Goodyear Tire & Rubber (NASDAQ:GT) Rating Increased to Hold at Zacks Research

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

Several other brokerages have also issued reports on GT. Citigroup assumed coverage on shares of Goodyear Tire & Rubber in a research note on Monday, September 8th. They issued a “neutral” rating and a $10.00 target price on the stock. BNP Paribas Exane restated a “neutral” rating and issued a $9.00 price objective on shares of Goodyear Tire & Rubber in a report on Friday, August 8th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Goodyear Tire & Rubber from $15.00 to $12.00 and set a “buy” rating for the company in a report on Monday, August 11th. HSBC reiterated a “hold” rating and set a $9.50 target price (down previously from $15.50) on shares of Goodyear Tire & Rubber in a research report on Wednesday, August 20th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $11.50.

Goodyear Tire & Rubber Stock Down 3.1%

Shares of GT opened at $7.57 on Thursday. The business’s fifty day moving average price is $7.69 and its two-hundred day moving average price is $9.50. The firm 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. Goodyear Tire & Rubber has a 52 week low of $6.51 and a 52 week high of $12.03. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.63 and a current ratio of 1.15.

Goodyear Tire & Rubber (NASDAQ:GT) last released its earnings results on Monday, November 3rd. The company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.12. The company had revenue of $4.65 billion during the quarter, compared to the consensus estimate of $4.67 billion. Goodyear Tire & Rubber had a return on equity of 3.17% and a net margin of 2.22%.The firm’s quarterly revenue was down 3.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.37 earnings per share. On average, analysts predict that Goodyear Tire & Rubber will post 1.5 earnings per share for the current year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Large investors have recently modified their holdings of the business. Greenvale Capital LLP bought a new position in Goodyear Tire & Rubber during the 2nd quarter worth about $106,292,000. Marshall Wace LLP boosted its position in shares of Goodyear Tire & Rubber by 1,107.5% during the second quarter. Marshall Wace LLP now owns 7,825,605 shares of the company’s stock worth $81,152,000 after buying an additional 7,177,542 shares during the period. Massachusetts Financial Services Co. MA bought a new position in shares of Goodyear Tire & Rubber during the third quarter worth about $32,301,000. Maple Rock Capital Partners Inc. grew its holdings in shares of Goodyear Tire & Rubber by 215.6% during the second quarter. Maple Rock Capital Partners Inc. now owns 5,561,846 shares of the company’s stock worth $57,676,000 after buying an additional 3,799,383 shares in the last quarter. Finally, Norges Bank acquired a new stake in Goodyear Tire & Rubber in the 2nd quarter valued at approximately $29,112,000. 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.