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

Goodyear Tire & Rubber (NASDAQ:GT) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Friday.

A number of other brokerages also recently weighed in on GT. Morgan Stanley assumed coverage on shares of Goodyear Tire & Rubber in a report on Thursday, June 13th. They issued an “equal weight” rating and a $14.00 price target for the company. Wolfe Research downgraded Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research report on Thursday. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.23.

Goodyear Tire & Rubber Trading Down 0.4 %

Goodyear Tire & Rubber stock opened at $7.92 on Friday. The business’s 50-day simple moving average is $9.89 and its 200-day simple moving average is $11.47. Goodyear Tire & Rubber has a 52 week low of $7.63 and a 52 week high of $15.24. The firm has a market capitalization of $2.25 billion, a PE ratio of -3.50 and a beta of 1.74. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.54 and a current ratio of 1.06.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.09 by $0.10. Goodyear Tire & Rubber had a positive return on equity of 6.55% and a negative net margin of 1.82%. The company had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.78 billion. During the same period in the previous year, the business posted ($0.34) EPS. The company’s revenue for the quarter was down 6.1% on a year-over-year basis. Equities research analysts forecast that Goodyear Tire & Rubber will post 1.12 earnings per share for the current year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Hedge funds and other institutional investors have recently made changes to their positions in the business. Retirement Systems of Alabama raised its stake in Goodyear Tire & Rubber by 0.3% during the first quarter. Retirement Systems of Alabama now owns 356,065 shares of the company’s stock worth $4,889,000 after acquiring an additional 935 shares in the last quarter. Covestor Ltd boosted its holdings in shares of Goodyear Tire & Rubber by 33.6% in the 1st quarter. Covestor Ltd now owns 5,108 shares of the company’s stock worth $70,000 after acquiring an additional 1,284 shares in the last quarter. Texas Permanent School Fund Corp boosted its holdings in shares of Goodyear Tire & Rubber by 0.6% in the 2nd quarter. Texas Permanent School Fund Corp now owns 249,633 shares of the company’s stock worth $2,833,000 after acquiring an additional 1,475 shares in the last quarter. State of Michigan Retirement System grew its position in Goodyear Tire & Rubber by 2.4% during the 1st quarter. State of Michigan Retirement System now owns 69,626 shares of the company’s stock worth $956,000 after acquiring an additional 1,600 shares during the last quarter. Finally, Arizona State Retirement System increased its holdings in Goodyear Tire & Rubber by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 79,547 shares of the company’s stock valued at $903,000 after purchasing an additional 1,621 shares in the last quarter. 84.19% of the stock is owned by 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.