 on Wednesday. The stock has a market capitalization of $2.80 billion, a price-to-earnings ratio of -4.35 and a beta of 1.74. The firm’s 50-day moving average price is $11.67 and its two-hundred day moving average price is $12.42. The company has a current ratio of 1.15, a quick ratio of 0.60 and a debt-to-equity ratio of 1.56. Goodyear Tire & Rubber has a 12-month low of $9.75 and a 12-month high of $15.93.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GT. Versor Investments LP purchased a new position in Goodyear Tire & Rubber during the second quarter valued at $185,000. nVerses Capital LLC lifted its position in Goodyear Tire & Rubber by 80.7% during the 2nd quarter. nVerses Capital LLC now owns 19,700 shares of the company’s stock valued at $224,000 after acquiring an additional 8,800 shares during the period. MUFG Securities EMEA plc bought a new stake in Goodyear Tire & Rubber during the second quarter worth about $57,000. Commonwealth Equity Services LLC grew its holdings in Goodyear Tire & Rubber by 2.0% in the second quarter. Commonwealth Equity Services LLC now owns 114,861 shares of the company’s stock worth $1,304,000 after purchasing an additional 2,262 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Goodyear Tire & Rubber by 19.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 77,526 shares of the company’s stock valued at $880,000 after purchasing an additional 12,384 shares in the last quarter. 84.19% of the stock is owned by hedge funds and other institutional investors.

Goodyear Tire & Rubber Company Profile

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.