Goodyear Tire & Rubber (GT) Downgraded to Equal Weight at Morgan Stanley

Morgan Stanley downgraded shares of Goodyear Tire & Rubber (NASDAQ:GT) from an overweight rating to an equal weight rating in a research report sent to investors on Monday, Marketbeat.com reports. They currently have $23.00 price objective on the stock, down from their previous price objective of $33.00.

Several other brokerages also recently commented on GT. ValuEngine downgraded shares of Goodyear Tire & Rubber from a hold rating to a sell rating in a report on Wednesday, May 2nd. Longbow Research reaffirmed a hold rating on shares of Goodyear Tire & Rubber in a report on Friday, July 27th. BidaskClub raised shares of Goodyear Tire & Rubber from a strong sell rating to a sell rating in a report on Wednesday, August 1st. Northcoast Research reiterated a buy rating on shares of Goodyear Tire & Rubber in a research note on Monday, June 25th. Finally, Zacks Investment Research upgraded shares of Goodyear Tire & Rubber from a strong sell rating to a hold rating in a research note on Wednesday, July 11th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $30.13.

Shares of GT stock opened at $23.71 on Monday. The stock has a market cap of $5.75 billion, a P/E ratio of 7.60 and a beta of 1.65. The company has a quick ratio of 0.75, a current ratio of 1.36 and a debt-to-equity ratio of 1.18. Goodyear Tire & Rubber has a 52 week low of $20.75 and a 52 week high of $36.07.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its earnings results on Friday, July 27th. The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.56 by $0.06. The business had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.85 billion. Goodyear Tire & Rubber had a net margin of 1.69% and a return on equity of 14.04%. Goodyear Tire & Rubber’s revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.70 EPS. research analysts forecast that Goodyear Tire & Rubber will post 3.17 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 4th. Shareholders of record on Wednesday, August 1st will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.36%. The ex-dividend date is Tuesday, July 31st. Goodyear Tire & Rubber’s dividend payout ratio (DPR) is 17.95%.

A number of institutional investors have recently modified their holdings of GT. LSV Asset Management raised its position in shares of Goodyear Tire & Rubber by 2.1% in the 2nd quarter. LSV Asset Management now owns 11,346,089 shares of the company’s stock valued at $264,250,000 after buying an additional 235,125 shares in the last quarter. Diamond Hill Capital Management Inc. raised its position in shares of Goodyear Tire & Rubber by 5.3% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 8,234,533 shares of the company’s stock valued at $191,782,000 after buying an additional 413,565 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Goodyear Tire & Rubber by 4.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,903,172 shares of the company’s stock valued at $160,787,000 after buying an additional 290,006 shares in the last quarter. Sound Shore Management Inc. CT raised its position in shares of Goodyear Tire & Rubber by 15.5% in the 2nd quarter. Sound Shore Management Inc. CT now owns 5,815,665 shares of the company’s stock valued at $135,447,000 after buying an additional 778,961 shares in the last quarter. Finally, Levin Capital Strategies L.P. raised its position in shares of Goodyear Tire & Rubber by 199.2% in the 2nd quarter. Levin Capital Strategies L.P. now owns 3,752,409 shares of the company’s stock valued at $87,394,000 after buying an additional 2,498,420 shares in the last quarter. Institutional investors and hedge funds own 87.10% of the company’s stock.

Goodyear Tire & Rubber Company Profile

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

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