Goodyear Tire & Rubber (NASDAQ:GT) Shares Gap Up Following Strong Earnings

Shares of The Goodyear Tire & Rubber Company (NASDAQ:GTGet Rating) gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $12.57, but opened at $13.28. Goodyear Tire & Rubber shares last traded at $12.93, with a volume of 32,585 shares traded.

The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The firm had revenue of $5.21 billion for the quarter, compared to the consensus estimate of $4.98 billion. Goodyear Tire & Rubber had a return on equity of 11.37% and a net margin of 4.49%. The firm’s quarterly revenue was up 31.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.32 EPS.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. BNP Paribas assumed coverage on Goodyear Tire & Rubber in a research note on Monday, April 11th. They issued a “neutral” rating on the stock. Citigroup lowered their target price on Goodyear Tire & Rubber from $19.00 to $15.00 in a research note on Monday, May 16th. StockNews.com upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research note on Thursday, July 28th. Exane BNP Paribas assumed coverage on Goodyear Tire & Rubber in a report on Monday, April 11th. They issued a “neutral” rating for the company. Finally, Nomura raised Goodyear Tire & Rubber from a “neutral” rating to a “buy” rating and raised their price target for the company from $15.00 to $15.30 in a report on Tuesday, May 10th. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Goodyear Tire & Rubber has a consensus rating of “Hold” and an average target price of $17.19.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. raised its holdings in shares of Goodyear Tire & Rubber by 7.6% in the first quarter. BlackRock Inc. now owns 35,767,231 shares of the company’s stock worth $511,113,000 after acquiring an additional 2,528,942 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Goodyear Tire & Rubber by 1.6% in the first quarter. Vanguard Group Inc. now owns 28,349,435 shares of the company’s stock worth $405,113,000 after acquiring an additional 437,114 shares during the last quarter. Alliancebernstein L.P. raised its holdings in shares of Goodyear Tire & Rubber by 1.8% in the fourth quarter. Alliancebernstein L.P. now owns 19,434,082 shares of the company’s stock worth $414,335,000 after acquiring an additional 352,089 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Goodyear Tire & Rubber by 3.6% in the first quarter. Dimensional Fund Advisors LP now owns 12,260,862 shares of the company’s stock worth $175,213,000 after acquiring an additional 431,192 shares during the last quarter. Finally, LSV Asset Management raised its holdings in shares of Goodyear Tire & Rubber by 4.9% in the first quarter. LSV Asset Management now owns 9,476,631 shares of the company’s stock worth $135,421,000 after acquiring an additional 443,298 shares during the last quarter. 86.06% of the stock is owned by institutional investors and hedge funds.

Goodyear Tire & Rubber Stock Performance

The company has a market capitalization of $3.74 billion, a price-to-earnings ratio of 4.42 and a beta of 1.88. The stock has a fifty day moving average price of $11.77 and a two-hundred day moving average price of $13.93. The company has a quick ratio of 0.65, a current ratio of 1.23 and a debt-to-equity ratio of 1.40.

Goodyear Tire & Rubber Company Profile

(Get Rating)

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 tires for automobiles, trucks, buses, aircraft, motorcycles, earthmoving equipment, and mining and industrial equipment under the Goodyear, Cooper, Dunlop, Kelly, Debica, Sava, Fulda, Mastercraft, Roadmaster, and various other house brands, as well as under the private-label brands.

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