Goodyear Tire & Rubber (NASDAQ:GT) Upgraded to “Strong-Buy” at Zacks Research

Goodyear Tire & Rubber (NASDAQ:GT) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Thursday,Zacks.com reports.

Several other research analysts also recently weighed in on the stock. Morgan Stanley boosted their target price on shares of Goodyear Tire & Rubber from $6.88 to $7.30 and gave the company an “underweight” rating in a research note on Friday, November 28th. JPMorgan Chase & Co. cut their price objective on shares of 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. Citigroup reduced their price objective on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 11th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Goodyear Tire & Rubber in a research note on Monday, December 29th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $10.85.

Goodyear Tire & Rubber Price Performance

GT stock opened at $9.23 on Thursday. The stock’s 50 day moving average price is $8.43 and its 200 day moving average price is $8.74. The firm has a market cap of $2.64 billion, a P/E ratio of -1.52, a PEG ratio of 0.90 and a beta of 1.18. The company has a debt-to-equity ratio of 2.29, a quick ratio of 0.71 and a current ratio of 1.27. Goodyear Tire & Rubber has a 1 year low of $6.51 and a 1 year high of $12.03.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings results on Monday, November 3rd. The company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.12. Goodyear Tire & Rubber had a positive return on equity of 2.97% and a negative net margin of 9.56%.The company had revenue of $4.65 billion during the quarter, compared to analysts’ expectations of $4.67 billion. During the same period in the previous year, the firm posted $0.37 earnings per share. The business’s revenue for the quarter was down 3.7% compared to the same quarter last year. On average, sell-side analysts expect that Goodyear Tire & Rubber will post 1.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Solstein Capital LLC acquired a new position in shares of Goodyear Tire & Rubber during the 2nd quarter valued at $26,000. Ameritas Advisory Services LLC purchased a new position in Goodyear Tire & Rubber in the second quarter valued at about $29,000. Caitong International Asset Management Co. Ltd raised its position in Goodyear Tire & Rubber by 3,894.3% in the second quarter. Caitong International Asset Management Co. Ltd now owns 2,796 shares of the company’s stock valued at $29,000 after purchasing an additional 2,726 shares during the period. FNY Investment Advisers LLC acquired a new position in shares of Goodyear Tire & Rubber during the second quarter worth about $31,000. Finally, Focus Partners Wealth purchased a new stake in shares of Goodyear Tire & Rubber in the third quarter worth about $25,000. Hedge funds and other institutional investors own 84.19% of the company’s stock.

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.