Goodyear Tire & Rubber (NASDAQ:GT) Raised to “Hold” at Zacks Research

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

GT has been the subject of a number of other reports. HSBC restated a “hold” rating and issued a $9.50 price objective (down from $15.50) on shares of Goodyear Tire & Rubber in a report on Wednesday, August 20th. JPMorgan Chase & Co. decreased their price target on Goodyear Tire & Rubber from $15.00 to $14.00 and set an “overweight” rating for the company in a research note on Monday, October 20th. BNP Paribas downgraded Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a report on Friday, August 8th. BNP Paribas Exane reiterated a “neutral” rating and issued a $9.00 price objective on shares of Goodyear Tire & Rubber in a report on Friday, August 8th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $11.50.

Goodyear Tire & Rubber Stock Down 3.1%

Goodyear Tire & Rubber stock traded down $0.24 during mid-day trading on Thursday, reaching $7.57. The stock had a trading volume of 7,160,306 shares, compared to its average volume of 7,047,957. Goodyear Tire & Rubber has a one year low of $6.51 and a one year high of $12.03. The company has a 50-day moving average price of $7.69 and a two-hundred day moving average price of $9.50. The company has a market capitalization of $2.17 billion, a price-to-earnings ratio of 5.33, a PEG ratio of 2.35 and a beta of 1.32. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.15 and a quick ratio of 0.63.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings data on Monday, November 3rd. The company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.12. The business had revenue of $4.65 billion during the quarter, compared to analyst estimates of $4.67 billion. Goodyear Tire & Rubber had a net margin of 2.22% and a return on equity of 3.17%. Goodyear Tire & Rubber’s revenue was down 3.7% compared to the same quarter last year. During the same period last year, the business earned $0.37 EPS. On average, analysts expect that Goodyear Tire & Rubber will post 1.5 EPS for the current fiscal year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

A number of large investors have recently made changes to their positions in the company. Solstein Capital LLC bought a new position in shares of Goodyear Tire & Rubber in the 2nd quarter worth approximately $26,000. Ameritas Advisory Services LLC purchased a new stake in Goodyear Tire & Rubber during the second quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd increased its holdings in Goodyear Tire & Rubber by 3,894.3% during the second quarter. Caitong International Asset Management Co. Ltd now owns 2,796 shares of the company’s stock valued at $29,000 after buying an additional 2,726 shares during the last quarter. GAMMA Investing LLC raised its position in Goodyear Tire & Rubber by 147.5% in the first quarter. GAMMA Investing LLC now owns 2,809 shares of the company’s stock worth $26,000 after acquiring an additional 1,674 shares during the period. Finally, FNY Investment Advisers LLC purchased a new position in shares of Goodyear Tire & Rubber during the 2nd quarter worth $31,000. 84.19% of the stock is currently owned by institutional investors.

About Goodyear Tire & Rubber

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.