Goodyear Tire & Rubber (NASDAQ:GT) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Goodyear Tire & Rubber (NASDAQ:GT) issued its earnings results on Wednesday. The company reported ($0.61) EPS for the quarter, topping the consensus estimate of ($0.63) by $0.02, FiscalAI reports. Goodyear Tire & Rubber had a positive return on equity of 0.93% and a negative net margin of 11.64%.The company had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $4.19 billion.

Goodyear Tire & Rubber Price Performance

Goodyear Tire & Rubber stock traded down $0.25 during midday trading on Wednesday, reaching $6.94. The company’s stock had a trading volume of 7,980,974 shares, compared to its average volume of 8,563,847. Goodyear Tire & Rubber has a 52 week low of $5.43 and a 52 week high of $10.62. The company has a current ratio of 1.04, a quick ratio of 0.51 and a debt-to-equity ratio of 1.66. The business has a 50-day moving average price of $6.55 and a 200-day moving average price of $7.25. The stock has a market cap of $1.99 billion, a PE ratio of -0.96 and a beta of 1.12.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP grew its holdings in shares of Goodyear Tire & Rubber by 6.3% during the 4th quarter. Wellington Management Group LLP now owns 28,047,790 shares of the company’s stock valued at $245,699,000 after purchasing an additional 1,666,394 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Goodyear Tire & Rubber by 3.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 15,206,853 shares of the company’s stock valued at $133,216,000 after purchasing an additional 502,790 shares during the last quarter. State Street Corp boosted its position in Goodyear Tire & Rubber by 0.4% in the fourth quarter. State Street Corp now owns 10,450,140 shares of the company’s stock valued at $91,543,000 after buying an additional 36,786 shares in the last quarter. AQR Capital Management LLC boosted its position in Goodyear Tire & Rubber by 151.8% in the fourth quarter. AQR Capital Management LLC now owns 9,764,853 shares of the company’s stock valued at $85,540,000 after buying an additional 5,886,935 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Goodyear Tire & Rubber by 6.6% during the fourth quarter. Geode Capital Management LLC now owns 7,245,230 shares of the company’s stock worth $63,479,000 after buying an additional 449,911 shares during the last quarter. 84.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

GT has been the subject of several recent research reports. Zacks Research upgraded Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a research note on Monday, July 13th. Citigroup cut their target price on 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. Wall Street Zen upgraded Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 6th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $7.00 price objective (down from $9.00) on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Finally, TD Cowen decreased their target price on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, April 15th. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Goodyear Tire & Rubber presently has a consensus rating of “Hold” and an average target price of $8.54.

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.