Goodyear Tire & Rubber (NASDAQ:GT) Trading Up 7.5% Following Better-Than-Expected Earnings

The Goodyear Tire & Rubber Company (NASDAQ:GT) traded up 7.5% during trading on Tuesday following a stronger than expected earnings report. The company traded as high as $8.73 and last traded at $8.73. 5,410,801 shares were traded during mid-day trading, an increase of 29% from the average session volume of 4,204,213 shares. The stock had previously closed at $8.12.

The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.12. The business had revenue of $4.82 billion during the quarter, compared to the consensus estimate of $4.96 billion. Goodyear Tire & Rubber had a positive return on equity of 6.55% and a negative net margin of 1.82%. The business’s revenue was down 6.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.36 earnings per share.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Wolfe Research downgraded Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 5th. StockNews.com upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research report on Tuesday. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Goodyear Tire & Rubber has a consensus rating of “Moderate Buy” and a consensus target price of $17.23.

Institutional Investors Weigh In On Goodyear Tire & Rubber

A number of institutional investors have recently added to or reduced their stakes in the company. Family Firm Inc. bought a new position in shares of Goodyear Tire & Rubber in the second quarter valued at $26,000. Mather Group LLC. increased its holdings in shares of Goodyear Tire & Rubber by 4,526.3% in the second quarter. Mather Group LLC. now owns 2,637 shares of the company’s stock valued at $30,000 after buying an additional 2,580 shares in the last quarter. Beach Investment Counsel Inc. PA bought a new position in shares of Goodyear Tire & Rubber in the second quarter valued at $40,000. Sound Income Strategies LLC increased its holdings in shares of Goodyear Tire & Rubber by 2,122.5% in the third quarter. Sound Income Strategies LLC now owns 3,956 shares of the company’s stock valued at $35,000 after buying an additional 3,778 shares in the last quarter. Finally, MUFG Securities EMEA plc bought a new position in shares of Goodyear Tire & Rubber in the second quarter valued at $57,000. 84.19% of the stock is currently owned by institutional investors and hedge funds.

Goodyear Tire & Rubber Price Performance

The company has a market cap of $2.63 billion, a P/E ratio of -8.88 and a beta of 1.69. The company has a fifty day simple moving average of $8.31 and a 200-day simple moving average of $10.21. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.06 and a quick ratio of 0.54.

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, aircraft, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and other applications under the Goodyear, Cooper, Dunlop, Kelly, Mastercraft, Roadmaster, Debica, Sava, Fulda, Mickey Thompson, Avon, and Remington brands and various house brands, as well as under the private-label brands.