Goodyear Tire & Rubber (NASDAQ:GT) Stock Rating Upgraded by Zacks Research

Goodyear Tire & Rubber (NASDAQ:GT) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Thursday,Zacks.com reports.

A number of other equities research analysts also recently commented on the stock. Morgan Stanley raised their price objective on shares of Goodyear Tire & Rubber from $6.88 to $7.30 and gave the company an “underweight” rating in a research report on Friday, November 28th. Citigroup reduced their price target on Goodyear Tire & Rubber from $10.00 to $9.00 and set a “neutral” rating for the company in a report on Tuesday, November 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Goodyear Tire & Rubber in a research note on Monday, December 29th. Finally, JPMorgan Chase & Co. cut their price objective on Goodyear Tire & Rubber from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Monday, October 20th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $10.85.

Goodyear Tire & Rubber Stock Performance

NASDAQ:GT opened at $9.23 on Thursday. The company has a debt-to-equity ratio of 2.29, a current ratio of 1.27 and a quick ratio of 0.71. The firm has a market cap of $2.64 billion, a price-to-earnings ratio of -1.52, a price-to-earnings-growth ratio of 0.90 and a beta of 1.18. The firm’s fifty day moving average price is $8.43 and its 200 day moving average price is $8.74. Goodyear Tire & Rubber has a 1-year low of $6.51 and a 1-year high of $12.03.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Monday, November 3rd. The company reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.12. The company had revenue of $4.65 billion during the quarter, compared to the consensus estimate of $4.67 billion. Goodyear Tire & Rubber had a negative net margin of 9.56% and a positive return on equity of 2.97%. Goodyear Tire & Rubber’s quarterly revenue was down 3.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.37 EPS. On average, sell-side analysts expect that Goodyear Tire & Rubber will post 1.5 EPS for the current year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Goodyear Tire & Rubber by 4.2% in the third quarter. Vanguard Group Inc. now owns 27,950,476 shares of the company’s stock valued at $209,070,000 after purchasing an additional 1,130,037 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Goodyear Tire & Rubber by 11.9% in the 3rd quarter. Wellington Management Group LLP now owns 26,381,396 shares of the company’s stock worth $197,333,000 after buying an additional 2,796,332 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Goodyear Tire & Rubber by 0.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 14,704,063 shares of the company’s stock valued at $109,988,000 after acquiring an additional 110,033 shares during the last quarter. American Century Companies Inc. grew its stake in Goodyear Tire & Rubber by 7.0% in the 3rd quarter. American Century Companies Inc. now owns 12,457,220 shares of the company’s stock valued at $93,180,000 after acquiring an additional 816,703 shares during the last quarter. Finally, Greenvale Capital LLP purchased a new position in Goodyear Tire & Rubber during the 2nd quarter valued at about $106,292,000. 84.19% of the stock is owned by institutional investors and hedge funds.

Goodyear Tire & Rubber Company Profile

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.