Goodyear Tire & Rubber (NASDAQ:GT) Downgraded to Hold Rating by StockNews.com

Goodyear Tire & Rubber (NASDAQ:GT) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

Separately, Wolfe Research downgraded Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a report on Thursday, September 5th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $17.23.

Goodyear Tire & Rubber Stock Performance

Shares of NASDAQ:GT opened at $9.42 on Wednesday. The business’s 50-day simple moving average is $8.42 and its 200 day simple moving average is $10.11. The company has a market cap of $2.68 billion, a P/E ratio of -9.06 and a beta of 1.69. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.54 and a current ratio of 1.14. Goodyear Tire & Rubber has a one year low of $7.27 and a one year high of $15.24.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings results on Monday, November 4th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.25 by $0.12. Goodyear Tire & Rubber had a positive return on equity of 6.66% and a negative net margin of 1.56%. The business had revenue of $4.82 billion for the quarter, compared to analysts’ expectations of $4.96 billion. During the same quarter in the previous year, the firm posted $0.36 earnings per share. The company’s revenue was down 6.2% compared to the same quarter last year. On average, sell-side analysts forecast that Goodyear Tire & Rubber will post 1.08 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of GT. Citigroup Inc. increased its holdings in shares of Goodyear Tire & Rubber by 66.7% in the third quarter. Citigroup Inc. now owns 491,990 shares of the company’s stock valued at $4,354,000 after buying an additional 196,788 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Goodyear Tire & Rubber by 7.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,532,990 shares of the company’s stock worth $31,267,000 after purchasing an additional 252,960 shares during the period. John G Ullman & Associates Inc. raised its position in shares of Goodyear Tire & Rubber by 268.9% during the third quarter. John G Ullman & Associates Inc. now owns 65,300 shares of the company’s stock worth $578,000 after purchasing an additional 47,600 shares during the period. Landscape Capital Management L.L.C. lifted its holdings in shares of Goodyear Tire & Rubber by 69.5% during the third quarter. Landscape Capital Management L.L.C. now owns 142,790 shares of the company’s stock valued at $1,264,000 after purchasing an additional 58,526 shares during the last quarter. Finally, Intech Investment Management LLC boosted its position in shares of Goodyear Tire & Rubber by 190.4% in the 3rd quarter. Intech Investment Management LLC now owns 108,621 shares of the company’s stock valued at $961,000 after purchasing an additional 71,217 shares during the period. 84.19% of the stock is owned by institutional investors and hedge funds.

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.