Wall Street Zen Downgrades Goodyear Tire & Rubber (NASDAQ:GT) to Sell

Key Points

• Wall Street Zen downgraded Goodyear Tire & Rubber (NASDAQ:GT) from “hold” to “sell,” adding to a mixed but generally cautious analyst outlook on the stock.
• Other firms have also turned less bullish, with several price targets cut and the consensus rating sitting at “Hold” with an average target of $8.83.
• Goodyear reported a narrower-than-expected quarterly loss of ($0.39) per share on $3.88 billion in revenue, but sales still fell 8.7% year over year and the stock was trading near its 52-week low at $6.51.

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

GT has been the subject of a number of other research reports. JPMorgan Chase & Co. reduced their price target on 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. Zacks Research cut Goodyear Tire & Rubber from a "hold" rating to a "strong sell" rating in a research report on Wednesday. TD Cowen reduced their price target on 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. Citigroup reduced their price target on Goodyear Tire & Rubber from $10.00 to $8.00 and set a "neutral" rating for the company in a research report on Friday. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on 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. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, Goodyear Tire & Rubber presently has an average rating of "Hold" and an average price target of $8.83.

Get Goodyear Tire & Rubber SMS alerts:

Sign Up

Goodyear Tire & Rubber Price Performance

Shares of NASDAQ:GT opened at $6.51 on Friday. Goodyear Tire & Rubber has a fifty-two week low of $6.14 and a fifty-two week high of $12.03. The business has a 50-day moving average of $7.04 and a two-hundred day moving average of $8.06. The stock has a market capitalization of $1.87 billion, a P/E ratio of -0.90, a P/E/G ratio of 0.63 and a beta of 1.17. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.04 and a quick ratio of 0.54.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share for the quarter, topping analysts' consensus estimates of ($0.44) by $0.05. 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 $3.88 billion during the quarter, compared to analysts' expectations of $3.81 billion. During the same quarter in the previous year, the firm earned ($0.04) earnings per share. The business's quarterly revenue was down 8.7% compared to the same quarter last year. On average, equities research analysts predict that Goodyear Tire & Rubber will post 0.29 EPS for the current fiscal year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Large investors have recently made changes to their positions in the business. Focus Partners Wealth acquired a new position in shares of Goodyear Tire & Rubber during the 3rd quarter worth about $25,000. EFG International AG acquired a new position in shares of Goodyear Tire & Rubber during the 4th quarter worth about $26,000. Los Angeles Capital Management LLC acquired a new position in shares of Goodyear Tire & Rubber during the 4th quarter worth about $26,000. Hantz Financial Services Inc. lifted its position in shares of Goodyear Tire & Rubber by 384.8% during the 3rd quarter. Hantz Financial Services Inc. now owns 5,289 shares of the company's stock worth $40,000 after purchasing an additional 4,198 shares during the last quarter. Finally, Cloud Capital Management LLC acquired a new position in shares of Goodyear Tire & Rubber during the 3rd quarter worth about $47,000. Institutional investors and hedge funds 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.