Goodyear Tire & Rubber (NASDAQ:GT) Downgraded to “Strong Sell” Rating by Wall Street Zen

Goodyear Tire & Rubber (NASDAQ:GT) was downgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a research report issued to clients and investors on Sunday.

A number of other research analysts also recently commented on the company. JPMorgan Chase & Co. restated an “overweight” rating and set a $10.00 price objective on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $7.00 price objective (down from $9.00) on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Zacks Research downgraded Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 6th. Citigroup lowered their price objective on Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Friday, May 8th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus price target of $8.54.

Goodyear Tire & Rubber Price Performance

Shares of NASDAQ GT opened at $5.64 on Friday. Goodyear Tire & Rubber has a twelve month low of $5.63 and a twelve month high of $12.03. The company has a current ratio of 1.04, a quick ratio of 0.51 and a debt-to-equity ratio of 1.66. The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of -0.78 and a beta of 1.17. The business has a 50 day simple moving average of $6.76 and a 200-day simple moving average of $8.00.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.05. The business had revenue of $3.88 billion during the quarter, compared to the consensus estimate of $3.81 billion. Goodyear Tire & Rubber had a positive return on equity of 0.93% and a negative net margin of 11.64%.The business’s quarterly revenue was down 8.7% on a year-over-year basis. During the same period in the previous year, the business earned ($0.04) EPS. As a group, equities research analysts expect that Goodyear Tire & Rubber will post -0.11 earnings per share for the current year.

Institutional Trading of Goodyear Tire & Rubber

Institutional investors have recently modified their holdings of the company. Invenomic Capital Management LP acquired a new stake in shares of Goodyear Tire & Rubber in the third quarter valued at $13,753,000. CenterBook Partners LP lifted its holdings in shares of Goodyear Tire & Rubber by 166.1% in the third quarter. CenterBook Partners LP now owns 2,040,792 shares of the company’s stock valued at $15,265,000 after buying an additional 1,273,883 shares during the period. Anderson Financial Strategies LLC purchased a new stake in shares of Goodyear Tire & Rubber during the third quarter valued at $1,318,000. Allianz Asset Management GmbH lifted its holdings in shares of Goodyear Tire & Rubber by 76.3% during the third quarter. Allianz Asset Management GmbH now owns 1,135,023 shares of the company’s stock valued at $8,490,000 after purchasing an additional 491,210 shares during the last quarter. Finally, Brevan Howard Capital Management LP lifted its holdings in shares of Goodyear Tire & Rubber by 313.7% during the third quarter. Brevan Howard Capital Management LP now owns 438,206 shares of the company’s stock valued at $3,278,000 after purchasing an additional 332,294 shares during the last quarter. Institutional investors and hedge funds own 84.19% of the company’s stock.

Goodyear Tire & Rubber Company Profile

The Goodyear Tire & Rubber Company is a leading tire manufacturer and rubber products supplier with more than a century of innovation in its portfolio. Founded in 1898 by Frank Seiberling in Akron, Ohio, the company has grown into a global enterprise known for its engineering expertise and quality standards. Over its history, Goodyear has pioneered advances in tire technology, from early pneumatic designs to modern high-performance and fuel-efficient solutions.

Goodyear’s core business encompasses the design, production and distribution of tires for a variety of markets, including passenger cars, commercial trucks, off-the-road vehicles, aircraft and specialty applications.