Goodyear Tire & Rubber (NASDAQ:GT) Trading Up 7.5% on Earnings Beat

The Goodyear Tire & Rubber Company (NASDAQ:GT) shot up 7.5% during trading on Tuesday following a stronger than expected earnings report. The company traded as high as $8.73 and last traded at $8.73. 5,410,801 shares traded hands during trading, an increase of 29% from the average session volume of 4,204,213 shares. The stock had previously closed at $8.12.

The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.12. The company had revenue of $4.82 billion for the quarter, compared to the consensus estimate of $4.96 billion. Goodyear Tire & Rubber had a positive return on equity of 6.69% and a negative net margin of 1.56%. Goodyear Tire & Rubber’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.36 earnings per share.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Wolfe Research lowered shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a report on Thursday, September 5th. StockNews.com raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a report on Tuesday. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $17.23.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Hedge funds have recently made changes to their positions in the company. Family Firm Inc. bought a new position in Goodyear Tire & Rubber during the second quarter valued at approximately $26,000. Mather Group LLC. lifted its stake in shares of Goodyear Tire & Rubber by 4,526.3% in the 2nd quarter. Mather Group LLC. now owns 2,637 shares of the company’s stock valued at $30,000 after purchasing an additional 2,580 shares during the last quarter. Sound Income Strategies LLC boosted its holdings in Goodyear Tire & Rubber by 2,122.5% in the third 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 in the last quarter. Beach Investment Counsel Inc. PA bought a new position in Goodyear Tire & Rubber during the second quarter valued at about $40,000. Finally, MUFG Securities EMEA plc acquired a new stake in shares of Goodyear Tire & Rubber in the second quarter worth about $57,000. Hedge funds and other institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Stock Up 3.0 %

The company has a debt-to-equity ratio of 1.41, a current ratio of 1.06 and a quick ratio of 0.54. The business has a 50-day simple moving average of $8.32 and a two-hundred day simple moving average of $10.19.

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.