The Goodyear Tire & Rubber Company (NASDAQ:GT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.

According to Zacks, “Goodyear’s current quarter and full year earnings estimates have declined lately. The company anticipates its 2017 operating income to be adversely affected by weak demand and high raw material costs. In fact, Goodyear’s revenue has shown a downward trend in the last six years. The company also faces challenges in Latin America on account of volatile political and economic environment, lower production volume in Venezuela and Brazil, and high currency fluctuations. Also, the recession in Brazil is expected to adversely impact the future operating income from the region. Goodyear also encounters pricing pressure from OEMs.”

GT has been the subject of several other reports. Goldman Sachs Group, Inc. (The) lowered shares of The Goodyear Tire & Rubber Company from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $34.00 to $33.00 in a report on Thursday, March 30th. They noted that the move was a valuation call. Morgan Stanley raised shares of The Goodyear Tire & Rubber Company from an “underweight” rating to an “overweight” rating in a research report on Thursday, June 1st. Jefferies Group LLC set a $40.00 target price on shares of The Goodyear Tire & Rubber Company and gave the stock a “hold” rating in a research report on Monday, May 8th. Citigroup Inc. upped their target price on shares of The Goodyear Tire & Rubber Company from $36.00 to $41.00 and gave the stock a “buy” rating in a research report on Friday, April 7th. Finally, CLSA started coverage on shares of The Goodyear Tire & Rubber Company in a research report on Wednesday, June 21st. They issued a “buy” rating and a $39.00 target price on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $36.30.

The Goodyear Tire & Rubber Company (NASDAQ GT) traded up 0.69% during midday trading on Tuesday, reaching $35.90. 1,946,041 shares of the company’s stock were exchanged. The Goodyear Tire & Rubber Company has a 12-month low of $25.89 and a 12-month high of $37.20. The firm has a 50-day moving average price of $33.78 and a 200 day moving average price of $33.97. The company has a market cap of $9.04 billion, a price-to-earnings ratio of 7.57 and a beta of 1.55.

The Goodyear Tire & Rubber Company (NASDAQ:GT) last issued its quarterly earnings data on Friday, April 28th. The company reported $0.74 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.11. The Goodyear Tire & Rubber Company had a net margin of 8.22% and a return on equity of 22.60%. The business had revenue of $3.70 billion during the quarter, compared to analyst estimates of $3.78 billion. During the same period in the prior year, the business earned $0.72 EPS. The company’s revenue for the quarter was up .2% on a year-over-year basis. On average, analysts expect that The Goodyear Tire & Rubber Company will post $3.83 EPS for the current fiscal year.

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In related news, insider Stephen R. Mcclellan sold 6,250 shares of the stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $35.29, for a total transaction of $220,562.50. Following the sale, the insider now directly owns 78,099 shares of the company’s stock, valued at approximately $2,756,113.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.40% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Huntington National Bank increased its stake in shares of The Goodyear Tire & Rubber Company by 1.3% in the first quarter. Huntington National Bank now owns 7,554 shares of the company’s stock worth $272,000 after buying an additional 97 shares during the last quarter. Thrivent Financial For Lutherans increased its stake in shares of The Goodyear Tire & Rubber Company by 1.5% in the first quarter. Thrivent Financial For Lutherans now owns 9,280 shares of the company’s stock worth $334,000 after buying an additional 140 shares during the last quarter. Capstone Asset Management Co. increased its stake in shares of The Goodyear Tire & Rubber Company by 0.4% in the second quarter. Capstone Asset Management Co. now owns 38,605 shares of the company’s stock worth $1,350,000 after buying an additional 165 shares during the last quarter. Pacer Advisors Inc. increased its stake in shares of The Goodyear Tire & Rubber Company by 3.2% in the first quarter. Pacer Advisors Inc. now owns 5,426 shares of the company’s stock worth $195,000 after buying an additional 167 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its stake in shares of The Goodyear Tire & Rubber Company by 0.6% in the first quarter. Nisa Investment Advisors LLC now owns 46,058 shares of the company’s stock worth $1,658,000 after buying an additional 255 shares during the last quarter. 92.33% of the stock is currently owned by institutional investors.

The Goodyear Tire & Rubber Company Company Profile

The Goodyear Tire & Rubber Company is a manufacturer of tires. The Company operates through three segments. The Americas segment develops, manufactures, distributes and sells tires and related products and services in North, Central and South America, and sells tires to various export markets. The Americas segment manufactures and sells tires for automobiles, trucks, buses, earthmoving, mining and industrial equipment, aircraft and for various other applications.

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Analyst Recommendations for The Goodyear Tire & Rubber Company (NASDAQ:GT)

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