Goodyear Tire & Rubber (NASDAQ:GT) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Goodyear Tire & Rubber (NASDAQ:GT) posted its earnings results on Wednesday. The company reported ($0.61) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.02, FiscalAI reports. Goodyear Tire & Rubber had a positive return on equity of 0.93% and a negative net margin of 11.64%.The business had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.19 billion. During the same period in the previous year, the firm earned ($0.17) EPS. The firm’s revenue was down 4.8% compared to the same quarter last year.

Goodyear Tire & Rubber Price Performance

Shares of GT stock traded down $0.33 during trading hours on Thursday, reaching $6.62. The company’s stock had a trading volume of 8,584,894 shares, compared to its average volume of 8,561,804. The firm’s 50 day simple moving average is $6.57 and its 200-day simple moving average is $7.23. The company has a market capitalization of $1.90 billion, a price-to-earnings ratio of -0.92 and a beta of 1.12. Goodyear Tire & Rubber has a fifty-two week low of $5.43 and a fifty-two week high of $10.62. The company has a quick ratio of 0.51, a current ratio of 1.04 and a debt-to-equity ratio of 1.66.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in GT. Envestnet Asset Management Inc. increased its position in Goodyear Tire & Rubber by 6.3% in the second quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company’s stock worth $177,000 after purchasing an additional 1,011 shares during the last quarter. Pin Oak Investment Advisors Inc. increased its holdings in shares of Goodyear Tire & Rubber by 1.4% in the 4th quarter. Pin Oak Investment Advisors Inc. now owns 75,055 shares of the company’s stock worth $657,000 after buying an additional 1,065 shares during the last quarter. Cetera Investment Advisers raised its position in shares of Goodyear Tire & Rubber by 1.0% during the 4th quarter. Cetera Investment Advisers now owns 131,568 shares of the company’s stock valued at $1,153,000 after buying an additional 1,282 shares in the last quarter. Advisory Services Network LLC lifted its holdings in shares of Goodyear Tire & Rubber by 2.8% in the 4th quarter. Advisory Services Network LLC now owns 56,631 shares of the company’s stock valued at $496,000 after acquiring an additional 1,529 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Goodyear Tire & Rubber by 10.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 18,869 shares of the company’s stock valued at $165,000 after acquiring an additional 1,819 shares during the last quarter. Institutional investors own 84.19% of the company’s stock.

Analysts Set New Price Targets

GT has been the topic of several research reports. Zacks Research upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $7.00 price target (down from $9.00) on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. TD Cowen lowered their price target on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, April 15th. Finally, Citigroup cut their price objective on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Friday, May 8th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Goodyear Tire & Rubber presently has a consensus rating of “Hold” and a consensus target price of $8.54.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company is a leading tire manufacturer and rubber products supplier with more than a century of innovation in its portfolio. Founded in 1898 by Frank Seiberling in Akron, Ohio, the company has grown into a global enterprise known for its engineering expertise and quality standards. Over its history, Goodyear has pioneered advances in tire technology, from early pneumatic designs to modern high-performance and fuel-efficient solutions.

Goodyear’s core business encompasses the design, production and distribution of tires for a variety of markets, including passenger cars, commercial trucks, off-the-road vehicles, aircraft and specialty applications.