Goodyear Tire & Rubber (NASDAQ:GT) Releases Earnings Results, Beats Expectations By $0.03 EPS

Goodyear Tire & Rubber (NASDAQ:GTGet Rating) announced its quarterly earnings data on Friday. The company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03, RTT News reports. Goodyear Tire & Rubber had a return on equity of 11.37% and a net margin of 4.49%. The company had revenue of $5.21 billion during the quarter, compared to the consensus estimate of $4.98 billion. During the same quarter in the prior year, the firm earned $0.32 EPS. The company’s quarterly revenue was up 31.0% compared to the same quarter last year.

Goodyear Tire & Rubber Price Performance

Shares of NASDAQ:GT traded up $0.66 during trading on Friday, reaching $13.23. The stock had a trading volume of 5,899,794 shares, compared to its average volume of 3,870,140. Goodyear Tire & Rubber has a 52 week low of $10.33 and a 52 week high of $24.89. The business’s 50-day moving average price is $11.77 and its 200 day moving average price is $13.93. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.23 and a quick ratio of 0.65. The stock has a market capitalization of $3.74 billion, a PE ratio of 4.42 and a beta of 1.88.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of GT. Baird Financial Group Inc. increased its holdings in shares of Goodyear Tire & Rubber by 227.7% in the first quarter. Baird Financial Group Inc. now owns 46,245 shares of the company’s stock valued at $661,000 after purchasing an additional 32,133 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Goodyear Tire & Rubber by 94.4% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 34,395 shares of the company’s stock valued at $491,000 after purchasing an additional 16,701 shares in the last quarter. Captrust Financial Advisors grew its holdings in Goodyear Tire & Rubber by 18.4% during the 1st quarter. Captrust Financial Advisors now owns 34,043 shares of the company’s stock worth $486,000 after acquiring an additional 5,284 shares during the period. PNC Financial Services Group Inc. grew its holdings in Goodyear Tire & Rubber by 35.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 33,421 shares of the company’s stock worth $479,000 after acquiring an additional 8,670 shares during the period. Finally, Moors & Cabot Inc. grew its holdings in Goodyear Tire & Rubber by 17.7% during the 1st quarter. Moors & Cabot Inc. now owns 23,725 shares of the company’s stock worth $339,000 after acquiring an additional 3,568 shares during the period. Institutional investors own 86.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on GT. Exane BNP Paribas began coverage on Goodyear Tire & Rubber in a report on Monday, April 11th. They issued a “neutral” rating for the company. Nomura upgraded Goodyear Tire & Rubber from a “neutral” rating to a “buy” rating and increased their target price for the company from $15.00 to $15.30 in a report on Tuesday, May 10th. StockNews.com upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a report on Thursday, July 28th. BNP Paribas initiated coverage on Goodyear Tire & Rubber in a report on Monday, April 11th. They set a “neutral” rating for the company. Finally, TheStreet lowered Goodyear Tire & Rubber from a “b-” rating to a “c” rating in a report on Wednesday, May 18th. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Goodyear Tire & Rubber presently has an average rating of “Hold” and a consensus price target of $17.19.

About Goodyear Tire & Rubber

(Get Rating)

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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