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

StockNews.com cut 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 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 report on Thursday, September 5th. Morgan Stanley assumed coverage on Goodyear Tire & Rubber in a research report on Thursday, June 13th. They set an equal weight rating and a $14.00 price target on the stock. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Goodyear Tire & Rubber presently has an average rating of Moderate Buy and an average target price of $17.23.

Goodyear Tire & Rubber Stock Performance

Shares of NASDAQ:GT opened at $8.37 on Tuesday. The company has a current ratio of 1.06, a quick ratio of 0.54 and a debt-to-equity ratio of 1.41. Goodyear Tire & Rubber has a 12 month low of $7.27 and a 12 month high of $15.24. The company has a market capitalization of $2.38 billion, a price-to-earnings ratio of -3.70 and a beta of 1.70. The firm’s 50-day moving average is $9.39 and its 200 day moving average is $11.23.

Goodyear Tire & Rubber (NASDAQ:GT) last released its earnings results on Wednesday, July 31st. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.78 billion. During the same quarter in the prior year, the firm posted ($0.34) earnings per share. The company’s quarterly revenue was down 6.1% on a year-over-year basis. Research analysts predict that Goodyear Tire & Rubber will post 1.06 EPS for the current year.

Institutional Trading of Goodyear Tire & Rubber

A number of hedge funds have recently bought and sold shares of GT. Sanctuary Advisors LLC bought a new position in shares of Goodyear Tire & Rubber in the 2nd quarter worth $178,000. Point72 Asset Management L.P. purchased a new position in Goodyear Tire & Rubber in the second quarter valued at about $8,492,000. Ironwood Investment Management LLC lifted its position in shares of Goodyear Tire & Rubber by 6.6% during the second 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. boosted its holdings in shares of Goodyear Tire & Rubber by 80.8% in 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 in the last quarter. Finally, Creative Planning grew its position in shares of Goodyear Tire & Rubber by 10.9% in the 2nd quarter. Creative Planning now owns 70,973 shares of the company’s stock worth $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.