Goodyear Tire & Rubber (NASDAQ:GT) Upgraded to “Buy” at StockNews.com

StockNews.com upgraded shares of Goodyear Tire & Rubber (NASDAQ:GT) from a hold rating to a buy rating in a research report sent to investors on Tuesday.

Separately, Wolfe Research lowered shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a report on Thursday, September 5th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $17.23.

Goodyear Tire & Rubber Stock Performance

NASDAQ GT opened at $9.23 on Tuesday. The company has a 50-day simple moving average of $8.31 and a two-hundred day simple moving average of $10.21. Goodyear Tire & Rubber has a 12-month low of $7.27 and a 12-month high of $15.24. The firm has a market cap of $2.63 billion, a price-to-earnings ratio of -8.88 and a beta of 1.69. The company has a quick ratio of 0.54, a current ratio of 1.06 and a debt-to-equity ratio of 1.41.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its earnings results on Monday, November 4th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.12. The company had revenue of $4.82 billion during the quarter, compared to analysts’ expectations of $4.96 billion. Goodyear Tire & Rubber had a positive return on equity of 6.55% and a negative net margin of 1.82%. Goodyear Tire & Rubber’s quarterly revenue was down 6.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.36 EPS. On average, equities analysts forecast that Goodyear Tire & Rubber will post 1.06 EPS for the current year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Hedge funds and other institutional investors have recently made changes to their positions in the business. Covestor Ltd lifted its holdings in Goodyear Tire & Rubber by 33.6% in the first quarter. Covestor Ltd now owns 5,108 shares of the company’s stock worth $70,000 after buying an additional 1,284 shares during the period. Texas Permanent School Fund Corp raised its position in shares of Goodyear Tire & Rubber by 0.6% in the 2nd quarter. Texas Permanent School Fund Corp now owns 249,633 shares of the company’s stock worth $2,833,000 after acquiring an additional 1,475 shares in the last quarter. Arizona State Retirement System lifted its stake in shares of Goodyear Tire & Rubber by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 79,547 shares of the company’s stock valued at $903,000 after purchasing an additional 1,621 shares during the period. Innealta Capital LLC boosted its position in shares of Goodyear Tire & Rubber by 12.2% during the first quarter. Innealta Capital LLC now owns 15,261 shares of the company’s stock valued at $210,000 after purchasing an additional 1,654 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. grew its stake in Goodyear Tire & Rubber by 5.6% in the first quarter. B. Riley Wealth Advisors Inc. now owns 36,041 shares of the company’s stock worth $495,000 after purchasing an additional 1,925 shares during the period. Institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Company Profile

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.