Goodyear Tire & Rubber (NASDAQ:GT) Receives “Overweight” Rating from JPMorgan Chase & Co.

JPMorgan Chase & Co. reaffirmed their overweight rating on shares of Goodyear Tire & Rubber (NASDAQ:GT) in a research note published on Monday,Benzinga reports. They currently have a $10.00 price target on the stock.

Several other research firms also recently weighed in on GT. Wall Street Zen downgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “sell” rating in a research note on Saturday. 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 note on Monday. Citigroup decreased their price objective on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating on the stock in a research report on Friday. TD Cowen decreased their price objective on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Wednesday, April 15th. Finally, Zacks Research cut shares of Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 6th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Goodyear Tire & Rubber has a consensus rating of “Reduce” and an average target price of $8.54.

Goodyear Tire & Rubber Stock Performance

NASDAQ GT opened at $5.95 on Monday. The company has a market capitalization of $1.71 billion, a P/E ratio of -0.82, a P/E/G ratio of 0.60 and a beta of 1.17. The company has a fifty day moving average of $6.95 and a 200-day moving average of $8.05. Goodyear Tire & Rubber has a 52-week low of $5.92 and a 52-week high of $12.03. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.51 and a current ratio of 1.04.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($0.44) by $0.05. The business had revenue of $3.88 billion during the quarter, compared to the consensus estimate of $3.81 billion. Goodyear Tire & Rubber had a negative net margin of 11.64% and a positive return on equity of 0.93%. The firm’s revenue for the quarter was down 8.7% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.04) earnings per share. As a group, equities research analysts predict that Goodyear Tire & Rubber will post 0.29 EPS for the current fiscal year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

A number of hedge funds have recently modified their holdings of the company. AQR Capital Management LLC increased its position in shares of Goodyear Tire & Rubber by 151.8% during the fourth quarter. AQR Capital Management LLC now owns 9,764,853 shares of the company’s stock valued at $85,540,000 after buying an additional 5,886,935 shares during the period. Massachusetts Financial Services Co. MA purchased a new position in shares of Goodyear Tire & Rubber during the third quarter valued at about $32,301,000. Wellington Management Group LLP increased its position in shares of Goodyear Tire & Rubber by 11.9% during the third quarter. Wellington Management Group LLP now owns 26,381,396 shares of the company’s stock valued at $197,333,000 after buying an additional 2,796,332 shares during the period. Jupiter Asset Management Ltd. purchased a new position in shares of Goodyear Tire & Rubber during the third quarter valued at about $17,686,000. Finally, Bridgeway Capital Management LLC purchased a new position in shares of Goodyear Tire & Rubber during the third quarter valued at about $15,280,000. 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.