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

StockNews.com lowered shares of Goodyear Tire & Rubber (NASDAQ:GT) from a buy rating to a hold rating in a report released on Wednesday morning.

Separately, Wolfe Research downgraded Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 5th.

Goodyear Tire & Rubber Price Performance

Shares of NASDAQ GT opened at $9.27 on Wednesday. Goodyear Tire & Rubber has a 52 week low of $7.27 and a 52 week high of $15.24. The business’s 50 day moving average price is $8.50 and its 200 day moving average price is $10.07. 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 firm has a market cap of $2.64 billion, a P/E ratio of -8.91 and a beta of 1.69.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.25 by $0.12. The business had revenue of $4.82 billion during the quarter, compared to analysts’ expectations 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 business’s quarterly revenue was down 6.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.36 EPS. On average, sell-side analysts expect that Goodyear Tire & Rubber will post 1.08 earnings per share for the current year.

Institutional Trading of Goodyear Tire & Rubber

A number of hedge funds have recently added to or reduced their stakes in GT. Covestor Ltd grew its holdings in Goodyear Tire & Rubber by 33.6% in the first quarter. Covestor Ltd now owns 5,108 shares of the company’s stock valued at $70,000 after purchasing an additional 1,284 shares during the period. Texas Permanent School Fund Corp grew its stake in Goodyear Tire & Rubber by 0.6% in the 2nd quarter. Texas Permanent School Fund Corp now owns 249,633 shares of the company’s stock valued at $2,833,000 after acquiring an additional 1,475 shares during the period. Arizona State Retirement System increased its holdings in Goodyear Tire & Rubber by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 79,547 shares of the company’s stock worth $903,000 after acquiring an additional 1,621 shares in the last quarter. Innealta Capital LLC raised its position in Goodyear Tire & Rubber by 12.2% during the first quarter. Innealta Capital LLC now owns 15,261 shares of the company’s stock worth $210,000 after acquiring an additional 1,654 shares during the period. Finally, B. Riley Wealth Advisors Inc. lifted its holdings in Goodyear Tire & Rubber by 5.6% during the first quarter. B. Riley Wealth Advisors Inc. now owns 36,041 shares of the company’s stock valued at $495,000 after purchasing an additional 1,925 shares in the last quarter. 84.19% of the stock is owned by hedge funds and other institutional investors.

Goodyear Tire & Rubber Company Profile

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.