Goodyear Tire & Rubber (NASDAQ:GT) Downgraded by Wall Street Zen to Sell

Wall Street Zen downgraded shares of Goodyear Tire & Rubber (NASDAQ:GT) from a hold rating to a sell rating in a report released on Saturday.

Several other research firms also recently weighed in on GT. Citigroup lowered their target price on Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating on the stock in a research report on Friday. JPMorgan Chase & Co. lowered their target price on Goodyear Tire & Rubber from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Thursday, April 23rd. Zacks Research downgraded Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research report on Wednesday. TD Cowen lowered their target price 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, Deutsche Bank Aktiengesellschaft lowered their target price on Goodyear Tire & Rubber from $12.00 to $9.00 and set a “buy” rating on the stock in a research report on Thursday, April 16th. Three research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $8.83.

Goodyear Tire & Rubber Price Performance

NASDAQ GT opened at $6.51 on Friday. The company has a market capitalization of $1.87 billion, a PE ratio of -0.90, a price-to-earnings-growth ratio of 0.60 and a beta of 1.17. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.54 and a current ratio of 1.04. The business’s fifty day moving average is $7.04 and its 200 day moving average is $8.06. Goodyear Tire & Rubber has a fifty-two week low of $6.14 and a fifty-two week high of $12.03.

Goodyear Tire & Rubber (NASDAQ:GT) last released its earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.05. The company had revenue of $3.88 billion for the quarter, compared to the consensus estimate of $3.81 billion. Goodyear Tire & Rubber had a positive return on equity of 0.93% and a negative net margin of 11.64%.Goodyear Tire & Rubber’s quarterly revenue was down 8.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.04) earnings per share. Sell-side analysts predict that Goodyear Tire & Rubber will post 0.29 earnings per share for the current year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Large investors have recently added to or reduced their stakes in the stock. Invenomic Capital Management LP bought a new stake in Goodyear Tire & Rubber during the third quarter worth approximately $13,753,000. CenterBook Partners LP increased its stake in Goodyear Tire & Rubber by 166.1% during the third quarter. CenterBook Partners LP now owns 2,040,792 shares of the company’s stock worth $15,265,000 after acquiring an additional 1,273,883 shares during the last quarter. Anderson Financial Strategies LLC bought a new stake in Goodyear Tire & Rubber during the third quarter worth approximately $1,318,000. Allianz Asset Management GmbH increased its stake in Goodyear Tire & Rubber by 76.3% during the third quarter. Allianz Asset Management GmbH now owns 1,135,023 shares of the company’s stock worth $8,490,000 after acquiring an additional 491,210 shares during the last quarter. Finally, Brevan Howard Capital Management LP increased its stake in Goodyear Tire & Rubber by 313.7% during the third quarter. Brevan Howard Capital Management LP now owns 438,206 shares of the company’s stock worth $3,278,000 after acquiring an additional 332,294 shares during the last quarter. 84.19% of the stock is owned by institutional investors.

Goodyear Tire & Rubber Company Profile

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.