Goodyear Tire & Rubber (GT) Sets New 1-Year Low Following Analyst Downgrade

Goodyear Tire & Rubber Co (NASDAQ:GT)’s share price reached a new 52-week low during trading on Thursday after Morgan Stanley lowered their price target on the stock from $43.00 to $34.00. Morgan Stanley currently has an overweight rating on the stock. Goodyear Tire & Rubber traded as low as $27.74 and last traded at $27.71, with a volume of 1078636 shares traded. The stock had previously closed at $28.18.

GT has been the subject of a number of other research reports. BidaskClub cut Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note on Tuesday, February 13th. Longbow Research assumed coverage on Goodyear Tire & Rubber in a research note on Wednesday, January 31st. They issued a “neutral” rating on the stock. Zacks Investment Research upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a research note on Monday, January 29th. ValuEngine upgraded Goodyear Tire & Rubber from a “buy” rating to a “strong-buy” rating in a research note on Friday, December 1st. Finally, TheStreet cut Goodyear Tire & Rubber from a “b” rating to a “c+” rating in a research note on Thursday, February 8th. One analyst has rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $36.10.

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A number of hedge funds have recently bought and sold shares of the business. D.A. Davidson & CO. bought a new stake in shares of Goodyear Tire & Rubber during the fourth quarter valued at about $233,000. Smith Moore & CO. bought a new stake in shares of Goodyear Tire & Rubber during the fourth quarter valued at about $203,000. Psagot Investment House Ltd. raised its stake in shares of Goodyear Tire & Rubber by 311.5% during the third quarter. Psagot Investment House Ltd. now owns 10,700 shares of the company’s stock valued at $356,000 after purchasing an additional 8,100 shares in the last quarter. OppenheimerFunds Inc. raised its stake in shares of Goodyear Tire & Rubber by 12.1% during the fourth quarter. OppenheimerFunds Inc. now owns 73,773 shares of the company’s stock valued at $2,384,000 after purchasing an additional 7,965 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of Goodyear Tire & Rubber by 119.1% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 60,353 shares of the company’s stock valued at $2,047,000 after purchasing an additional 32,805 shares in the last quarter. Institutional investors own 95.05% of the company’s stock.

The company has a current ratio of 1.21, a quick ratio of 0.66 and a debt-to-equity ratio of 1.05. The firm has a market capitalization of $6,776.69, a P/E ratio of 19.86, a price-to-earnings-growth ratio of 0.63 and a beta of 1.72.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings data on Thursday, February 8th. The company reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.23. Goodyear Tire & Rubber had a net margin of 2.25% and a return on equity of 15.70%. The business had revenue of $4.07 billion for the quarter, compared to analysts’ expectations of $3.96 billion. During the same period in the previous year, the business earned $0.95 earnings per share. The company’s revenue was up 8.8% on a year-over-year basis. sell-side analysts expect that Goodyear Tire & Rubber Co will post 3.6 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 1st. Investors of record on Thursday, February 1st were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend was Wednesday, January 31st. Goodyear Tire & Rubber’s dividend payout ratio is currently 41.79%.

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Goodyear Tire & Rubber Company Profile

The Goodyear Tire & Rubber Company is a manufacturer of tires. The Company operates through three segments. The Americas segment develops, manufactures, distributes and sells tires and related products and services in North, Central and South America, and sells tires to various export markets. The Americas segment manufactures and sells tires for automobiles, trucks, buses, earthmoving, mining and industrial equipment, aircraft and for various other applications.

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