Goodyear Tire & Rubber (NASDAQ:GT) Downgraded by Hsbc Global Res to Hold

Hsbc Global Res lowered shares of Goodyear Tire & Rubber (NASDAQ:GT) from a strong-buy rating to a hold rating in a research note published on Wednesday morning,Zacks.com reports.

GT has been the topic of a number of other research reports. HSBC reissued a “hold” rating and set a $9.50 price objective (down previously from $15.50) on shares of Goodyear Tire & Rubber in a report on Wednesday. BNP Paribas Exane reiterated a “neutral” rating and set a $9.00 price target on shares of Goodyear Tire & Rubber in a research note on Friday, August 8th. BNP Paribas lowered Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a report on Friday, August 8th. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $17.00 target price (down from $18.00) on shares of Goodyear Tire & Rubber in a report on Thursday, May 22nd. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on Goodyear Tire & Rubber from $15.00 to $12.00 and set a “buy” rating on the stock in a research note on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.25.

Goodyear Tire & Rubber Stock Down 2.5%

Shares of Goodyear Tire & Rubber stock opened at $8.29 on Wednesday. The company has a quick ratio of 0.63, a current ratio of 1.15 and a debt-to-equity ratio of 1.24. The company has a 50 day moving average of $10.31 and a 200 day moving average of $10.08. The company has a market capitalization of $2.37 billion, a P/E ratio of 5.84, a P/E/G ratio of 0.75 and a beta of 1.37. Goodyear Tire & Rubber has a 52-week low of $7.27 and a 52-week high of $12.03.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its earnings results on Thursday, August 7th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.31). The business 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 3.17% and a net margin of 2.22%.Goodyear Tire & Rubber’s revenue was down 2.3% on a year-over-year basis. During the same period last year, the business posted $0.19 EPS. As a group, research analysts forecast that Goodyear Tire & Rubber will post 1.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of GT. Solstein Capital LLC purchased a new stake in shares of Goodyear Tire & Rubber during the second quarter worth approximately $26,000. Ameritas Advisory Services LLC purchased a new position in Goodyear Tire & Rubber during the 2nd quarter worth $29,000. Caitong International Asset Management Co. Ltd raised its position in Goodyear Tire & Rubber by 3,894.3% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 2,796 shares of the company’s stock worth $29,000 after buying an additional 2,726 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Goodyear Tire & Rubber by 147.5% in the 1st 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 stake in shares of Goodyear Tire & Rubber in the second quarter valued at about $31,000. Institutional investors and hedge funds own 84.19% of the company’s stock.

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.