An issue of Goodyear Tire & Rubber Co (NASDAQ:GT) bonds fell 1.4% against their face value during trading on Thursday. The high-yield debt issue has a 5% coupon and will mature on May 31, 2026. The bonds in the issue are now trading at $91.13 and were trading at $95.13 last week. Price moves in a company’s bonds in credit markets sometimes anticipate parallel moves in its share price.

Several analysts have recently weighed in on the company. Morgan Stanley cut Goodyear Tire & Rubber from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $33.00 to $23.00 in a report on Monday, August 13th. Jefferies Financial Group reiterated a “buy” rating and issued a $32.00 target price on shares of Goodyear Tire & Rubber in a report on Friday, July 13th. Berenberg Bank cut Goodyear Tire & Rubber from a “buy” rating to a “hold” rating and set a $23.00 target price on the stock. in a report on Friday, August 31st. Guggenheim reiterated a “hold” rating and issued a $21.00 target price on shares of Goodyear Tire & Rubber in a report on Friday, July 20th. Finally, Citigroup reduced their target price on Goodyear Tire & Rubber from $29.00 to $24.00 and set a “neutral” rating on the stock in a report on Monday, July 30th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company’s stock. Goodyear Tire & Rubber presently has an average rating of “Hold” and an average target price of $28.38.

GT stock traded up $0.09 during trading on Friday, hitting $20.59. The company had a trading volume of 4,846,579 shares, compared to its average volume of 3,169,663. Goodyear Tire & Rubber Co has a one year low of $20.31 and a one year high of $36.07. The stock has a market capitalization of $5.54 billion, a PE ratio of 6.60 and a beta of 1.69. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.36 and a quick ratio of 0.75.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its earnings results on Friday, July 27th. The company reported $0.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.06. Goodyear Tire & Rubber had a return on equity of 14.04% and a net margin of 1.69%. The business had revenue of $3.84 billion for the quarter, compared to analysts’ expectations of $3.85 billion. During the same period in the prior year, the business posted $0.70 earnings per share. The firm’s revenue was up 4.2% on a year-over-year basis. As a group, research analysts expect that Goodyear Tire & Rubber Co will post 2.88 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, December 3rd. Investors of record on Thursday, November 1st will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.72%. The ex-dividend date is Wednesday, October 31st. Goodyear Tire & Rubber’s payout ratio is presently 17.95%.

A number of institutional investors and hedge funds have recently modified their holdings of GT. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Goodyear Tire & Rubber by 3.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 65,312 shares of the company’s stock valued at $1,521,000 after buying an additional 2,269 shares during the last quarter. Itau Unibanco Holding S.A. raised its position in Goodyear Tire & Rubber by 80.7% in the 2nd quarter. Itau Unibanco Holding S.A. now owns 5,279 shares of the company’s stock valued at $123,000 after buying an additional 2,358 shares during the last quarter. Vident Investment Advisory LLC raised its position in Goodyear Tire & Rubber by 33.7% in the 2nd quarter. Vident Investment Advisory LLC now owns 10,101 shares of the company’s stock valued at $235,000 after buying an additional 2,547 shares during the last quarter. LS Investment Advisors LLC raised its position in Goodyear Tire & Rubber by 13.3% in the 2nd quarter. LS Investment Advisors LLC now owns 21,991 shares of the company’s stock valued at $512,000 after buying an additional 2,589 shares during the last quarter. Finally, DnB Asset Management AS raised its position in Goodyear Tire & Rubber by 14.3% in the 2nd quarter. DnB Asset Management AS now owns 22,400 shares of the company’s stock valued at $522,000 after buying an additional 2,800 shares during the last quarter. 86.52% of the stock is currently owned by hedge funds and other 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. It 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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