Goodyear Tire & Rubber (NASDAQ:GT) Lowered to “C” at TheStreet

TheStreet lowered shares of Goodyear Tire & Rubber (NASDAQ:GT – Get Rating) from a b- rating to a c rating in a research note issued to investors on Wednesday, TheStreetRatingsTable reports.

Several other research firms also recently weighed in on GT. Exane BNP Paribas initiated coverage on Goodyear Tire & Rubber in a research report on Monday, April 11th. They issued a neutral rating on the stock. Citigroup dropped their price objective on shares of Goodyear Tire & Rubber from $19.00 to $15.00 in a research note on Monday. BNP Paribas initiated coverage on shares of Goodyear Tire & Rubber in a research note on Monday, April 11th. They issued a neutral rating on the stock. StockNews.com lowered Goodyear Tire & Rubber from a buy rating to a hold rating in a research report on Friday, May 13th. Finally, Nomura upgraded Goodyear Tire & Rubber from a neutral rating to a buy rating and lifted their price objective for the stock from $15.00 to $15.30 in a research report on Tuesday, May 10th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Goodyear Tire & Rubber currently has an average rating of Hold and an average target price of $18.41.

GT opened at $11.68 on Wednesday. The company has a fifty day moving average of $13.28 and a two-hundred day moving average of $17.79. The stock has a market capitalization of $3.30 billion, a price-to-earnings ratio of 3.91 and a beta of 1.88. Goodyear Tire & Rubber has a fifty-two week low of $10.89 and a fifty-two week high of $24.89. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.65 and a current ratio of 1.23.

Goodyear Tire & Rubber (NASDAQ:GT – Get Rating) last issued its quarterly earnings data on Friday, May 6th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.21 by $0.16. The company had revenue of $4.91 billion for the quarter, compared to analyst estimates of $4.70 billion. Goodyear Tire & Rubber had a return on equity of 11.37% and a net margin of 4.49%. Goodyear Tire & Rubber’s quarterly revenue was up 39.8% compared to the same quarter last year. During the same period last year, the company earned $0.43 earnings per share. On average, equities research analysts forecast that Goodyear Tire & Rubber will post 2.26 earnings per share for the current year.

A number of hedge funds have recently added to or reduced their stakes in the business. Stonehill Capital Management LLC purchased a new position in shares of Goodyear Tire & Rubber during the 4th quarter worth about $67,178,000. Norges Bank purchased a new position in shares of Goodyear Tire & Rubber in the 4th quarter worth about $59,117,000. BlackRock Inc. increased its position in Goodyear Tire & Rubber by 7.6% during the 1st quarter. BlackRock Inc. now owns 35,767,231 shares of the company’s stock worth $511,113,000 after purchasing an additional 2,528,942 shares in the last quarter. Wedge Capital Management L L P NC purchased a new position in Goodyear Tire & Rubber in the first quarter valued at approximately $29,452,000. Finally, Cannell & Co. lifted its position in Goodyear Tire & Rubber by 568.6% during the fourth quarter. Cannell & Co. now owns 2,361,158 shares of the company’s stock valued at $50,340,000 after buying an additional 2,008,005 shares in the last quarter. 86.06% of the stock is owned by hedge funds and other institutional investors.

About Goodyear Tire & Rubber (Get Rating)

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 tires for automobiles, trucks, buses, aircraft, motorcycles, earthmoving equipment, and mining and industrial equipment under the Goodyear, Cooper, Dunlop, Kelly, Debica, Sava, Fulda, Mastercraft, Roadmaster, and various other house brands, as well as under the private-label brands.

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