Q2 2020 EPS Estimates for Goodyear Tire & Rubber Co Raised by KeyCorp (NASDAQ:GT)

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Goodyear Tire & Rubber Co (NASDAQ:GT) – Investment analysts at KeyCorp upped their Q2 2020 earnings estimates for Goodyear Tire & Rubber in a research report issued to clients and investors on Sunday, June 28th. KeyCorp analyst J. Picariello now forecasts that the company will earn ($2.24) per share for the quarter, up from their previous forecast of ($3.02). KeyCorp also issued estimates for Goodyear Tire & Rubber’s FY2020 earnings at ($3.00) EPS and FY2021 earnings at ($0.55) EPS.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its earnings results on Thursday, April 30th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.48). Goodyear Tire & Rubber had a negative net margin of 6.12% and a positive return on equity of 1.48%. The company had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $2.95 billion. During the same quarter in the previous year, the firm earned $0.19 earnings per share. The company’s revenue for the quarter was down 15.1% compared to the same quarter last year.

Several other research firms also recently commented on GT. Morgan Stanley decreased their price target on shares of Goodyear Tire & Rubber from $8.00 to $6.00 and set an “equal weight” rating on the stock in a research note on Monday, March 30th. Nomura reissued a “buy” rating and set a $11.00 price target on shares of Goodyear Tire & Rubber in a research note on Wednesday, May 6th. Deutsche Bank decreased their price target on shares of Goodyear Tire & Rubber from $7.00 to $5.00 and set a “hold” rating on the stock in a research note on Tuesday, May 5th. ValuEngine raised shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research note on Friday, May 1st. Finally, Exane BNP Paribas downgraded shares of Goodyear Tire & Rubber from an “outperform” rating to a “neutral” rating in a research note on Monday, March 30th. Eight research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $11.35.

Shares of Goodyear Tire & Rubber stock opened at $8.95 on Wednesday. The firm has a market cap of $2.10 billion, a PE ratio of 31.10 and a beta of 2.03. Goodyear Tire & Rubber has a 1 year low of $4.09 and a 1 year high of $17.20. The company has a 50 day simple moving average of $8.20 and a two-hundred day simple moving average of $10.02. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.17 and a quick ratio of 0.62.

Several hedge funds have recently made changes to their positions in GT. Norges Bank bought a new position in Goodyear Tire & Rubber in the 4th quarter worth about $37,775,000. Invesco Ltd. boosted its stake in Goodyear Tire & Rubber by 157.1% in the 1st quarter. Invesco Ltd. now owns 2,714,927 shares of the company’s stock worth $15,800,000 after purchasing an additional 1,658,766 shares in the last quarter. Squarepoint Ops LLC boosted its stake in Goodyear Tire & Rubber by 284.1% in the 1st quarter. Squarepoint Ops LLC now owns 1,865,636 shares of the company’s stock worth $10,858,000 after purchasing an additional 1,379,899 shares in the last quarter. BlackRock Inc. boosted its stake in Goodyear Tire & Rubber by 4.0% in the 1st quarter. BlackRock Inc. now owns 26,044,978 shares of the company’s stock worth $151,582,000 after purchasing an additional 1,001,516 shares in the last quarter. Finally, Deutsche Bank AG boosted its stake in Goodyear Tire & Rubber by 1,754.6% in the 1st quarter. Deutsche Bank AG now owns 868,149 shares of the company’s stock worth $5,053,000 after purchasing an additional 821,339 shares in the last quarter. Hedge funds and other institutional investors own 79.60% 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. The company offers various lines of rubber tires for automobiles, trucks, buses, aircrafts, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and various other applications under the Goodyear, Dunlop, Kelly, Debica, Sava, Fulda, and various other Goodyear owned house brands, as well as under the private-label brands.

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Earnings History and Estimates for Goodyear Tire & Rubber (NASDAQ:GT)

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