Goodyear Tire & Rubber (NASDAQ:GT) Price Target Raised to $10.00

Goodyear Tire & Rubber (NASDAQ:GT) had its target price upped by research analysts at Citigroup from $9.00 to $10.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s price target indicates a potential upside of 6.68% from the stock’s current price.

A number of other research analysts have also issued reports on GT. JPMorgan Chase & Co. reduced their price objective on Goodyear Tire & Rubber from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Monday, October 20th. Morgan Stanley raised their target price on Goodyear Tire & Rubber from $6.88 to $7.30 and gave the company an “underweight” rating in a research note on Friday, November 28th. Zacks Research lowered shares of Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Goodyear Tire & Rubber in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $10.98.

Goodyear Tire & Rubber Stock Performance

GT stock traded down $0.11 during trading on Thursday, hitting $9.37. 6,594,546 shares of the company’s stock traded hands, compared to its average volume of 6,806,364. The stock has a market capitalization of $2.68 billion, a price-to-earnings ratio of -1.56, a price-to-earnings-growth ratio of 0.68 and a beta of 1.18. Goodyear Tire & Rubber has a 52 week low of $6.51 and a 52 week high of $12.03. The stock has a fifty day moving average price of $9.16 and a two-hundred day moving average price of $8.49. The company has a quick ratio of 0.71, a current ratio of 1.06 and a debt-to-equity ratio of 1.57.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Monday, February 9th. The company reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.06). Goodyear Tire & Rubber had a negative net margin of 9.41% and a positive return on equity of 3.21%. The business had revenue of $4.92 billion for the quarter, compared to the consensus estimate of $4.85 billion. During the same period in the prior year, the company earned $0.39 EPS. Goodyear Tire & Rubber’s quarterly revenue was down .6% on a year-over-year basis. As a group, equities analysts anticipate that Goodyear Tire & Rubber will post 1.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. increased its position in shares of Goodyear Tire & Rubber by 6.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company’s stock valued at $177,000 after purchasing an additional 1,011 shares during the period. Farther Finance Advisors LLC grew its holdings in Goodyear Tire & Rubber by 11.5% during the fourth quarter. Farther Finance Advisors LLC now owns 11,181 shares of the company’s stock worth $98,000 after acquiring an additional 1,152 shares during the period. State of Michigan Retirement System raised its position in Goodyear Tire & Rubber by 1.9% in the second quarter. State of Michigan Retirement System now owns 68,726 shares of the company’s stock worth $713,000 after acquiring an additional 1,300 shares in the last quarter. Nisa Investment Advisors LLC raised its position in Goodyear Tire & Rubber by 5.3% in the second quarter. Nisa Investment Advisors LLC now owns 30,303 shares of the company’s stock worth $314,000 after acquiring an additional 1,537 shares in the last quarter. Finally, Cidel Asset Management Inc. lifted its holdings in Goodyear Tire & Rubber by 14.5% in the 4th quarter. Cidel Asset Management Inc. now owns 12,392 shares of the company’s stock valued at $109,000 after acquiring an additional 1,570 shares during the last quarter. 84.19% of the stock is owned by institutional investors.

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.