Goodyear Tire & Rubber (NASDAQ:GT) Announces 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. The company had revenue of $4.25 billion during the quarter, compared to analyst estimates of $4.11 billion. Goodyear Tire & Rubber had a negative return on equity of 2.89% and a negative net margin of 14.37%.Goodyear Tire & Rubber’s revenue was down 4.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.17) earnings per share.

Goodyear Tire & Rubber Stock Performance

NASDAQ:GT traded down $0.32 during midday trading on Friday, hitting $6.44. The company’s stock had a trading volume of 11,054,009 shares, compared to its average volume of 8,620,365. The firm’s 50 day moving average is $6.58 and its 200-day moving average is $7.21. The firm has a market cap of $1.85 billion, a P/E ratio of -0.73 and a beta of 1.12. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.04 and a quick ratio of 0.51. Goodyear Tire & Rubber has a fifty-two week low of $5.43 and a fifty-two week high of $10.62.

Wall Street Analyst Weigh In

Several research analysts have recently commented on GT shares. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $7.00 price target (down from $9.00) on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. JPMorgan Chase & Co. lifted their target price on Goodyear Tire & Rubber from $9.00 to $10.00 and gave the company an “overweight” rating in a research note on Friday. Wall Street Zen upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a report on Saturday, June 6th. TD Cowen decreased their price target on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Wednesday, April 15th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $8.54.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Mercer Global Advisors Inc. ADV boosted its holdings in Goodyear Tire & Rubber by 41.1% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 16,512 shares of the company’s stock valued at $145,000 after purchasing an additional 4,811 shares during the last quarter. XTX Topco Ltd grew its position in Goodyear Tire & Rubber by 31.4% during the 4th quarter. XTX Topco Ltd now owns 117,181 shares of the company’s stock worth $1,027,000 after purchasing an additional 28,005 shares during the period. VARCOV Co. purchased a new position in shares of Goodyear Tire & Rubber during the 4th quarter valued at about $137,000. Wellington Management Group LLP raised its stake in shares of Goodyear Tire & Rubber by 6.3% during the 4th quarter. Wellington Management Group LLP now owns 28,047,790 shares of the company’s stock valued at $245,699,000 after buying an additional 1,666,394 shares during the last quarter. Finally, Susquehanna Portfolio Strategies LLC lifted its holdings in shares of Goodyear Tire & Rubber by 551.5% in the 4th quarter. Susquehanna Portfolio Strategies LLC now owns 1,034,430 shares of the company’s stock valued at $9,062,000 after buying an additional 875,654 shares during the period. Hedge funds and other institutional investors own 84.19% of the company’s stock.

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.