Goodyear Tire & Rubber (NASDAQ:GT) Lowered to “Hold” at StockNews.com

StockNews.com downgraded shares of Goodyear Tire & Rubber (NASDAQ:GT) from a buy rating to a hold rating in a research note released on Wednesday.

Separately, HSBC lowered their target price on Goodyear Tire & Rubber from $16.80 to $15.90 and set a buy rating on the stock in a research note on Wednesday. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Goodyear Tire & Rubber has an average rating of Moderate Buy and a consensus target price of $16.98.

Goodyear Tire & Rubber Stock Up 2.0 %

GT stock opened at $12.67 on Wednesday. The stock has a market capitalization of $3.60 billion, a PE ratio of -5.61 and a beta of 1.86. Goodyear Tire & Rubber has a 52 week low of $10.94 and a 52 week high of $16.50. The company has a quick ratio of 0.55, a current ratio of 1.07 and a debt-to-equity ratio of 1.41. The firm has a 50 day moving average of $12.52 and a 200 day moving average of $13.16.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its earnings results on Monday, May 6th. The company reported $0.10 earnings per share (EPS) for the quarter. The company had revenue of $4.50 billion during the quarter, compared to analyst estimates of $4.78 billion. Goodyear Tire & Rubber had a positive return on equity of 1.16% and a negative net margin of 3.43%. The firm’s quarterly revenue was down 8.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.29) EPS. Sell-side analysts forecast that Goodyear Tire & Rubber will post 1.06 earnings per share for the current year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GT. Vanguard Group Inc. raised its position in shares of Goodyear Tire & Rubber by 2.0% during the 4th quarter. Vanguard Group Inc. now owns 29,102,067 shares of the company’s stock valued at $416,742,000 after buying an additional 576,369 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Goodyear Tire & Rubber by 3.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 16,501,327 shares of the company’s stock valued at $236,302,000 after purchasing an additional 557,038 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Goodyear Tire & Rubber by 48.2% in the 4th quarter. Wellington Management Group LLP now owns 14,978,975 shares of the company’s stock valued at $214,499,000 after purchasing an additional 4,870,381 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Goodyear Tire & Rubber by 24.9% during the 3rd quarter. American Century Companies Inc. now owns 4,774,601 shares of the company’s stock worth $59,348,000 after purchasing an additional 953,047 shares during the period. Finally, Norges Bank acquired a new stake in shares of Goodyear Tire & Rubber during the 4th quarter worth about $66,842,000. Institutional investors and hedge funds own 84.19% of the company’s stock.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company, together with its subsidiaries, develops, manufactures, distributes, and sells tires and related products and services worldwide. It offers various lines of rubber tires for automobiles, trucks, buses, aircraft, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and other applications under the Goodyear, Cooper, Dunlop, Kelly, Mastercraft, Roadmaster, Debica, Sava, Fulda, Mickey Thompson, Avon, and Remington brands and various house brands, as well as under the private-label brands.