Goodyear Tire & Rubber (NASDAQ:GT) Posts Earnings Results, Beats Estimates By $0.04 EPS

Goodyear Tire & Rubber (NASDAQ:GT) released its quarterly earnings results on Wednesday. The company reported ($0.39) EPS for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.04, FiscalAI reports. The firm had revenue of $3.88 billion during the quarter, compared to analyst estimates of $3.81 billion. Goodyear Tire & Rubber had a negative net margin of 9.41% and a positive return on equity of 3.21%. The business’s revenue for the quarter was down 8.7% on a year-over-year basis. During the same period in the previous year, the business earned ($0.04) EPS.

Goodyear Tire & Rubber Price Performance

NASDAQ:GT traded up $0.22 during midday trading on Wednesday, hitting $7.30. The company had a trading volume of 8,139,735 shares, compared to its average volume of 7,807,597. Goodyear Tire & Rubber has a 52-week low of $6.14 and a 52-week high of $12.03. The stock’s fifty day moving average price is $7.08 and its 200-day moving average price is $8.06. The company has a market capitalization of $2.09 billion, a PE ratio of -1.22, a P/E/G ratio of 0.65 and a beta of 1.17. The company has a quick ratio of 0.54, a current ratio of 1.06 and a debt-to-equity ratio of 1.57.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GT. Focus Partners Wealth purchased a new position in Goodyear Tire & Rubber in the third quarter worth $25,000. Los Angeles Capital Management LLC purchased a new position in Goodyear Tire & Rubber in the fourth quarter worth $26,000. EFG International AG purchased a new position in Goodyear Tire & Rubber in the fourth quarter worth $26,000. Parallel Advisors LLC grew its position in Goodyear Tire & Rubber by 55.5% in the fourth quarter. Parallel Advisors LLC now owns 7,114 shares of the company’s stock worth $62,000 after acquiring an additional 2,538 shares in the last quarter. Finally, Moors & Cabot Inc. bought a new stake in Goodyear Tire & Rubber in the third quarter worth $80,000. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GT has been the subject of a number of recent analyst reports. Citigroup boosted their price target on shares of Goodyear Tire & Rubber from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, February 12th. Zacks Research lowered shares of Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 6th. JPMorgan Chase & Co. reduced their price target on shares of Goodyear Tire & Rubber from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, April 23rd. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Goodyear Tire & Rubber from $12.00 to $9.00 and set a “buy” rating for the company in a research report on Thursday, April 16th. Finally, TD Cowen cut their target price on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Wednesday, April 15th. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $9.11.

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.