Goodyear Tire & Rubber (NASDAQ:GT) Issues Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Goodyear Tire & Rubber (NASDAQ:GT) released its earnings results on Wednesday. The company reported ($0.61) EPS for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.02, FiscalAI reports. Goodyear Tire & Rubber had a positive return on equity of 0.93% and a negative net margin of 11.64%.The business had revenue of $4.25 billion for the quarter, compared to analysts’ expectations of $4.19 billion. During the same quarter in the prior year, the firm earned ($0.17) earnings per share. The firm’s revenue was down 4.8% on a year-over-year basis.

Goodyear Tire & Rubber Price Performance

Shares of GT stock traded down $0.25 on Wednesday, hitting $6.94. 7,980,974 shares of the stock traded hands, compared to its average volume of 8,089,376. The firm has a market cap of $1.99 billion, a price-to-earnings ratio of -0.96 and a beta of 1.12. Goodyear Tire & Rubber has a 52 week low of $5.43 and a 52 week high of $10.62. The firm has a 50 day simple moving average of $6.57 and a two-hundred day simple moving average of $7.23. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.04 and a quick ratio of 0.51.

Analyst Ratings Changes

GT has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 6th. Zacks Research raised Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $10.00 target price on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $7.00 target price (down from $9.00) on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Finally, TD Cowen reduced their price target on Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Wednesday, April 15th. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Goodyear Tire & Rubber presently has an average rating of “Hold” and an average price target of $8.54.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Institutional investors have recently bought and sold shares of the business. Jefferies Financial Group Inc. grew its holdings in Goodyear Tire & Rubber by 8.6% during the 3rd quarter. Jefferies Financial Group Inc. now owns 32,566 shares of the company’s stock valued at $244,000 after buying an additional 2,566 shares in the last quarter. Jain Global LLC bought a new position in Goodyear Tire & Rubber during the 4th quarter valued at about $230,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Goodyear Tire & Rubber in the fourth quarter worth about $221,000. Siemens Fonds Invest GmbH increased its stake in Goodyear Tire & Rubber by 51.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 20,532 shares of the company’s stock worth $184,000 after buying an additional 7,014 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in Goodyear Tire & Rubber by 10.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 18,869 shares of the company’s stock valued at $165,000 after buying an additional 1,819 shares in the last quarter. Hedge funds and other institutional investors own 84.19% of the company’s stock.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company is a leading tire manufacturer and rubber products supplier with more than a century of innovation in its portfolio. Founded in 1898 by Frank Seiberling in Akron, Ohio, the company has grown into a global enterprise known for its engineering expertise and quality standards. Over its history, Goodyear has pioneered advances in tire technology, from early pneumatic designs to modern high-performance and fuel-efficient solutions.

Goodyear’s core business encompasses the design, production and distribution of tires for a variety of markets, including passenger cars, commercial trucks, off-the-road vehicles, aircraft and specialty applications.