Goodyear Tire & Rubber (NASDAQ:GT) Rating Lowered to Peer Perform at Wolfe Research

Goodyear Tire & Rubber (NASDAQ:GT) was downgraded by equities research analysts at Wolfe Research from an “outperform” rating to a “peer perform” rating in a report released on Thursday, MarketBeat reports.

Several other analysts have also recently issued reports on the company. 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 target price for the company. HSBC reduced their price objective on shares of Goodyear Tire & Rubber from $16.80 to $15.90 and set a “buy” rating on the stock in a research report on Wednesday, May 8th. Finally, StockNews.com upgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research note on Thursday, May 16th. Three equities 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, the company currently has an average rating of “Moderate Buy” and a consensus price target of $17.23.

Goodyear Tire & Rubber Price Performance

Shares of Goodyear Tire & Rubber stock opened at $7.92 on Thursday. The stock has a market cap of $2.25 billion, a P/E ratio of -3.50 and a beta of 1.74. 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 stock’s fifty day moving average is $9.89 and its 200 day moving average is $11.47. Goodyear Tire & Rubber has a one year low of $7.63 and a one year high of $15.24.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.19 earnings per share (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 company had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.78 billion. During the same period in the previous year, the company posted ($0.34) EPS. The firm’s revenue was down 6.1% on a year-over-year basis. Sell-side analysts anticipate that Goodyear Tire & Rubber will post 1.12 earnings per share for the current year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Institutional investors and hedge funds have recently made changes to their positions in the business. Sanctuary Advisors LLC bought a new stake in shares of Goodyear Tire & Rubber in the 2nd quarter valued at approximately $178,000. Point72 Asset Management L.P. bought a new position in shares of Goodyear Tire & Rubber during the 2nd quarter valued at approximately $8,492,000. Ironwood Investment Management LLC raised its holdings in 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 period. Northwestern Mutual Wealth Management Co. lifted its position in Goodyear Tire & Rubber by 80.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 28,681 shares of the company’s stock worth $326,000 after buying an additional 12,822 shares during the last quarter. Finally, Creative Planning boosted its stake in Goodyear Tire & Rubber by 10.9% during the second 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 period. 84.19% of the stock is owned by hedge funds and other institutional investors.

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.