Goodyear Tire & Rubber (NASDAQ:GT) Stock Price Up 4.4%

The Goodyear Tire & Rubber Company (NASDAQ:GT) was up 4.4% on Thursday . The stock traded as high as $23.74 and last traded at $23.74. Approximately 20,509 shares were traded during trading, a decline of 99% from the average daily volume of 3,033,882 shares. The stock had previously closed at $22.73.

A number of brokerages recently commented on GT. Zacks Investment Research cut Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating and set a $23.00 target price on the stock. in a report on Tuesday. Morgan Stanley raised their price objective on Goodyear Tire & Rubber from $16.00 to $23.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 10th. Finally, Deutsche Bank Aktiengesellschaft upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and raised their price objective for the company from $29.00 to $32.00 in a research report on Tuesday, December 7th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $22.00.

The business’s 50 day moving average is $21.71 and its 200 day moving average is $18.77. The company has a quick ratio of 0.68, a current ratio of 1.18 and a debt-to-equity ratio of 1.59. The company has a market cap of $6.78 billion, a P/E ratio of 22.97 and a beta of 2.00.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings results on Friday, November 5th. The company reported $0.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.46. Goodyear Tire & Rubber had a net margin of 1.70% and a return on equity of 12.68%. The business had revenue of $4.93 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same period in the previous year, the company earned $0.10 earnings per share. The business’s revenue for the quarter was up 42.4% on a year-over-year basis. As a group, equities research analysts forecast that The Goodyear Tire & Rubber Company will post 1.85 EPS for the current year.

In other Goodyear Tire & Rubber news, insider Stephen R. Mcclellan sold 36,177 shares of the company’s stock in a transaction on Wednesday, November 10th. The shares were sold at an average price of $23.36, for a total value of $845,094.72. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Richard J. Kramer sold 175,197 shares of the company’s stock in a transaction on Wednesday, December 8th. The shares were sold at an average price of $22.33, for a total transaction of $3,912,149.01. The disclosure for this sale can be found here. Insiders have sold 265,676 shares of company stock worth $5,945,371 over the last three months. Corporate insiders own 1.60% of the company’s stock.

Institutional investors have recently modified their holdings of the business. Baillie Gifford & Co. acquired a new position in shares of Goodyear Tire & Rubber during the 3rd quarter worth about $25,000. O Shaughnessy Asset Management LLC raised its position in shares of Goodyear Tire & Rubber by 41.2% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 1,573 shares of the company’s stock worth $28,000 after purchasing an additional 459 shares during the last quarter. Newbridge Financial Services Group Inc. purchased a new stake in Goodyear Tire & Rubber during the 2nd quarter valued at about $31,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Goodyear Tire & Rubber during the 2nd quarter valued at about $33,000. Finally, Koshinski Asset Management Inc. purchased a new stake in Goodyear Tire & Rubber during the 4th quarter valued at about $52,000. Institutional investors and hedge funds own 82.18% of the company’s stock.

About Goodyear Tire & Rubber (NASDAQ:GT)

Goodyear Tire & Rubber Co engages in the development, manufactures, distribution, and sale of tires. Its products include lines of rubber tires for automobiles, trucks, buses, aircraft, motorcycles, farm implements, earthmoving and mining equipment, industrial equipment and various other applications.

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