Goodyear Tire & Rubber (NASDAQ:GT) Stock Rating Lowered by StockNews.com

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

A number of other research analysts have also weighed in on GT. Wolfe Research lowered shares of 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 report on Thursday, June 13th. They set an “equal weight” rating and a $14.00 target price for the company. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $17.23.

Goodyear Tire & Rubber Trading Up 1.2 %

GT opened at $8.11 on Tuesday. The firm has a 50 day simple moving average of $9.45 and a 200 day simple moving average of $11.25. 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 market cap of $2.31 billion, a price-to-earnings ratio of -3.59 and a beta of 1.70. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.06 and a quick ratio of 0.54.

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, beating the consensus estimate of $0.09 by $0.10. The firm had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.78 billion. Goodyear Tire & Rubber had a positive return on equity of 6.55% and a negative net margin of 1.82%. The company’s quarterly revenue was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.34) earnings per share. On average, sell-side analysts anticipate that Goodyear Tire & Rubber will post 1.06 earnings per share for the current year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in Goodyear Tire & Rubber by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 29,867,596 shares of the company’s stock valued at $410,082,000 after acquiring an additional 765,529 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Goodyear Tire & Rubber by 48.2% in the fourth quarter. Wellington Management Group LLP now owns 14,978,975 shares of the company’s stock worth $214,499,000 after purchasing an additional 4,870,381 shares during the period. American Century Companies Inc. lifted its position in Goodyear Tire & Rubber by 16.2% during the second quarter. American Century Companies Inc. now owns 7,257,765 shares of the company’s stock worth $82,376,000 after purchasing an additional 1,013,550 shares during the period. Norges Bank acquired a new stake in Goodyear Tire & Rubber during the fourth quarter worth about $66,842,000. Finally, Goldman Sachs Group Inc. increased its holdings in Goodyear Tire & Rubber by 9.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 4,180,322 shares of the company’s stock valued at $59,862,000 after buying an additional 353,758 shares during the period. 84.19% of the stock is currently 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.