Goodyear Tire & Rubber (NASDAQ:GT) Trading 8.5% Higher

Shares of Goodyear Tire & Rubber Co (NASDAQ:GT) were up 8.5% during trading on Thursday . The company traded as high as $8.33 and last traded at $8.32. Approximately 4,619,789 shares traded hands during mid-day trading, a decline of 13% from the average daily volume of 5,282,318 shares. The stock had previously closed at $7.67.

A number of research analysts recently commented on GT shares. BidaskClub downgraded Goodyear Tire & Rubber from a “sell” rating to a “strong sell” rating in a research note on Tuesday. ValuEngine downgraded Goodyear Tire & Rubber from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, September 1st. Nomura downgraded Goodyear Tire & Rubber from a “buy” rating to a “neutral” rating in a research note on Monday, August 3rd. Finally, Northcoast Research raised Goodyear Tire & Rubber from a “neutral” rating to a “buy” rating and set a $12.00 price target for the company in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $11.05.

The company has a 50 day moving average price of $9.22 and a 200-day moving average price of $8.22. The company has a quick ratio of 0.64, a current ratio of 1.17 and a debt-to-equity ratio of 1.89. The company has a market cap of $1.94 billion, a price-to-earnings ratio of -1.20 and a beta of 2.09.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings data on Friday, July 31st. The company reported ($1.87) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($2.11) by $0.24. Goodyear Tire & Rubber had a negative return on equity of 10.48% and a negative net margin of 12.73%. The company had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $1.90 billion. During the same quarter in the prior year, the firm posted $0.25 earnings per share. The firm’s revenue was down 41.0% compared to the same quarter last year. On average, analysts forecast that Goodyear Tire & Rubber Co will post -2.37 EPS for the current fiscal year.

Several large investors have recently modified their holdings of the company. Amundi Pioneer Asset Management Inc. raised its holdings in shares of Goodyear Tire & Rubber by 87.0% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 91,341 shares of the company’s stock worth $1,658,000 after buying an additional 42,492 shares during the period. Swiss National Bank increased its holdings in Goodyear Tire & Rubber by 1.3% during the 1st quarter. Swiss National Bank now owns 451,000 shares of the company’s stock worth $2,625,000 after purchasing an additional 5,900 shares during the period. Trexquant Investment LP boosted its position in Goodyear Tire & Rubber by 32.8% during the 1st quarter. Trexquant Investment LP now owns 16,577 shares of the company’s stock valued at $96,000 after acquiring an additional 4,096 shares in the last quarter. Ensign Peak Advisors Inc boosted its position in Goodyear Tire & Rubber by 120.7% during the 1st quarter. Ensign Peak Advisors Inc now owns 311,355 shares of the company’s stock valued at $1,812,000 after acquiring an additional 170,255 shares in the last quarter. Finally, Commonwealth Equity Services LLC boosted its position in Goodyear Tire & Rubber by 24.6% during the 1st quarter. Commonwealth Equity Services LLC now owns 128,811 shares of the company’s stock valued at $749,000 after acquiring an additional 25,438 shares in the last quarter. 79.30% of the stock is currently owned by institutional investors.

Goodyear Tire & Rubber Company Profile (NASDAQ:GT)

The Goodyear Tire & Rubber Company, together with its subsidiaries, develops, manufactures, distributes, and sells tires and related products and services worldwide. The company offers various lines of rubber tires for automobiles, trucks, buses, aircrafts, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and various other applications under the Goodyear, Dunlop, Kelly, Debica, Sava, Fulda, and various other Goodyear owned house brands, as well as under the private-label brands.

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