The Goodyear Tire & Rubber Company (GT) – What Are Investment Firms Thinking About This Stock?

The Goodyear Tire & Rubber Company (NASDAQ:GT) has been assigned a consensus rating of “Reduce” from the seven analysts that are currently covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and two have given a buy recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $7.46.

A number of equities analysts have recently commented on GT shares. Wall Street Zen raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research report on Wednesday, November 4th. Citigroup decreased their price target on shares of Goodyear Tire & Rubber from $8.00 to $5.00 and set a “neutral” rating for the company in a research report on Monday. JPMorgan Chase & Co. dropped their price objective on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set an “overweight” rating on the stock in a research note on Friday, October 2nd. Finally, Zacks Research lowered Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research note on Friday, October 16th.

Trending Headlines about Goodyear Tire & Rubber

Here are the key news stories impacting Goodyear Tire & Rubber this week:

• Neutral Sentiment: Roger Wood will lead Goodyear during the CEO search; the board has not yet announced a permanent replacement. Goodyear CEO Mark Stewart steps down as company continues turnaround plan
• Negative Sentiment: Stewart’s abrupt departure amid the turnaround effort may raise concerns about execution and leadership continuity. Citigroup also cut its price target to $5 from $8 and maintained a neutral rating, signaling a more cautious outlook. Goodyear ousts Mark Stewart as CEO, names board member interim CEO Citigroup price-target change
• Negative Sentiment: Recent operating results add pressure: Goodyear’s latest reported quarter missed earnings and revenue estimates, with sales down year over year.

Goodyear Tire & Rubber Stock Performance

NASDAQ:GT opened at $4.18 on Thursday. The company has a market cap of $1.20 billion, a P/E ratio of -2.06 and a beta of 1.22. The firm’s 50 day moving average is $4.91 and its two-hundred day moving average is $6.52. Goodyear Tire & Rubber has a fifty-two week low of $4.09 and a fifty-two week high of $10.62. The company has a quick ratio of 0.55, a current ratio of 1.09 and a debt-to-equity ratio of 1.92.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Wednesday, November 4th. The company reported ($0.11) earnings per share (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 6.48%. The company had revenue of $4.54 billion for the quarter, compared to analysts’ expectations of $4.59 billion. During the same period in the prior year, the firm earned $0.28 earnings per share. The firm’s quarterly revenue was down 2.3% on a year-over-year basis. Analysts expect that Goodyear Tire & Rubber will post -1.03 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in Goodyear Tire & Rubber during the second quarter valued at about $238,776,000. Dimensional Fund Advisors LP raised its position 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 valued at $109,778,000 after acquiring an additional 1,352,085 shares in the last quarter. Canada Pension Plan Investment Board bought a new position in Goodyear Tire & Rubber during the second quarter valued at approximately $78,278,000. Cibc World Market Inc. acquired a new stake in Goodyear Tire & Rubber in the second quarter valued at approximately $18,676,000. Finally, Bank of America Corp DE acquired a new stake in Goodyear Tire & Rubber in the second quarter valued at approximately $17,313,000. 84.19% of the stock is currently owned by institutional investors.

About Goodyear Tire & Rubber

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.