Goodyear Tire & Rubber (NASDAQ:GT) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of Goodyear Tire & Rubber (NASDAQ:GT) from a hold rating to a buy rating in a research report released on Friday morning.

Several other research analysts have also recently commented on GT. Deutsche Bank Aktiengesellschaft upgraded shares of Goodyear Tire & Rubber from a hold rating to a buy rating and upped their target price for the stock from $13.00 to $21.00 in a research report on Thursday, November 16th. JPMorgan Chase & Co. upped their target price on shares of Goodyear Tire & Rubber from $16.00 to $18.00 and gave the stock an overweight rating in a research report on Thursday, November 16th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Goodyear Tire & Rubber presently has an average rating of Moderate Buy and a consensus target price of $17.25.

Goodyear Tire & Rubber Price Performance

Shares of NASDAQ:GT opened at $14.21 on Friday. The company has a quick ratio of 0.70, a current ratio of 1.30 and a debt-to-equity ratio of 1.56. Goodyear Tire & Rubber has a fifty-two week low of $9.66 and a fifty-two week high of $16.50. The firm has a 50-day simple moving average of $12.52 and a 200 day simple moving average of $13.31. The company has a market cap of $4.03 billion, a PE ratio of -8.07 and a beta of 1.81.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Monday, November 6th. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.17. Goodyear Tire & Rubber had a negative net margin of 2.47% and a negative return on equity of 1.03%. The business had revenue of $5.14 billion during the quarter, compared to the consensus estimate of $5.30 billion. During the same quarter in the prior year, the firm earned $0.40 EPS. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Goodyear Tire & Rubber will post 0.02 EPS for the current year.

Institutional Trading of Goodyear Tire & Rubber

A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. lifted its stake in shares of Goodyear Tire & Rubber by 7.6% in the 1st quarter. BlackRock Inc. now owns 35,767,231 shares of the company’s stock worth $511,113,000 after acquiring an additional 2,528,942 shares during the period. Vanguard Group Inc. lifted its stake in shares of Goodyear Tire & Rubber by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 28,349,435 shares of the company’s stock worth $405,113,000 after acquiring an additional 437,114 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Goodyear Tire & Rubber by 5.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 15,879,496 shares of the company’s stock worth $174,988,000 after acquiring an additional 773,018 shares during the period. State Street Corp lifted its stake in shares of Goodyear Tire & Rubber by 2.7% in the 1st quarter. State Street Corp now owns 10,052,612 shares of the company’s stock worth $110,780,000 after acquiring an additional 260,929 shares during the period. Finally, Nomura Holdings Inc. lifted its stake in shares of Goodyear Tire & Rubber by 1,498.4% in the 1st quarter. Nomura Holdings Inc. now owns 9,729,800 shares of the company’s stock worth $107,222,000 after acquiring an additional 9,121,084 shares during the period. 80.05% of the stock is owned by institutional investors and hedge funds.

Goodyear Tire & Rubber Company Profile

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 tires for automobiles, trucks, buses, aircraft, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and other applications under the Goodyear, Cooper, Dunlop, Kelly, Debica, Sava, Fulda, Mastercraft, Roadmaster, and various other house brands, as well as under the private-label brands.