The Goodyear Tire & Rubber Company (NASDAQ:GT – Free Report) – Analysts at Zacks Research lowered their FY2023 earnings estimates for Goodyear Tire & Rubber in a research note issued on Thursday, September 21st. Zacks Research analyst R. Singhi now forecasts that the company will post earnings of ($0.06) per share for the year, down from their previous forecast of $0.03. The consensus estimate for Goodyear Tire & Rubber’s current full-year earnings is ($0.06) per share.
Several other brokerages have also issued reports on GT. JPMorgan Chase & Co. lifted their target price on shares of Goodyear Tire & Rubber from $16.00 to $17.00 and gave the company an “overweight” rating in a research report on Thursday, July 20th. StockNews.com began coverage on shares of Goodyear Tire & Rubber in a report on Thursday, August 17th. They issued a “hold” rating for the company. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $14.60.
Goodyear Tire & Rubber Trading Down 1.1 %
Shares of Goodyear Tire & Rubber stock opened at $12.34 on Monday. Goodyear Tire & Rubber has a 1 year low of $9.66 and a 1 year high of $16.50. The firm has a market cap of $3.50 billion, a PE ratio of -9.57 and a beta of 1.81. The company has a debt-to-equity ratio of 1.52, a current ratio of 1.28 and a quick ratio of 0.65. The company has a 50 day simple moving average of $13.61 and a two-hundred day simple moving average of $12.76.
Goodyear Tire & Rubber (NASDAQ:GT – Get Free Report) last announced its earnings results on Wednesday, August 2nd. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.49). Goodyear Tire & Rubber had a negative net margin of 1.80% and a negative return on equity of 0.80%. The company had revenue of $4.87 billion for the quarter, compared to the consensus estimate of $5.21 billion. During the same quarter in the previous year, the firm earned $0.46 earnings per share. The company’s revenue for the quarter was down 6.6% compared to the same quarter last year.
Institutional Investors Weigh In On Goodyear Tire & Rubber
Hedge funds have recently made changes to their positions in the business. Alberta Investment Management Corp raised its holdings in Goodyear Tire & Rubber by 1,424.6% during the 2nd quarter. Alberta Investment Management Corp now owns 537,667 shares of the company’s stock valued at $7,355,000 after buying an additional 502,400 shares during the last quarter. Teachers Retirement System of The State of Kentucky raised its holdings in Goodyear Tire & Rubber by 10.3% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 49,798 shares of the company’s stock valued at $681,000 after buying an additional 4,658 shares during the last quarter. Nuveen Asset Management LLC raised its holdings in Goodyear Tire & Rubber by 8.4% during the 2nd quarter. Nuveen Asset Management LLC now owns 2,374,059 shares of the company’s stock valued at $32,477,000 after buying an additional 184,451 shares during the last quarter. GTS Securities LLC purchased a new position in Goodyear Tire & Rubber during the 2nd quarter valued at $5,521,000. Finally, Blueshift Asset Management LLC purchased a new position in Goodyear Tire & Rubber during the 2nd quarter valued at $212,000. 80.05% of the stock is currently owned by institutional investors.
About Goodyear Tire & Rubber
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 and mining equipment, farm implements, industrial equipment, and other applications 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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