Goodyear Tire & Rubber (NASDAQ:GT) Stock Rating Upgraded by Zacks Research

Goodyear Tire & Rubber (NASDAQ:GT) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

Other analysts have also recently issued reports about the stock. Wall Street Zen upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 6th. Citigroup reduced their price target on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Friday, May 8th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. TD Cowen lowered their price objective 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. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and set a $10.00 price objective on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $8.54.

Goodyear Tire & Rubber Trading Up 0.3%

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

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.05. Goodyear Tire & Rubber had a negative net margin of 11.64% and a positive return on equity of 0.93%. The firm had revenue of $3.88 billion for the quarter, compared to the consensus estimate of $3.81 billion. During the same period in the prior year, the firm posted ($0.04) earnings per share. The company’s revenue for the quarter was down 8.7% on a year-over-year basis. On average, equities analysts forecast that Goodyear Tire & Rubber will post -0.24 EPS for the current fiscal year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Focus Partners Wealth purchased a new position in shares of Goodyear Tire & Rubber during the 3rd quarter valued at about $25,000. EFG International AG purchased a new stake in Goodyear Tire & Rubber in the fourth quarter worth approximately $26,000. Los Angeles Capital Management LLC purchased a new stake in Goodyear Tire & Rubber in the fourth quarter worth approximately $26,000. EverSource Wealth Advisors LLC grew its position in Goodyear Tire & Rubber by 656.0% during the first quarter. EverSource Wealth Advisors LLC now owns 6,048 shares of the company’s stock valued at $40,000 after acquiring an additional 5,248 shares during the last quarter. Finally, Parallel Advisors LLC grew its position in Goodyear Tire & Rubber by 55.5% during the fourth quarter. Parallel Advisors LLC now owns 7,114 shares of the company’s stock valued at $62,000 after acquiring an additional 2,538 shares during the last quarter. Hedge funds and other institutional investors own 84.19% of the company’s stock.

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.