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

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

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

Goodyear Tire & Rubber Stock Down 1.7 %

Shares of NASDAQ:GT opened at $9.33 on Wednesday. The company has a 50 day moving average of $8.47 and a two-hundred day moving average of $10.10. Goodyear Tire & Rubber has a 52-week low of $7.27 and a 52-week high of $15.24. The company has a quick ratio of 0.65, a current ratio of 1.14 and a debt-to-equity ratio of 1.51. The company has a market capitalization of $2.66 billion, a price-to-earnings ratio of -8.97 and a beta of 1.69.

Goodyear Tire & Rubber (NASDAQ:GT) last released 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 firm had revenue of $4.82 billion for the quarter, compared to the consensus estimate 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 quarterly revenue was down 6.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.36 EPS. As a group, analysts forecast that Goodyear Tire & Rubber will post 1.08 earnings per share for the current fiscal year.

Institutional Trading of Goodyear Tire & Rubber

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Goodyear Tire & Rubber by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 29,867,596 shares of the company’s stock worth $410,082,000 after purchasing an additional 765,529 shares during the last quarter. American Century Companies Inc. increased its position in Goodyear Tire & Rubber by 16.2% in the second quarter. American Century Companies Inc. now owns 7,257,765 shares of the company’s stock worth $82,376,000 after buying an additional 1,013,550 shares during the period. Victory Capital Management Inc. lifted its stake in Goodyear Tire & Rubber by 3,921.7% in the third quarter. Victory Capital Management Inc. now owns 4,751,514 shares of the company’s stock valued at $42,051,000 after buying an additional 4,633,368 shares during the last quarter. Segall Bryant & Hamill LLC boosted its holdings in shares of Goodyear Tire & Rubber by 13.4% during the third quarter. Segall Bryant & Hamill LLC now owns 4,101,832 shares of the company’s stock valued at $36,301,000 after acquiring an additional 484,198 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its holdings in shares of Goodyear Tire & Rubber by 3.9% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 3,977,383 shares of the company’s stock worth $54,609,000 after acquiring an additional 148,566 shares during the period. 84.19% of the stock is owned by institutional investors and hedge funds.

About Goodyear Tire & Rubber

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.