Goodyear Tire & Rubber (NASDAQ:GT) Shares Gap Down on Disappointing Earnings

Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $10.26, but opened at $8.60. Goodyear Tire & Rubber shares last traded at $8.65, with a volume of 8,224,695 shares traded.

The company reported ($0.17) EPS for the quarter, missing the consensus estimate of $0.14 by ($0.31). The company had revenue of $4.47 billion for the quarter, compared to analyst estimates of $4.50 billion. Goodyear Tire & Rubber had a return on equity of 3.22% and a net margin of 2.22%. The business’s quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter last year, the business posted $0.19 earnings per share.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on GT. BNP Paribas upgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “strong-buy” rating in a report on Monday, June 9th. Wall Street Zen downgraded Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research report on Saturday, May 10th. JPMorgan Chase & Co. reissued an “overweight” rating and set a $17.00 target price (down from $18.00) on shares of Goodyear Tire & Rubber in a report on Thursday, May 22nd. Finally, BNP Paribas Exane reissued a “neutral” rating and set a $9.00 target price on shares of Goodyear Tire & Rubber in a report on Friday. Three analysts have rated the stock with a hold rating, three have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $13.00.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Several hedge funds have recently modified their holdings of GT. Raymond James Financial Inc. acquired a new position in shares of Goodyear Tire & Rubber during the fourth quarter worth $193,000. LPL Financial LLC lifted its holdings in shares of Goodyear Tire & Rubber by 1.5% during the fourth quarter. LPL Financial LLC now owns 216,766 shares of the company’s stock worth $1,951,000 after purchasing an additional 3,123 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in Goodyear Tire & Rubber during the 4th quarter worth about $1,718,000. Franklin Resources Inc. lifted its holdings in Goodyear Tire & Rubber by 65.9% during the 4th quarter. Franklin Resources Inc. now owns 224,124 shares of the company’s stock worth $2,017,000 after buying an additional 88,993 shares during the period. Finally, ExodusPoint Capital Management LP acquired a new position in Goodyear Tire & Rubber during the 4th quarter worth about $558,000. Institutional investors and hedge funds own 84.19% of the company’s stock.

Goodyear Tire & Rubber Price Performance

The stock has a market capitalization of $2.39 billion, a price-to-earnings ratio of 5.89, a P/E/G ratio of 0.32 and a beta of 1.37. The company has a fifty day simple moving average of $10.77 and a 200 day simple moving average of $10.12. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.64 and a current ratio of 1.22.

Goodyear Tire & Rubber Company Profile

Goodyear Tire & Rubber Co engages in the development, manufacture, distribution, and sale of tires. It operates through the following geographical segments: Americas, Europe, Middle East, and Africa, and Asia Pacific. The Americas segment is involved in the development, manufacture, distribution, and sale of tires and related products and services in North, Central, and South America.