Goodyear Tire & Rubber (NASDAQ:GT) Announces Quarterly Earnings Results

Goodyear Tire & Rubber (NASDAQ:GT) posted its earnings results on Wednesday. The company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($0.43) by $0.04, FiscalAI reports. Goodyear Tire & Rubber had a negative net margin of 9.41% and a positive return on equity of 3.21%. The company had revenue of $3.88 billion for the quarter, compared to analyst estimates of $3.81 billion. During the same period last year, the business posted ($0.04) earnings per share. The business’s revenue for the quarter was down 8.7% compared to the same quarter last year.

Goodyear Tire & Rubber Stock Performance

Shares of NASDAQ GT traded up $0.22 during mid-day trading on Wednesday, reaching $7.30. 8,139,735 shares of the company were exchanged, compared to its average volume of 7,807,597. The company’s 50-day simple moving average is $7.08 and its 200-day simple moving average is $8.06. The company has a quick ratio of 0.54, a current ratio of 1.06 and a debt-to-equity ratio of 1.57. The stock has a market capitalization of $2.09 billion, a P/E ratio of -1.22, a P/E/G ratio of 0.65 and a beta of 1.17. Goodyear Tire & Rubber has a twelve month low of $6.14 and a twelve month high of $12.03.

Institutional Trading of Goodyear Tire & Rubber

Several hedge funds and other institutional investors have recently bought and sold shares of GT. AQR Capital Management LLC increased its holdings in Goodyear Tire & Rubber by 151.8% in the 4th quarter. AQR Capital Management LLC now owns 9,764,853 shares of the company’s stock valued at $85,540,000 after buying an additional 5,886,935 shares during the period. Wellington Management Group LLP increased its holdings in Goodyear Tire & Rubber by 11.9% in the 3rd quarter. Wellington Management Group LLP now owns 26,381,396 shares of the company’s stock valued at $197,333,000 after buying an additional 2,796,332 shares during the period. Bridgeway Capital Management LLC bought a new stake in shares of Goodyear Tire & Rubber during the 3rd quarter valued at approximately $15,280,000. Morgan Stanley grew its holdings in shares of Goodyear Tire & Rubber by 32.3% during the 4th quarter. Morgan Stanley now owns 6,796,576 shares of the company’s stock valued at $59,538,000 after purchasing an additional 1,660,963 shares during the last quarter. Finally, LM Asset Management Inc. grew its holdings in shares of Goodyear Tire & Rubber by 229.4% during the 4th quarter. LM Asset Management Inc. now owns 1,680,000 shares of the company’s stock valued at $14,717,000 after purchasing an additional 1,170,000 shares during the last quarter. Institutional investors and hedge funds own 84.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on GT. JPMorgan Chase & Co. lowered their price objective on shares of Goodyear Tire & Rubber from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, April 23rd. TD Cowen decreased their target price on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Wednesday, April 15th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Goodyear Tire & Rubber from $12.00 to $9.00 and set a “buy” rating for the company in a research report on Thursday, April 16th. Zacks Research downgraded shares of Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 6th. Finally, Citigroup raised their target price on shares of Goodyear Tire & Rubber from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, February 12th. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $9.11.

Goodyear Tire & Rubber Company Profile

The Goodyear Tire & Rubber Company is a leading tire manufacturer and rubber products supplier with more than a century of innovation in its portfolio. Founded in 1898 by Frank Seiberling in Akron, Ohio, the company has grown into a global enterprise known for its engineering expertise and quality standards. Over its history, Goodyear has pioneered advances in tire technology, from early pneumatic designs to modern high-performance and fuel-efficient solutions.

Goodyear’s core business encompasses the design, production and distribution of tires for a variety of markets, including passenger cars, commercial trucks, off-the-road vehicles, aircraft and specialty applications.