The Goodyear Tire & Rubber Company (GT) Downgraded to Sell at BidaskClub

The Goodyear Tire & Rubber Company (NASDAQ:GT) was downgraded by BidaskClub from a “hold” rating to a “sell” rating in a research note issued on Tuesday, July 25th.

Several other analysts also recently weighed in on the company. Zacks Investment Research upgraded The Goodyear Tire & Rubber from a “sell” rating to a “hold” rating in a research note on Friday, July 21st. CLSA initiated coverage on The Goodyear Tire & Rubber in a report on Wednesday, June 21st. They issued a “buy” rating and a $39.00 price target for the company. Guggenheim initiated coverage on The Goodyear Tire & Rubber in a report on Wednesday, June 21st. They issued a “buy” rating and a $39.00 price target for the company. Jefferies Group LLC raised The Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $39.00 price target for the company in a report on Tuesday, June 20th. Finally, Morgan Stanley raised The Goodyear Tire & Rubber from an “underweight” rating to an “overweight” rating in a report on Thursday, June 1st. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $38.10.

Shares of The Goodyear Tire & Rubber (NASDAQ GT) traded down 0.53% during midday trading on Tuesday, hitting $30.27. The stock had a trading volume of 1,891,783 shares. The Goodyear Tire & Rubber has a 12-month low of $26.82 and a 12-month 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 firm has a 50-day moving average of $34.08 and a 200 day moving average of $34.47.

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

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In related news, insider Stephen R. Mcclellan sold 6,250 shares of the stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $35.46, for a total transaction of $221,625.00. Following the sale, the insider now directly owns 71,849 shares in the company, valued at approximately $2,547,765.54. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.40% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the company. Pioneer Investment Management Inc. raised its stake in The Goodyear Tire & Rubber by 0.7% in the first quarter. Pioneer Investment Management Inc. now owns 1,448,785 shares of the company’s stock worth $52,156,000 after buying an additional 10,572 shares during the period. British Columbia Investment Management Corp raised its stake in The Goodyear Tire & Rubber by 60.2% in the first quarter. British Columbia Investment Management Corp now owns 272,679 shares of the company’s stock worth $9,816,000 after buying an additional 102,488 shares during the period. Parkwood LLC raised its stake in The Goodyear Tire & Rubber by 19.2% in the first quarter. Parkwood LLC now owns 23,982 shares of the company’s stock worth $863,000 after buying an additional 3,860 shares during the period. Summit Securities Group LLC raised its stake in The Goodyear Tire & Rubber by 890.9% in the first quarter. Summit Securities Group LLC now owns 95,428 shares of the company’s stock worth $3,435,000 after buying an additional 85,798 shares during the period. Finally, Mutual of America Capital Management LLC raised its stake in The Goodyear Tire & Rubber by 19.7% in the first quarter. Mutual of America Capital Management LLC now owns 33,711 shares of the company’s stock worth $1,214,000 after buying an additional 5,539 shares during the period. Institutional investors and hedge funds own 92.91% of the company’s stock.

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)

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