Goodyear Tire & Rubber (GT) Rating Lowered to Sell at BidaskClub

Goodyear Tire & Rubber (NASDAQ:GT) was downgraded by BidaskClub from a “hold” rating to a “sell” rating in a report issued on Saturday, BidAskClub reports.

GT has been the subject of a number of other reports. ValuEngine upgraded Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a report on Monday, January 21st. Zacks Investment Research downgraded Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 5th. Jefferies Financial Group restated a “buy” rating and issued a $25.00 price objective on shares of Goodyear Tire & Rubber in a report on Tuesday, February 5th. Argus downgraded Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Monday, February 11th. Finally, Longbow Research restated a “hold” rating on shares of Goodyear Tire & Rubber in a report on Monday, January 21st. Four analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $22.00.

Shares of NASDAQ:GT opened at $18.40 on Friday. The firm has a market cap of $4.27 billion, a PE ratio of 7.93, a P/E/G ratio of -1.90 and a beta of 1.51. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.28 and a quick ratio of 0.70. Goodyear Tire & Rubber has a 52-week low of $17.30 and a 52-week high of $26.53.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings data on Friday, April 26th. The company reported $0.19 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.05 by $0.14. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. Goodyear Tire & Rubber had a return on equity of 9.59% and a net margin of 3.65%. Goodyear Tire & Rubber’s quarterly revenue was down 6.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.50 earnings per share. On average, sell-side analysts anticipate that Goodyear Tire & Rubber will post 2.06 EPS for the current year.

In other Goodyear Tire & Rubber news, Director Werner Geissler purchased 35,000 shares of the firm’s stock in a transaction on Wednesday, February 13th. The stock was purchased at an average cost of $18.65 per share, for a total transaction of $652,750.00. Following the acquisition, the director now owns 50,000 shares in the company, valued at approximately $932,500. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.60% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in GT. Oregon Public Employees Retirement Fund boosted its position in shares of Goodyear Tire & Rubber by 1,711.7% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,329,973 shares of the company’s stock worth $163,000 after purchasing an additional 3,146,166 shares in the last quarter. Norges Bank bought a new position in shares of Goodyear Tire & Rubber during the 4th quarter worth about $44,517,000. Millennium Management LLC boosted its position in shares of Goodyear Tire & Rubber by 2,196.7% during the 4th quarter. Millennium Management LLC now owns 2,190,955 shares of the company’s stock worth $44,717,000 after purchasing an additional 2,095,559 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Goodyear Tire & Rubber by 65.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,939,205 shares of the company’s stock worth $92,139,000 after purchasing an additional 1,554,946 shares in the last quarter. Finally, Bank of Montreal Can boosted its position in shares of Goodyear Tire & Rubber by 118.7% during the 4th quarter. Bank of Montreal Can now owns 2,346,793 shares of the company’s stock worth $47,898,000 after purchasing an additional 1,273,858 shares in the last quarter. 88.14% of the stock is currently owned by 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. The company offers various lines of rubber tires for automobiles, trucks, buses, aircrafts, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and various other applications under the Goodyear, Dunlop, Kelly, Debica, Sava, Fulda, and various other Goodyear owned house brands, as well as under the private-label brands.

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Analyst Recommendations for Goodyear Tire & Rubber (NASDAQ:GT)

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