Goodyear Tire & Rubber (NASDAQ:GT) Cut 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 note issued to investors on Wednesday.

Separately, Wolfe Research downgraded shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a report on Thursday, September 5th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Goodyear Tire & Rubber has a consensus rating of “Moderate Buy” and an average price target of $17.23.

Goodyear Tire & Rubber Trading Down 0.6 %

Shares of Goodyear Tire & Rubber stock opened at $9.27 on Wednesday. The company has a market capitalization of $2.64 billion, a P/E ratio of -8.91 and a beta of 1.69. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.65 and a current ratio of 1.14. The company has a fifty day moving average of $8.50 and a 200 day moving average of $10.08. Goodyear Tire & Rubber has a fifty-two week low of $7.27 and a fifty-two week high of $15.24.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings data on Monday, November 4th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.25 by $0.12. Goodyear Tire & Rubber had a negative net margin of 1.56% and a positive return on equity of 6.66%. The business had revenue of $4.82 billion during the quarter, compared to the consensus estimate of $4.96 billion. During the same quarter in the prior year, the firm earned $0.36 EPS. The business’s revenue was down 6.2% on a year-over-year basis. On average, sell-side analysts anticipate that Goodyear Tire & Rubber will post 1.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Institutional investors have recently modified their holdings of the stock. Tidal Investments LLC boosted its stake in shares of Goodyear Tire & Rubber by 41.6% during the first quarter. Tidal Investments LLC now owns 63,967 shares of the company’s stock valued at $878,000 after purchasing an additional 18,790 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Goodyear Tire & Rubber by 2.7% during the second quarter. Bank of New York Mellon Corp now owns 2,715,149 shares of the company’s stock valued at $30,817,000 after purchasing an additional 71,410 shares in the last quarter. National Bank of Canada FI boosted its stake in shares of Goodyear Tire & Rubber by 2,944.7% during the first quarter. National Bank of Canada FI now owns 1,666,708 shares of the company’s stock valued at $21,600,000 after purchasing an additional 1,611,966 shares in the last quarter. Edgestream Partners L.P. boosted its stake in shares of Goodyear Tire & Rubber by 1,011.8% during the second quarter. Edgestream Partners L.P. now owns 634,077 shares of the company’s stock valued at $7,197,000 after purchasing an additional 577,045 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky boosted its stake in shares of Goodyear Tire & Rubber by 132.2% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 224,158 shares of the company’s stock valued at $3,077,000 after purchasing an additional 127,610 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.