Zacks Research Upgrades Goodyear Tire & Rubber (NASDAQ:GT) to "Hold"

Key Points

• Zacks Research upgraded Goodyear Tire & Rubber from "strong sell" to "hold", adding to a mixed but slightly more neutral analyst view on the stock.
• Other firms remain cautious: Deutsche Bank and Weiss Ratings kept hold/sell views, while TD Cowen and JPMorgan maintained buy/overweight calls. Overall, the stock has a consensus Hold rating with a $8.54 price target.
• Goodyear recently beat quarterly expectations, reporting EPS of -$0.39 versus -$0.44 expected and revenue of $3.88 billion versus $3.81 billion expected, though sales still fell 8.7% year over year.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report issued on Monday,Zacks.com reports.

A number of other brokerages also recently commented on GT. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $7.00 price objective (down from $9.00) on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. TD Cowen dropped their target price on Goodyear Tire & Rubber from $10.00 to $9.00 and set a "buy" rating on the stock in a research report on Wednesday, April 15th. JPMorgan Chase & Co. restated an "overweight" rating and set a $10.00 price target on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Wall Street Zen raised shares of Goodyear Tire & Rubber from a "strong sell" rating to a "sell" rating in a research note on Saturday, June 6th. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Goodyear Tire & Rubber has a consensus rating of "Hold" and a consensus price target of $8.54.

Goodyear Tire & Rubber Stock Performance

Shares of NASDAQ GT opened at $6.66 on Monday. The company has a market cap of $1.91 billion, a PE ratio of -0.92 and a beta of 1.12. Goodyear Tire & Rubber has a 52-week low of $5.43 and a 52-week high of $11.65. The company has a quick ratio of 0.51, a current ratio of 1.04 and a debt-to-equity ratio of 1.66. The firm's 50-day moving average price is $6.21 and its 200-day moving average price is $7.44.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported ($0.39) EPS for the quarter, beating analysts' consensus estimates of ($0.44) by $0.05. The business had revenue of $3.88 billion during the quarter, compared to analysts' expectations of $3.81 billion. Goodyear Tire & Rubber had a negative net margin of 11.64% and a positive return on equity of 0.93%. The firm's revenue was down 8.7% on a year-over-year basis. During the same period in the prior year, the company earned ($0.04) earnings per share. As a group, analysts anticipate that Goodyear Tire & Rubber will post -0.24 EPS for the current year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Several large investors have recently modified their holdings of GT. Envestnet Asset Management Inc. lifted its holdings in Goodyear Tire & Rubber by 6.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company's stock worth $177,000 after buying an additional 1,011 shares in the last quarter. Pin Oak Investment Advisors Inc. boosted its holdings in Goodyear Tire & Rubber by 1.4% in the fourth quarter. Pin Oak Investment Advisors Inc. now owns 75,055 shares of the company's stock worth $657,000 after purchasing an additional 1,065 shares during the period. Farther Finance Advisors LLC grew its position in shares of Goodyear Tire & Rubber by 11.5% during the 4th quarter. Farther Finance Advisors LLC now owns 11,181 shares of the company's stock valued at $98,000 after buying an additional 1,152 shares during the last quarter. Cetera Investment Advisers raised its position in shares of Goodyear Tire & Rubber by 1.0% during the 4th quarter. Cetera Investment Advisers now owns 131,568 shares of the company's stock worth $1,153,000 after purchasing an additional 1,282 shares during the period. Finally, Advisory Services Network LLC lifted its stake in Goodyear Tire & Rubber by 2.8% in the fourth quarter. Advisory Services Network LLC now owns 56,631 shares of the company's stock valued at $496,000 after buying an additional 1,529 shares during the last quarter. 84.19% of the stock is owned by institutional investors and hedge funds.

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.

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