Zacks Investment Research lowered shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) from a hold rating to a sell rating in a research note published on Monday.

According to Zacks, “Goodyear’s earnings and revenues missed the Zacks Consensus Estimate in the second quarter. Compared with the year-ago figures, both the earnings per share and revenue witnessed a decline. In the recent quarters, it has been facing high raw material costs and volume sales decline for which, it has also lowered its outlook toward total operating income for the year. Other challenges faced by the company include a competitive environment, high overhead expenses and currency fluctuations in the U.S. and Europe. Also, Goodyear’sshares have underperformed the industry it belongs to, in the last one month.”

GT has been the subject of a number of other reports. BidaskClub downgraded The Goodyear Tire & Rubber from a hold rating to a sell rating in a report on Tuesday, July 25th. Jefferies Group LLC set a $39.00 price objective on The Goodyear Tire & Rubber and gave the stock a buy rating in a report on Saturday, July 29th. Morgan Stanley set a $52.00 price objective on The Goodyear Tire & Rubber and gave the stock a buy rating in a report on Friday, July 28th. Deutsche Bank AG downgraded The Goodyear Tire & Rubber from a buy rating to a hold rating and set a $40.00 price objective for the company. in a report on Friday, July 28th. Finally, CLSA began coverage on The Goodyear Tire & Rubber in a report on Wednesday, June 21st. They set a buy rating and a $39.00 price objective for the company. Two analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $38.40.

Shares of The Goodyear Tire & Rubber (NASDAQ:GT) traded up 0.19% on Monday, reaching $31.17. The company had a trading volume of 2,217,688 shares. The firm has a 50-day moving average price of $34.76 and a 200 day moving average price of $34.52. The firm has a market capitalization of $7.85 billion, a price-to-earnings ratio of 6.79 and a beta of 1.53. The Goodyear Tire & Rubber has a 1-year low of $26.82 and a 1-year high of $37.20.

The Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Friday, July 28th. The company reported $0.70 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.75 by $0.05. The business had revenue of $3.69 billion during the quarter, compared to analyst estimates of $3.70 billion. The Goodyear Tire & Rubber had a net margin of 7.95% and a return on equity of 18.94%. The company’s revenue was down 5.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.16 earnings per share. Equities research analysts predict that The Goodyear Tire & Rubber will post $3.19 earnings per share for the current year.

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The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Tuesday, August 1st will be given a $0.10 dividend. The ex-dividend date is Friday, July 28th. This represents a $0.40 dividend on an annualized basis and a yield of 1.29%. The Goodyear Tire & Rubber’s payout ratio is currently 8.77%.

In other The Goodyear Tire & Rubber news, insider Stephen R. Mcclellan sold 6,250 shares of the company’s stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $35.29, for a total value of $220,562.50. Following the completion of the transaction, the insider now directly owns 78,099 shares of the company’s stock, valued at approximately $2,756,113.71. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Over the last three months, insiders sold 18,750 shares of company stock valued at $662,938. 1.40% of the stock is currently owned by corporate insiders.

Institutional investors have recently modified their holdings of the company. Financial Architects Inc boosted its position in shares of The Goodyear Tire & Rubber by 101.5% in the first quarter. Financial Architects Inc now owns 3,471 shares of the company’s stock valued at $125,000 after buying an additional 1,748 shares during the last quarter. First Quadrant L P CA bought a new position in shares of The Goodyear Tire & Rubber during the second quarter valued at approximately $130,000. Washington Trust Bank boosted its position in shares of The Goodyear Tire & Rubber by 46.3% in the second quarter. Washington Trust Bank now owns 3,885 shares of the company’s stock valued at $136,000 after buying an additional 1,230 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of The Goodyear Tire & Rubber by 21.3% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 4,077 shares of the company’s stock valued at $147,000 after buying an additional 716 shares during the last quarter. Finally, Exane Derivatives boosted its position in shares of The Goodyear Tire & Rubber by 204,800.0% in the second quarter. Exane Derivatives now owns 4,098 shares of the company’s stock valued at $143,000 after buying an additional 4,096 shares during the last quarter. 92.44% of the stock is currently owned by institutional investors and hedge funds.

The Goodyear Tire & Rubber Company Profile

The Goodyear Tire & Rubber Company is a manufacturer of tires. The Company operates through three segments. The Americas segment develops, manufactures, distributes and sells tires and related products and services in North, Central and South America, and sells tires to various export markets. The Americas segment manufactures and sells tires for automobiles, trucks, buses, earthmoving, mining and industrial equipment, aircraft and for various other applications.

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

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