Goodyear Tire & Rubber (NASDAQ:GT) Downgraded by StockNews.com to Hold

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) was downgraded by analysts at StockNews.com from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Wednesday.

Separately, Wolfe Research downgraded shares of Goodyear Tire & Rubber from an "outperform" rating to a "peer perform" rating in a research report on Thursday, September 5th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Goodyear Tire & Rubber presently has a consensus rating of "Moderate Buy" and a consensus target price of $17.23.

Goodyear Tire & Rubber Stock Up 0.7 %

NASDAQ:GT traded up $0.07 during mid-day trading on Wednesday, reaching $9.49. The company's stock had a trading volume of 4,436,291 shares, compared to its average volume of 4,313,974. The company has a quick ratio of 0.65, a current ratio of 1.14 and a debt-to-equity ratio of 1.51. Goodyear Tire & Rubber has a 1 year low of $7.27 and a 1 year high of $15.24. The stock has a fifty day moving average of $8.42 and a 200-day moving average of $10.11. The firm has a market capitalization of $2.70 billion, a PE ratio of -9.15 and a beta of 1.69.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last posted its earnings results on Monday, November 4th. The company reported $0.37 earnings per share for the quarter, topping analysts' consensus estimates of $0.25 by $0.12. Goodyear Tire & Rubber had a positive return on equity of 6.66% and a negative net margin of 1.56%. The company had revenue of $4.82 billion during the quarter, compared to analyst estimates of $4.96 billion. During the same quarter in the prior year, the business earned $0.36 earnings per share. Goodyear Tire & Rubber's revenue was down 6.2% on a year-over-year basis. Equities research analysts forecast that Goodyear Tire & Rubber will post 1.08 earnings per share for the current year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

A number of large investors have recently made changes to their positions in the stock. Covestor Ltd grew its stake in shares of Goodyear Tire & Rubber by 33.6% in the 1st quarter. Covestor Ltd now owns 5,108 shares of the company's stock valued at $70,000 after buying an additional 1,284 shares during the period. Texas Permanent School Fund Corp raised its position in Goodyear Tire & Rubber by 0.6% in the second quarter. Texas Permanent School Fund Corp now owns 249,633 shares of the company's stock valued at $2,833,000 after purchasing an additional 1,475 shares during the period. Arizona State Retirement System lifted its stake in shares of Goodyear Tire & Rubber by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 79,547 shares of the company's stock valued at $903,000 after purchasing an additional 1,621 shares during the last quarter. Innealta Capital LLC grew its holdings in shares of Goodyear Tire & Rubber by 12.2% during the 1st quarter. Innealta Capital LLC now owns 15,261 shares of the company's stock worth $210,000 after purchasing an additional 1,654 shares during the period. Finally, B. Riley Wealth Advisors Inc. grew its holdings in shares of Goodyear Tire & Rubber by 5.6% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 36,041 shares of the company's stock worth $495,000 after purchasing an additional 1,925 shares during the period. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

Goodyear Tire & Rubber Company Profile

The Goodyear Tire & Rubber Company, together with its subsidiaries, develops, manufactures, distributes, and sells tires and related products and services worldwide. It offers various lines of rubber tires for automobiles, trucks, buses, aircraft, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and other applications under the Goodyear, Cooper, Dunlop, Kelly, Mastercraft, Roadmaster, Debica, Sava, Fulda, Mickey Thompson, Avon, and Remington brands and various house brands, as well as under the private-label brands.