Goodyear Tire & Rubber (NASDAQ:GT) Announces Quarterly Earnings Results

Goodyear Tire & Rubber (NASDAQ:GTGet Rating) posted its quarterly earnings results on Friday. The company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03, RTT News reports. The company had revenue of $5.21 billion for the quarter, compared to analyst estimates of $4.98 billion. Goodyear Tire & Rubber had a net margin of 4.49% and a return on equity of 11.37%. The business’s quarterly revenue was up 31.0% on a year-over-year basis. During the same period last year, the business posted $0.32 EPS.

Goodyear Tire & Rubber Price Performance

GT stock traded up $0.66 during trading on Friday, hitting $13.23. 5,725,358 shares of the stock traded hands, compared to its average volume of 5,870,669. Goodyear Tire & Rubber has a one year low of $10.33 and a one year high of $24.89. The stock has a market cap of $3.74 billion, a price-to-earnings ratio of 4.42 and a beta of 1.88. The company has a 50 day simple moving average of $11.75 and a 200 day simple moving average of $14.00. The company has a current ratio of 1.23, a quick ratio of 0.65 and a debt-to-equity ratio of 1.40.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in shares of Goodyear Tire & Rubber by 7.6% in the first quarter. BlackRock Inc. now owns 35,767,231 shares of the company’s stock worth $511,113,000 after acquiring an additional 2,528,942 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Goodyear Tire & Rubber by 1.6% in the first quarter. Vanguard Group Inc. now owns 28,349,435 shares of the company’s stock worth $405,113,000 after acquiring an additional 437,114 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Goodyear Tire & Rubber by 3.6% in the first quarter. Dimensional Fund Advisors LP now owns 12,260,862 shares of the company’s stock worth $175,213,000 after acquiring an additional 431,192 shares during the last quarter. State Street Corp raised its stake in shares of Goodyear Tire & Rubber by 7.0% in the first quarter. State Street Corp now owns 9,300,087 shares of the company’s stock worth $132,898,000 after acquiring an additional 605,665 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Goodyear Tire & Rubber by 1.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,002,868 shares of the company’s stock worth $42,911,000 after buying an additional 43,007 shares during the last quarter. 86.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

GT has been the topic of several research analyst reports. StockNews.com upgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research report on Thursday, July 28th. TheStreet lowered shares of Goodyear Tire & Rubber from a “b-” rating to a “c” rating in a research report on Wednesday, May 18th. Deutsche Bank Aktiengesellschaft lowered shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating and decreased their target price for the company from $19.00 to $15.00 in a research report on Monday, July 18th. BNP Paribas started coverage on shares of Goodyear Tire & Rubber in a research report on Monday, April 11th. They set a “neutral” rating on the stock. Finally, Citigroup decreased their target price on shares of Goodyear Tire & Rubber from $19.00 to $15.00 in a research report on Monday, May 16th. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $17.19.

About Goodyear Tire & Rubber

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

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Earnings History for Goodyear Tire & Rubber (NASDAQ:GT)

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