Goodyear Tire & Rubber (NASDAQ:GT) Raised to Sell at Wall Street Zen

Goodyear Tire & Rubber (NASDAQ:GT) was upgraded by Wall Street Zen from a “strong sell” rating to a “sell” rating in a report released on Saturday.

A number of other brokerages have also recently commented on GT. Citigroup reduced their price target on Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Friday, May 8th. JPMorgan Chase & Co. lifted their price objective on Goodyear Tire & Rubber from $9.00 to $10.00 and gave the company an “overweight” rating in a research report on Friday. TD Cowen cut their price objective on Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday, April 15th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $7.00 target price (down from $9.00) on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Finally, Zacks Research raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $8.47.

Goodyear Tire & Rubber Stock Performance

Shares of GT stock opened at $6.44 on Friday. The company has a debt-to-equity ratio of 1.92, a current ratio of 1.09 and a quick ratio of 0.55. The company has a market cap of $1.85 billion, a price-to-earnings ratio of -0.73 and a beta of 1.12. Goodyear Tire & Rubber has a 1 year low of $5.43 and a 1 year high of $10.62. The firm has a fifty day moving average price of $6.59 and a 200-day moving average price of $7.19.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its earnings results on Wednesday, August 5th. The company reported ($0.61) EPS for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.02. The company had revenue of $4.25 billion for the quarter, compared to analysts’ expectations of $4.19 billion. Goodyear Tire & Rubber had a negative return on equity of 2.95% and a negative net margin of 14.37%.Goodyear Tire & Rubber’s revenue for the quarter was down 4.8% compared to the same quarter last year. During the same period last year, the firm earned ($0.17) EPS. As a group, equities analysts predict that Goodyear Tire & Rubber will post -0.26 earnings per share for the current year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. bought a new position in shares of Goodyear Tire & Rubber in the second quarter worth about $238,776,000. Wellington Management Group LLP boosted its stake in Goodyear Tire & Rubber by 6.3% in the 4th quarter. Wellington Management Group LLP now owns 28,047,790 shares of the company’s stock worth $245,699,000 after purchasing an additional 1,666,394 shares during the period. Dimensional Fund Advisors LP boosted its stake in Goodyear Tire & Rubber by 8.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 16,558,938 shares of the company’s stock worth $109,778,000 after purchasing an additional 1,352,085 shares during the period. State Street Corp raised its position in shares of Goodyear Tire & Rubber by 0.4% during the fourth quarter. State Street Corp now owns 10,450,140 shares of the company’s stock valued at $91,543,000 after buying an additional 36,786 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of Goodyear Tire & Rubber by 151.8% in the fourth quarter. AQR Capital Management LLC now owns 9,764,853 shares of the company’s stock worth $85,540,000 after buying an additional 5,886,935 shares in the last quarter. 84.19% of the stock is owned by institutional investors.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company is a leading tire manufacturer and rubber products supplier with more than a century of innovation in its portfolio. Founded in 1898 by Frank Seiberling in Akron, Ohio, the company has grown into a global enterprise known for its engineering expertise and quality standards. Over its history, Goodyear has pioneered advances in tire technology, from early pneumatic designs to modern high-performance and fuel-efficient solutions.

Goodyear’s core business encompasses the design, production and distribution of tires for a variety of markets, including passenger cars, commercial trucks, off-the-road vehicles, aircraft and specialty applications.