Goodyear Tire & Rubber (NASDAQ:GT) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Key Points

• Goodyear beat quarterly expectations: The company reported an adjusted loss of $0.61 per share, $0.02 better than consensus, while revenue reached $4.25 billion versus the $4.19 billion estimate.
• Shares remain under pressure: Goodyear stock fell $0.25 to $6.94, with a negative net margin of 11.64%, a debt-to-equity ratio of 1.66, and a market capitalization of about $1.99 billion.
• Analyst sentiment is cautious: The stock carries a consensus “Hold” rating and an average price target of $8.54; institutional investors and hedge funds own 84.19% of outstanding shares.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) issued its earnings results on Wednesday. The company reported ($0.61) EPS for the quarter, topping the consensus estimate of ($0.63) by $0.02, FiscalAI reports. Goodyear Tire & Rubber had a positive return on equity of 0.93% and a negative net margin of 11.64%.The company had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $4.19 billion.

Goodyear Tire & Rubber Price Performance

Goodyear Tire & Rubber stock traded down $0.25 during midday trading on Wednesday, reaching $6.94. The company's stock had a trading volume of 7,980,974 shares, compared to its average volume of 8,563,847. Goodyear Tire & Rubber has a 52 week low of $5.43 and a 52 week high of $10.62. The company has a current ratio of 1.04, a quick ratio of 0.51 and a debt-to-equity ratio of 1.66. The business has a 50-day moving average price of $6.55 and a 200-day moving average price of $7.25. The stock has a market cap of $1.99 billion, a PE ratio of -0.96 and a beta of 1.12.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP grew its holdings in shares of Goodyear Tire & Rubber by 6.3% during the 4th quarter. Wellington Management Group LLP now owns 28,047,790 shares of the company's stock valued at $245,699,000 after purchasing an additional 1,666,394 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Goodyear Tire & Rubber by 3.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 15,206,853 shares of the company's stock valued at $133,216,000 after purchasing an additional 502,790 shares during the last quarter. State Street Corp boosted its position in Goodyear Tire & Rubber by 0.4% in the fourth quarter. State Street Corp now owns 10,450,140 shares of the company's stock valued at $91,543,000 after buying an additional 36,786 shares in the last quarter. AQR Capital Management LLC boosted its position in Goodyear Tire & Rubber by 151.8% in the fourth 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 in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Goodyear Tire & Rubber by 6.6% during the fourth quarter. Geode Capital Management LLC now owns 7,245,230 shares of the company's stock worth $63,479,000 after buying an additional 449,911 shares during the last quarter. 84.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

GT has been the subject of several recent research reports. Zacks Research upgraded Goodyear Tire & Rubber from a "strong sell" rating to a "hold" rating in a research note on Monday, July 13th. Citigroup cut their target price on Goodyear Tire & Rubber from $10.00 to $8.00 and set a "neutral" rating for the company in a research report on Friday, May 8th. Wall Street Zen upgraded Goodyear Tire & Rubber from a "strong sell" rating to a "sell" rating in a research report on Saturday, June 6th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $7.00 price objective (down from $9.00) on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Finally, TD Cowen decreased their target price on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a "buy" rating on the stock in a report on Wednesday, April 15th. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Goodyear Tire & Rubber presently has a consensus rating of "Hold" and an average target price of $8.54.

About Goodyear Tire & Rubber

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source