The Goodyear Tire & Rubber Company (GT) Downgraded by BidaskClub

The Goodyear Tire & Rubber Company (NASDAQ:GT) was downgraded by stock analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued to investors on Wednesday, August 2nd.

A number of other research analysts have also recently commented on GT. Jefferies Group LLC restated a “hold” rating and issued a $38.00 target price on shares of The Goodyear Tire & Rubber in a research note on Tuesday, April 4th. Citigroup Inc. raised their target price on The Goodyear Tire & Rubber from $36.00 to $41.00 and gave the company a “buy” rating in a research note on Friday, April 7th. Zacks Investment Research upgraded The Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $38.00 target price for the company in a research note on Monday, April 17th. Morgan Stanley upgraded The Goodyear Tire & Rubber from an “underweight” rating to an “overweight” rating in a research note on Thursday, June 1st. Finally, Guggenheim assumed coverage on The Goodyear Tire & Rubber in a research note on Wednesday, June 21st. They issued a “buy” rating and a $39.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $38.10.

The Goodyear Tire & Rubber (NASDAQ GT) traded down 0.53% during mid-day trading on Wednesday, hitting $30.27. The stock had a trading volume of 1,891,783 shares. The company’s 50 day moving average price is $34.08 and its 200 day moving average price is $34.47. The Goodyear Tire & Rubber has a 52 week low of $26.82 and a 52 week high of $37.20. The firm has a market cap of $7.62 billion, a PE ratio of 6.59 and a beta of 1.53.

The Goodyear Tire & Rubber (NASDAQ:GT) last released its earnings results on Friday, July 28th. The company reported $0.70 EPS for the quarter, missing the Zacks’ consensus estimate of $0.75 by $0.05. The firm had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $3.70 billion. The Goodyear Tire & Rubber had a net margin of 7.95% and a return on equity of 18.94%. The company’s revenue for the quarter was down 5.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.16 EPS. Analysts anticipate that The Goodyear Tire & Rubber will post $3.11 earnings per share for the current year.

COPYRIGHT VIOLATION WARNING: “The Goodyear Tire & Rubber Company (GT) Downgraded by BidaskClub” was published by BNB Daily and is owned by of BNB Daily. If you are reading this report on another publication, it was illegally stolen and reposted in violation of U.S. & international trademark and copyright law. The correct version of this report can be read at https://www.baseball-news-blog.com/2017/08/13/bidaskclub-lowers-the-goodyear-tire-rubber-company-gt-to-strong-sell-updated.html.

In related news, insider Stephen R. Mcclellan sold 6,250 shares of The Goodyear Tire & Rubber stock in a transaction on Monday, July 10th. The stock was sold at an average price of $35.46, for a total value of $221,625.00. Following the completion of the sale, the insider now owns 71,849 shares of the company’s stock, valued at $2,547,765.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.40% of the stock is currently owned by company insiders.

Several hedge funds have recently modified their holdings of GT. Financial Architects Inc raised its stake in shares of The Goodyear Tire & Rubber by 2.2% in the second quarter. Financial Architects Inc now owns 3,546 shares of the company’s stock valued at $124,000 after buying an additional 75 shares during the last quarter. First Quadrant L P CA bought a new stake in The Goodyear Tire & Rubber during the second quarter valued at about $130,000. Washington Trust Bank raised its stake in The Goodyear Tire & Rubber by 46.3% in the second quarter. Washington Trust Bank now owns 3,885 shares of the company’s stock valued at $136,000 after buying an additional 1,230 shares in the last quarter. Exane Derivatives raised its stake in The Goodyear Tire & Rubber by 204,800.0% in the second quarter. Exane Derivatives now owns 4,098 shares of the company’s stock valued at $143,000 after buying an additional 4,096 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in The Goodyear Tire & Rubber by 21.3% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 4,077 shares of the company’s stock valued at $147,000 after buying an additional 716 shares in the last quarter. 92.91% of the stock is owned by institutional investors.

About The Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company is a manufacturer of tires. The Company operates through three segments. The Americas segment develops, manufactures, distributes and sells tires and related products and services in North, Central and South America, and sells tires to various export markets. The Americas segment manufactures and sells tires for automobiles, trucks, buses, earthmoving, mining and industrial equipment, aircraft and for various other applications.

Analyst Recommendations for The Goodyear Tire & Rubber (NASDAQ:GT)

Receive News & Ratings for The Goodyear Tire & Rubber Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The Goodyear Tire & Rubber Company and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply