Goodyear Tire & Rubber (NASDAQ:GT) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of Goodyear Tire & Rubber (NASDAQ:GT) from a strong sell rating to a hold rating in a research note published on Thursday,Zacks.com reports.

Other equities analysts also recently issued research reports about the company. JPMorgan Chase & Co. dropped their price target on Goodyear Tire & Rubber from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Monday, October 20th. HSBC reaffirmed a “hold” rating and issued a $9.50 price objective (down from $15.50) on shares of Goodyear Tire & Rubber in a research note on Wednesday, August 20th. Citigroup assumed coverage on shares of Goodyear Tire & Rubber in a research report on Monday, September 8th. They set a “neutral” rating and a $10.00 target price on the stock. BNP Paribas cut shares of Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 8th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $11.50.

Goodyear Tire & Rubber Trading Down 3.1%

Shares of NASDAQ:GT traded down $0.24 during trading on Thursday, reaching $7.57. 7,160,306 shares of the company were exchanged, compared to its average volume of 7,047,957. The business’s fifty day simple moving average is $7.69 and its 200-day simple moving average is $9.50. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.15 and a quick ratio of 0.63. Goodyear Tire & Rubber has a 12-month low of $6.51 and a 12-month high of $12.03. The firm has a market capitalization of $2.17 billion, a PE ratio of 5.33, a P/E/G ratio of 2.35 and a beta of 1.32.

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of GT. GAMMA Investing LLC boosted its stake in Goodyear Tire & Rubber by 147.5% in the first quarter. GAMMA Investing LLC now owns 2,809 shares of the company’s stock valued at $26,000 after acquiring an additional 1,674 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in shares of Goodyear Tire & Rubber during the 1st quarter valued at $366,000. Principal Financial Group Inc. boosted its position in shares of Goodyear Tire & Rubber by 1.0% in the 1st quarter. Principal Financial Group Inc. now owns 660,560 shares of the company’s stock worth $6,104,000 after purchasing an additional 6,296 shares in the last quarter. M&T Bank Corp grew its stake in Goodyear Tire & Rubber by 24.1% during the 1st quarter. M&T Bank Corp now owns 62,880 shares of the company’s stock worth $581,000 after buying an additional 12,193 shares during the last quarter. Finally, Valeo Financial Advisors LLC purchased a new position in Goodyear Tire & Rubber during the 1st quarter worth $139,000. Institutional investors own 84.19% of the company’s stock.

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.