The Goodyear Tire & Rubber Company (NASDAQ:GT) Receives $8.54 Average Target Price from Brokerages

The Goodyear Tire & Rubber Company (NASDAQ:GT) has received an average rating of “Reduce” from the nine ratings firms that are presently covering the stock, MarketBeat.com reports. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $8.5429.

A number of analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $7.00 target price (down from $9.00) on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $10.00 price target on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Zacks Research downgraded Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 6th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Finally, Wall Street Zen upgraded Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 6th.

Goodyear Tire & Rubber Price Performance

Shares of GT stock opened at $6.40 on Monday. The firm has a fifty day simple moving average of $6.42 and a 200-day simple moving average of $7.78. The company has a market capitalization of $1.84 billion, a PE ratio of -0.88 and a beta of 1.12. Goodyear Tire & Rubber has a twelve month low of $5.43 and a twelve month high of $11.79. The company has a current ratio of 1.04, a quick ratio of 0.51 and a debt-to-equity ratio of 1.66.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.05. The firm had revenue of $3.88 billion for 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 quarterly revenue was down 8.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.04) EPS. Equities research analysts anticipate that Goodyear Tire & Rubber will post -0.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in GT. Bank of America Corp DE increased its position in shares of Goodyear Tire & Rubber by 54.9% in the 1st quarter. Bank of America Corp DE now owns 1,669,177 shares of the company’s stock worth $11,067,000 after purchasing an additional 591,839 shares during the last quarter. Kentucky Retirement Systems bought a new position in shares of Goodyear Tire & Rubber during the first quarter worth about $135,000. EverSource Wealth Advisors LLC lifted its position in shares of Goodyear Tire & Rubber by 656.0% during the first quarter. EverSource Wealth Advisors LLC now owns 6,048 shares of the company’s stock worth $40,000 after purchasing an additional 5,248 shares during the last quarter. California State Teachers Retirement System grew its stake in Goodyear Tire & Rubber by 23.9% in the first quarter. California State Teachers Retirement System now owns 318,984 shares of the company’s stock worth $2,115,000 after purchasing an additional 61,492 shares in the last quarter. Finally, Readystate Asset Management LP grew its stake in Goodyear Tire & Rubber by 45.8% in the first quarter. Readystate Asset Management LP now owns 2,606,350 shares of the company’s stock worth $17,280,000 after purchasing an additional 818,588 shares in the last quarter. 84.19% of the stock is owned by institutional investors and hedge funds.

Goodyear Tire & Rubber Company Profile

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.