Zacks Investment Research cut shares of Goodyear Tire & Rubber (NASDAQ:GT) from a hold rating to a sell rating in a research report report published on Monday morning.

According to Zacks, “Goodyear has lowered its operating income guidance due to softening market conditions in China, economic volatility in Brazil, rise in raw material costs and unfavorable foreign currency translation. Further, the company is presently witnessing tightening credit conditions, impacting consumer original equipment and replacement demand in China. The company is also experiencing a year-over-year rise in Selling General & Administrative (SG&A) expenses. In the last six months, shares of Goodyear have underperformed the industry it belongs to.”

Several other analysts have also issued reports on the company. BidaskClub raised Goodyear Tire & Rubber from a sell rating to a hold rating in a research note on Thursday, November 15th. ValuEngine raised Goodyear Tire & Rubber from a strong sell rating to a sell rating in a research note on Thursday, November 15th. Morgan Stanley cut their target price on Goodyear Tire & Rubber from $23.00 to $22.00 and set a hold rating for the company in a research note on Wednesday, November 14th. Argus cut their target price on Goodyear Tire & Rubber from $30.00 to $26.00 and set a buy rating for the company in a research note on Wednesday, October 31st. Finally, Wolfe Research began coverage on Goodyear Tire & Rubber in a research note on Tuesday, October 2nd. They issued an outperform rating for the company. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $27.75.

Shares of NASDAQ GT opened at $22.67 on Monday. Goodyear Tire & Rubber has a 12 month low of $19.25 and a 12 month high of $36.07. The company has a quick ratio of 0.76, a current ratio of 1.34 and a debt-to-equity ratio of 1.12. The stock has a market cap of $5.22 billion, a PE ratio of 8.03 and a beta of 1.73.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings data on Friday, October 26th. The company reported $0.68 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.76 by ($0.08). Goodyear Tire & Rubber had a return on equity of 13.84% and a net margin of 3.11%. The business had revenue of $3.93 billion for the quarter, compared to analysts’ expectations of $3.95 billion. During the same period in the previous year, the firm posted $0.70 EPS. The firm’s revenue for the quarter was up .2% compared to the same quarter last year. Sell-side analysts anticipate that Goodyear Tire & Rubber will post 2.54 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Shareholders of record on Thursday, November 1st will be given a $0.14 dividend. The ex-dividend date of this dividend is Wednesday, October 31st. This represents a $0.56 annualized dividend and a yield of 2.47%. Goodyear Tire & Rubber’s payout ratio is currently 20.51%.

A number of hedge funds have recently made changes to their positions in GT. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Goodyear Tire & Rubber by 3.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 65,312 shares of the company’s stock valued at $1,521,000 after acquiring an additional 2,269 shares in the last quarter. Itau Unibanco Holding S.A. raised its holdings in shares of Goodyear Tire & Rubber by 80.7% during the second quarter. Itau Unibanco Holding S.A. now owns 5,279 shares of the company’s stock valued at $123,000 after acquiring an additional 2,358 shares in the last quarter. Stratos Wealth Partners LTD. raised its holdings in shares of Goodyear Tire & Rubber by 2.9% during the third quarter. Stratos Wealth Partners LTD. now owns 83,669 shares of the company’s stock valued at $1,957,000 after acquiring an additional 2,391 shares in the last quarter. Vident Investment Advisory LLC raised its holdings in shares of Goodyear Tire & Rubber by 33.7% during the second quarter. Vident Investment Advisory LLC now owns 10,101 shares of the company’s stock valued at $235,000 after acquiring an additional 2,547 shares in the last quarter. Finally, LS Investment Advisors LLC raised its holdings in shares of Goodyear Tire & Rubber by 13.3% during the second quarter. LS Investment Advisors LLC now owns 21,991 shares of the company’s stock valued at $512,000 after acquiring an additional 2,589 shares in the last quarter. Hedge funds and other institutional investors own 87.96% 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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