Goodyear Tire & Rubber (NASDAQ:GT) Upgraded by Wall Street Zen to "Sell" Rating

Key Points

• Wall Street Zen upgraded Goodyear Tire & Rubber’s rating from “strong sell” to “sell,” while the broader analyst consensus remains “Hold” with an average price target of $8.47.
• Goodyear shares opened at $6.44, down 4.7%, with the stock trading near the lower end of its 52-week range. The company reported a quarterly loss of $0.61 per share, though it beat estimates, while revenue fell 4.8% year over year to $4.25 billion.
• Institutional investors hold 84.19% of Goodyear’s shares, with several major funds increasing their positions during the first quarter.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) was upgraded by Wall Street Zen from a "strong sell" rating to a "sell" rating in a report released on Saturday.

Several other research analysts have also recently issued reports on GT. JPMorgan Chase & Co. lifted their target price on Goodyear Tire & Rubber from $9.00 to $10.00 and gave the company an "overweight" rating in a research report on Friday. TD Cowen cut their price target 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. Zacks Research upgraded shares of Goodyear Tire & Rubber from a "strong sell" rating to a "hold" rating in a research note on Monday, July 13th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $7.00 target price (down from $9.00) on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Finally, Citigroup reduced their target price on Goodyear Tire & Rubber from $10.00 to $8.00 and set a "neutral" rating for the company in a report on Friday, May 8th. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Goodyear Tire & Rubber has a consensus rating of "Hold" and a consensus price target of $8.47.

Goodyear Tire & Rubber Stock Down 4.7%

Shares of NASDAQ:GT opened at $6.44 on Friday. The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.51 and a current ratio of 1.09. Goodyear Tire & Rubber has a 52-week low of $5.43 and a 52-week high of $10.62. The business's 50 day simple moving average is $6.59 and its two-hundred day simple moving average is $7.21. The firm has a market cap of $1.85 billion, a P/E ratio of -0.73 and a beta of 1.12.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.61) EPS for the quarter, beating the consensus estimate of ($0.63) by $0.02. The firm had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $4.19 billion. Goodyear Tire & Rubber had a negative return on equity of 2.95% and a negative net margin of 14.37%.The company's quarterly revenue was down 4.8% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.17) earnings per share. As a group, research analysts forecast that Goodyear Tire & Rubber will post -0.26 EPS for the current fiscal year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

A number of hedge funds and other institutional investors have recently bought and sold shares of GT. Bastion Asset Management Inc. increased its position in shares of Goodyear Tire & Rubber by 72.9% during the fourth quarter. Bastion Asset Management Inc. now owns 963,938 shares of the company's stock valued at $8,076,000 after buying an additional 406,410 shares during the period. Hsbc Holdings PLC boosted its position in shares of Goodyear Tire & Rubber by 144.6% in the first quarter. Hsbc Holdings PLC now owns 430,136 shares of the company's stock valued at $2,798,000 after acquiring an additional 254,305 shares during the period. Readystate Asset Management LP grew its stake in Goodyear Tire & Rubber by 45.8% during the first quarter. Readystate Asset Management LP now owns 2,606,350 shares of the company's stock valued at $17,280,000 after acquiring an additional 818,588 shares in the last quarter. SG Americas Securities LLC grew its stake in Goodyear Tire & Rubber by 113.5% during the first quarter. SG Americas Securities LLC now owns 1,447,677 shares of the company's stock valued at $9,598,000 after acquiring an additional 769,710 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Goodyear Tire & Rubber by 8.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 16,558,938 shares of the company's stock worth $109,778,000 after acquiring an additional 1,352,085 shares during the period. Institutional investors own 84.19% of the company's stock.

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.

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