Wolfe Research Lowers Goodyear Tire & Rubber (NASDAQ:GT) to Peer Perform

Wolfe Research cut shares of Goodyear Tire & Rubber (NASDAQ:GT) from an outperform rating to a peer perform rating in a research report released on Thursday, Marketbeat.com reports.

Other equities research analysts also recently issued reports about the stock. StockNews.com raised shares of Goodyear Tire & Rubber from a hold rating to a buy rating in a report on Thursday, May 16th. HSBC cut their price objective on shares of Goodyear Tire & Rubber from $16.80 to $15.90 and set a buy rating for the company in a report on Wednesday, May 8th. Finally, Morgan Stanley began coverage on shares of Goodyear Tire & Rubber in a report on Thursday, June 13th. They set an equal weight rating and a $14.00 target price on the stock. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $17.23.

Goodyear Tire & Rubber Stock Down 0.4 %

Goodyear Tire & Rubber stock opened at $7.92 on Thursday. The firm has a 50 day moving average price of $9.89 and a 200-day moving average price of $11.47. The company has a quick ratio of 0.54, a current ratio of 1.06 and a debt-to-equity ratio of 1.41. Goodyear Tire & Rubber has a twelve month low of $7.63 and a twelve month high of $15.24. The company has a market capitalization of $2.25 billion, a P/E ratio of -3.50 and a beta of 1.74.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.10. The business had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.78 billion. Goodyear Tire & Rubber had a positive return on equity of 6.55% and a negative net margin of 1.82%. Goodyear Tire & Rubber’s revenue was down 6.1% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.34) earnings per share. As a group, equities analysts predict that Goodyear Tire & Rubber will post 1.12 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Tidal Investments LLC increased its position in shares of Goodyear Tire & Rubber by 41.6% in the first quarter. Tidal Investments LLC now owns 63,967 shares of the company’s stock worth $878,000 after purchasing an additional 18,790 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Goodyear Tire & Rubber by 2.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,715,149 shares of the company’s stock worth $30,817,000 after buying an additional 71,410 shares during the last quarter. National Bank of Canada FI raised its position in shares of Goodyear Tire & Rubber by 2,944.7% during the 1st quarter. National Bank of Canada FI now owns 1,666,708 shares of the company’s stock valued at $21,600,000 after buying an additional 1,611,966 shares in the last quarter. Teachers Retirement System of The State of Kentucky lifted its holdings in shares of Goodyear Tire & Rubber by 132.2% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 224,158 shares of the company’s stock worth $3,077,000 after acquiring an additional 127,610 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in Goodyear Tire & Rubber by 2.6% in the first quarter. Vanguard Group Inc. now owns 29,867,596 shares of the company’s stock worth $410,082,000 after acquiring an additional 765,529 shares in the last quarter. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

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.