Goodyear Tire & Rubber (NASDAQ:GT) Releases Earnings Results, Misses Expectations By $0.31 EPS

Key Points

• Goodyear Tire & Rubber reported a quarterly loss of ($0.17) earnings per share, missing analyst estimates of $0.14, with a revenue of $4.47 billion which was also below expectations.
• Institutional investors hold a significant stake in the company, owning 84.19% of the stock, with several firms adjusting their positions recently.
• Wall Street analysts have mixed views on Goodyear's stock, with a consensus rating of "Moderate Buy" and an average price target of $13.00.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) released its quarterly earnings results on Thursday. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of $0.14 by ($0.31), Zacks reports. Goodyear Tire & Rubber had a net margin of 2.22% and a return on equity of 3.17%. The business had revenue of $4.47 billion during the quarter, compared to analyst estimates of $4.50 billion. During the same quarter last year, the company posted $0.19 earnings per share. The company's revenue was down 2.3% on a year-over-year basis.

Goodyear Tire & Rubber Price Performance

GT stock traded up $0.08 during mid-day trading on Tuesday, reaching $8.39. 5,376,364 shares of the company traded hands, compared to its average volume of 6,374,813. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.15 and a quick ratio of 0.63. The company has a market capitalization of $2.40 billion, a P/E ratio of 5.92, a P/E/G ratio of 0.26 and a beta of 1.37. Goodyear Tire & Rubber has a 52-week low of $7.27 and a 52-week high of $12.03. The company has a fifty day moving average price of $10.72 and a 200-day moving average price of $10.13.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Envestnet Asset Management Inc. lifted its position in Goodyear Tire & Rubber by 6.3% in the second quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company's stock valued at $177,000 after purchasing an additional 1,011 shares during the last quarter. United Services Automobile Association bought a new position in shares of Goodyear Tire & Rubber during the first quarter valued at approximately $163,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Goodyear Tire & Rubber by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 169,601 shares of the company's stock valued at $1,567,000 after acquiring an additional 7,453 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Goodyear Tire & Rubber by 2.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 657,411 shares of the company's stock valued at $6,074,000 after acquiring an additional 15,064 shares in the last quarter. Hedge funds and other institutional investors own 84.19% of the company's stock.

Analyst Ratings Changes

GT has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Goodyear Tire & Rubber from $15.00 to $12.00 and set a "buy" rating for the company in a report on Monday. BNP Paribas downgraded shares of Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research report on Friday. BNP Paribas Exane reissued a "neutral" rating and set a $9.00 target price on shares of Goodyear Tire & Rubber in a research report on Friday. Wall Street Zen downgraded shares of Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a research report on Saturday, May 10th. Finally, JPMorgan Chase & Co. reissued an "overweight" rating and set a $17.00 target price (down previously from $18.00) on shares of Goodyear Tire & Rubber in a research report on Thursday, May 22nd. Four research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $12.80.

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.