Goodyear Tire & Rubber (NASDAQ:GT) Shares Gap Down After Analyst Downgrade

Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) gapped down before the market opened on Monday after Citigroup lowered their price target on the stock from $8.00 to $5.00. The stock had previously closed at $4.36, but opened at $4.15. Citigroup currently has a neutral rating on the stock. Goodyear Tire & Rubber shares last traded at $4.2650, with a volume of 1,393,083 shares trading hands.

Other research analysts have also issued reports about the company. JPMorgan Chase & Co. reduced their price target on Goodyear Tire & Rubber from $10.00 to $9.00 and set an “overweight” rating for the company in a research report on Friday, October 2nd. Weiss Ratings reiterated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research note on Wednesday, November 4th. Wall Street Zen raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Finally, Zacks Research cut shares of Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a report on Friday, October 16th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, Goodyear Tire & Rubber presently has a consensus rating of “Reduce” and an average target price of $7.46.

Institutional Trading of Goodyear Tire & Rubber

Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Goodyear Tire & Rubber during the second quarter worth $238,776,000. Dimensional Fund Advisors LP grew its holdings in Goodyear Tire & Rubber by 8.9% during the first quarter. Dimensional Fund Advisors LP now owns 16,558,938 shares of the company’s stock worth $109,778,000 after acquiring an additional 1,352,085 shares during the period. Canada Pension Plan Investment Board purchased a new position in Goodyear Tire & Rubber during the second quarter valued at approximately $78,278,000. Cibc World Market Inc. boosted its position in Goodyear Tire & Rubber by 4.4% in the 3rd quarter. Cibc World Market Inc. now owns 2,955,321 shares of the company’s stock worth $14,688,000 after purchasing an additional 125,573 shares in the last quarter. Finally, Bank of America Corp DE acquired a new stake in shares of Goodyear Tire & Rubber during the 2nd quarter worth approximately $17,313,000. Hedge funds and other institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Stock Performance

The company has a current ratio of 1.12, a quick ratio of 0.59 and a debt-to-equity ratio of 2.16. The stock has a market capitalization of $1.16 billion, a PE ratio of -1.98 and a beta of 1.22. The firm’s fifty day moving average price is $4.86 and its two-hundred day moving average price is $6.50.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings results on Wednesday, November 4th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.05). Goodyear Tire & Rubber had a negative net margin of 3.33% and a negative return on equity of 6.69%. The firm had revenue of $4.54 billion for the quarter, compared to analyst estimates of $4.59 billion. During the same quarter in the prior year, the business posted $0.28 EPS. The firm’s quarterly revenue was down 2.3% compared to the same quarter last year. As a group, equities research analysts forecast that The Goodyear Tire & Rubber Company will post -1.03 EPS for the current year.

Goodyear Tire & Rubber Company Profile

The Goodyear Tire & Rubber Company is a global manufacturer of tires and related products and services. Founded in Akron, Ohio, in 1898, the company makes tires for passenger and light trucks, commercial vehicles, aircraft, and off-road equipment, as well as for original-equipment and replacement markets. Goodyear sells products under brands including Goodyear and Cooper. Its tire-related offerings also include retreading, vehicle and fleet services, and solutions for commercial customers. The company serves customers across markets around the world and is headquartered in Akron, Ohio.