Argus Lowers Goodyear Tire & Rubber (GT) to Hold

Goodyear Tire & Rubber (NASDAQ:GT) was downgraded by equities research analysts at Argus from a “buy” rating to a “hold” rating in a note issued to investors on Monday, The Fly reports.

Several other research firms have also weighed in on GT. Zacks Investment Research raised shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a report on Tuesday, January 15th. ValuEngine lowered shares of Goodyear Tire & Rubber from a “sell” rating to a “strong sell” rating in a report on Tuesday, January 15th. Morgan Stanley dropped their price objective on shares of Goodyear Tire & Rubber from $23.00 to $22.00 and set a “hold” rating for the company in a report on Wednesday, November 14th. Deutsche Bank assumed coverage on shares of Goodyear Tire & Rubber in a report on Thursday, December 13th. They set a “hold” rating for the company. Finally, Jefferies Financial Group set a $26.00 price target on shares of Goodyear Tire & Rubber and gave the company a “buy” rating in a report on Tuesday, December 4th. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $24.75.

NASDAQ:GT opened at $18.69 on Monday. Goodyear Tire & Rubber has a 12-month low of $18.49 and a 12-month high of $31.79. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.34 and a quick ratio of 0.76. The stock has a market capitalization of $4.35 billion, a P/E ratio of 8.06, a price-to-earnings-growth ratio of -1.48 and a beta of 1.60.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings results on Friday, February 8th. The company reported $0.51 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by ($0.09). Goodyear Tire & Rubber had a return on equity of 11.24% and a net margin of 4.48%. The business had revenue of $3.88 billion during the quarter, compared to analyst estimates of $4.04 billion. During the same period last year, the company earned $0.99 EPS. The business’s revenue for the quarter was down 4.8% on a year-over-year basis. Equities analysts predict that Goodyear Tire & Rubber will post 2.57 EPS for the current fiscal year.

Institutional investors have recently modified their holdings of the stock. Financial Counselors Inc. boosted its position in shares of Goodyear Tire & Rubber by 0.4% during the fourth quarter. Financial Counselors Inc. now owns 144,076 shares of the company’s stock worth $2,941,000 after purchasing an additional 517 shares in the last quarter. State of Alaska Department of Revenue boosted its position in shares of Goodyear Tire & Rubber by 1.1% during the fourth quarter. State of Alaska Department of Revenue now owns 58,014 shares of the company’s stock worth $1,183,000 after purchasing an additional 632 shares in the last quarter. TD Asset Management Inc. boosted its position in shares of Goodyear Tire & Rubber by 0.9% during the fourth quarter. TD Asset Management Inc. now owns 69,256 shares of the company’s stock worth $1,414,000 after purchasing an additional 638 shares in the last quarter. Comerica Bank boosted its position in shares of Goodyear Tire & Rubber by 1.3% during the fourth quarter. Comerica Bank now owns 51,019 shares of the company’s stock worth $1,065,000 after purchasing an additional 676 shares in the last quarter. Finally, Meeder Asset Management Inc. boosted its position in shares of Goodyear Tire & Rubber by 5.4% during the fourth quarter. Meeder Asset Management Inc. now owns 20,676 shares of the company’s stock worth $423,000 after purchasing an additional 1,068 shares in the last quarter. 89.49% of the stock is owned by institutional investors and hedge funds.

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, aircrafts, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and various other applications under the Goodyear, Dunlop, Kelly, Debica, Sava, Fulda, and various other Goodyear owned house brands, as well as under the private-label brands.

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