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

StockNews.com downgraded shares of Goodyear Tire & Rubber (NASDAQ:GT) from a buy rating to a hold rating in a research note released on Wednesday morning.

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

Goodyear Tire & Rubber Stock Up 0.7 %

Goodyear Tire & Rubber stock opened at $9.49 on Wednesday. The stock has a market cap of $2.70 billion, a P/E ratio of -9.13 and a beta of 1.69. The company has a quick ratio of 0.65, a current ratio of 1.14 and a debt-to-equity ratio of 1.51. Goodyear Tire & Rubber has a twelve month low of $7.27 and a twelve month high of $15.24. The company’s 50-day moving average price is $8.45 and its two-hundred day moving average price is $10.11.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.12. The business had revenue of $4.82 billion for the quarter, compared to analyst estimates of $4.96 billion. Goodyear Tire & Rubber had a negative net margin of 1.56% and a positive return on equity of 6.66%. The firm’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same quarter last year, the business posted $0.36 EPS. As a group, analysts expect that Goodyear Tire & Rubber will post 1.08 EPS for the current year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

A number of hedge funds and other institutional investors have recently bought and sold shares of GT. Family Firm Inc. bought a new position in Goodyear Tire & Rubber in the 2nd quarter worth $26,000. Mather Group LLC. boosted its holdings 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 valued at $30,000 after acquiring an additional 2,580 shares during the last quarter. Sound Income Strategies LLC lifted its stake in shares of Goodyear Tire & Rubber by 2,122.5% in the 3rd quarter. Sound Income Strategies LLC now owns 3,956 shares of the company’s stock worth $35,000 after purchasing an additional 3,778 shares during the period. Beach Investment Counsel Inc. PA bought a new position in shares of Goodyear Tire & Rubber in the 2nd quarter worth approximately $40,000. Finally, MUFG Securities EMEA plc bought a new position in shares of Goodyear Tire & Rubber in the 2nd quarter worth approximately $57,000. Hedge funds and other institutional investors own 84.19% of the company’s stock.

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.