Goodyear Tire & Rubber (NASDAQ:GT) Downgraded by StockNews.com to “Hold”

StockNews.com cut shares of Goodyear Tire & Rubber (NASDAQ:GT) from a buy rating to a hold rating in a report issued on Wednesday.

Separately, HSBC cut their price objective on Goodyear Tire & Rubber from $16.80 to $15.90 and set a buy rating for the company in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Goodyear Tire & Rubber has a consensus rating of Moderate Buy and a consensus target price of $16.98.

Goodyear Tire & Rubber Trading Up 2.0 %

Shares of Goodyear Tire & Rubber stock opened at $12.67 on Wednesday. The business has a fifty day simple moving average of $12.52 and a 200-day simple moving average of $13.16. The firm has a market cap of $3.60 billion, a price-to-earnings ratio of -5.61 and a beta of 1.86. Goodyear Tire & Rubber has a fifty-two week low of $10.94 and a fifty-two week high of $16.50. The company has a quick ratio of 0.55, a current ratio of 1.07 and a debt-to-equity ratio of 1.41.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Monday, May 6th. The company reported $0.10 earnings per share (EPS) for the quarter. The company had revenue of $4.50 billion for the quarter, compared to analysts’ expectations of $4.78 billion. Goodyear Tire & Rubber had a negative net margin of 3.43% and a positive return on equity of 1.16%. The business’s revenue was down 8.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.29) EPS. On average, equities analysts forecast that Goodyear Tire & Rubber will post 1.06 EPS for the current fiscal year.

Institutional Trading of Goodyear Tire & Rubber

Hedge funds and other institutional investors have recently modified their holdings of the business. Wellington Management Group LLP acquired a new position in Goodyear Tire & Rubber in the 3rd quarter valued at approximately $125,650,000. Assenagon Asset Management S.A. raised its holdings in shares of Goodyear Tire & Rubber by 880.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 571,124 shares of the company’s stock worth $8,178,000 after acquiring an additional 512,875 shares in the last quarter. Aigen Investment Management LP acquired a new stake in Goodyear Tire & Rubber during the third quarter valued at $207,000. American Century Companies Inc. grew its stake in Goodyear Tire & Rubber by 24.9% in the third quarter. American Century Companies Inc. now owns 4,774,601 shares of the company’s stock valued at $59,348,000 after purchasing an additional 953,047 shares in the last quarter. Finally, Deutsche Bank AG lifted its holdings in shares of Goodyear Tire & Rubber by 14.4% during the 3rd quarter. Deutsche Bank AG now owns 135,940 shares of the company’s stock valued at $1,690,000 after buying an additional 17,093 shares during the last quarter. Institutional investors and hedge funds own 84.19% of the company’s stock.

About Goodyear Tire & Rubber

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