Goodyear Tire & Rubber (GT) Cut to “Strong Sell” at BidaskClub

BidaskClub downgraded shares of Goodyear Tire & Rubber (NASDAQ:GT) from a sell rating to a strong sell rating in a research note released on Friday.

Several other research firms have also recently commented on GT. Wolfe Research initiated coverage on shares of Goodyear Tire & Rubber in a research note on Tuesday, October 2nd. They set an outperform rating on the stock. Longbow Research reissued a hold rating on shares of Goodyear Tire & Rubber in a research note on Monday, August 13th. Northcoast Research reissued a buy rating on shares of Goodyear Tire & Rubber in a research note on Monday, June 25th. Zacks Investment Research raised shares of Goodyear Tire & Rubber from a strong sell rating to a hold rating in a research note on Wednesday, July 11th. Finally, Jefferies Financial Group set a $30.00 price target on shares of Goodyear Tire & Rubber and gave the company a buy rating in a research note on Tuesday, July 31st. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $28.38.

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

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly 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 net margin of 1.69% and a return on equity of 14.04%. 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 firm earned $0.70 earnings per share. Goodyear Tire & Rubber’s revenue was up 4.2% compared to the same quarter last year. As a group, analysts anticipate that Goodyear Tire & Rubber will post 2.88 EPS for the current year.

The firm also recently disclosed 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. The ex-dividend date is Wednesday, October 31st. This represents a $0.56 annualized dividend and a yield of 2.72%. Goodyear Tire & Rubber’s dividend payout ratio is currently 17.95%.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Itau Unibanco Holding S.A. lifted its holdings in Goodyear Tire & Rubber by 80.7% in the second 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 period. Trilogy Capital Inc. acquired a new position in Goodyear Tire & Rubber in the first quarter valued at approximately $160,000. Point72 Asia Hong Kong Ltd lifted its holdings in Goodyear Tire & Rubber by 1,888.9% in the first quarter. Point72 Asia Hong Kong Ltd now owns 6,603 shares of the company’s stock valued at $176,000 after buying an additional 6,271 shares during the period. Ostrum Asset Management acquired a new position in Goodyear Tire & Rubber in the first quarter valued at approximately $179,000. Finally, Rampart Investment Management Company LLC lifted its holdings in Goodyear Tire & Rubber by 115.6% in the first quarter. Rampart Investment Management Company LLC now owns 7,224 shares of the company’s stock valued at $192,000 after buying an additional 3,874 shares during the period. Institutional investors and hedge funds own 86.52% of the company’s stock.

About Goodyear Tire & Rubber

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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