Goodyear Tire & Rubber (NASDAQ:GT) Lowered to Hold at 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 Tuesday.

A number of other equities analysts have also issued reports on the company. Wolfe Research lowered Goodyear Tire & Rubber from an outperform rating to a peer perform rating in a research note on Thursday, September 5th. Morgan Stanley began coverage on Goodyear Tire & Rubber in a research note on Thursday, June 13th. They issued an equal weight rating and a $14.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $17.23.

Goodyear Tire & Rubber Price Performance

Shares of GT stock opened at $8.37 on Tuesday. Goodyear Tire & Rubber has a fifty-two week low of $7.27 and a fifty-two week high of $15.24. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.54 and a current ratio of 1.06. The firm has a market capitalization of $2.38 billion, a price-to-earnings ratio of -3.70 and a beta of 1.70. The stock’s 50-day simple moving average is $9.39 and its 200-day simple moving average is $11.23.

Goodyear Tire & Rubber (NASDAQ:GT) last released its earnings results on Wednesday, July 31st. The company reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.10. The company had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.78 billion. Goodyear Tire & Rubber had a negative net margin of 1.82% and a positive return on equity of 6.55%. Goodyear Tire & Rubber’s revenue was down 6.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.34) EPS. As a group, equities analysts forecast that Goodyear Tire & Rubber will post 1.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

A number of institutional investors have recently modified their holdings of the stock. Sanctuary Advisors LLC purchased a new position in shares of Goodyear Tire & Rubber during the 2nd quarter valued at about $178,000. Point72 Asset Management L.P. purchased a new position in shares of Goodyear Tire & Rubber during the 2nd quarter valued at about $8,492,000. Ironwood Investment Management LLC raised its stake in shares of Goodyear Tire & Rubber by 6.6% during the 2nd quarter. Ironwood Investment Management LLC now owns 46,900 shares of the company’s stock valued at $532,000 after buying an additional 2,900 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of Goodyear Tire & Rubber by 80.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 28,681 shares of the company’s stock valued at $326,000 after buying an additional 12,822 shares during the last quarter. Finally, Creative Planning raised its stake in shares of Goodyear Tire & Rubber by 10.9% during the 2nd quarter. Creative Planning now owns 70,973 shares of the company’s stock valued at $806,000 after buying an additional 6,982 shares during the last quarter. Hedge funds and other institutional investors own 84.19% of the company’s stock.

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.