StockNews.com Upgrades Goodyear Tire & Rubber (NASDAQ:GT) to Buy

StockNews.com upgraded shares of Goodyear Tire & Rubber (NASDAQ:GT) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning.

Separately, Wolfe Research downgraded shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 5th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Goodyear Tire & Rubber presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.23.

Goodyear Tire & Rubber Stock Performance

Goodyear Tire & Rubber stock opened at $9.23 on Tuesday. Goodyear Tire & Rubber has a twelve month low of $7.27 and a twelve month high of $15.24. The company has a quick ratio of 0.54, a current ratio of 1.06 and a debt-to-equity ratio of 1.41. The company has a market capitalization of $2.63 billion, a P/E ratio of -8.88 and a beta of 1.69. The stock’s 50 day moving average is $8.31 and its 200 day moving average is $10.21.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.12. Goodyear Tire & Rubber had a positive return on equity of 6.55% and a negative net margin of 1.82%. The firm had revenue of $4.82 billion during the quarter, compared to the consensus estimate of $4.96 billion. During the same period last year, the company earned $0.36 earnings per share. The company’s revenue was down 6.2% on a year-over-year basis. On average, equities research analysts predict that Goodyear Tire & Rubber will post 1.06 earnings per share for the current fiscal year.

Institutional Trading of Goodyear Tire & Rubber

A number of large investors have recently made changes to their positions in GT. Victory Capital Management Inc. boosted its stake in shares of Goodyear Tire & Rubber by 3,921.7% in the 3rd quarter. Victory Capital Management Inc. now owns 4,751,514 shares of the company’s stock worth $42,051,000 after buying an additional 4,633,368 shares during the last quarter. National Bank of Canada FI grew its stake in shares of Goodyear Tire & Rubber by 2,944.7% during the 1st quarter. National Bank of Canada FI now owns 1,666,708 shares of the company’s stock valued at $21,600,000 after purchasing an additional 1,611,966 shares during the period. AQR Capital Management LLC increased its position in shares of Goodyear Tire & Rubber by 91.5% during the 2nd quarter. AQR Capital Management LLC now owns 2,536,252 shares of the company’s stock valued at $28,203,000 after purchasing an additional 1,211,519 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Goodyear Tire & Rubber by 16.2% in the 2nd quarter. American Century Companies Inc. now owns 7,257,765 shares of the company’s stock worth $82,376,000 after purchasing an additional 1,013,550 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of Goodyear Tire & Rubber by 2.6% in the first quarter. Vanguard Group Inc. now owns 29,867,596 shares of the company’s stock worth $410,082,000 after buying an additional 765,529 shares during the last quarter. 84.19% of the stock is currently owned by institutional investors.

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, aircraft, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and other applications under the Goodyear, Cooper, Dunlop, Kelly, Mastercraft, Roadmaster, Debica, Sava, Fulda, Mickey Thompson, Avon, and Remington brands and various house brands, as well as under the private-label brands.