Goodyear Tire & Rubber (NASDAQ:GT) Rating Increased to Strong-Buy at BNP Paribas

Goodyear Tire & Rubber (NASDAQ:GT) was upgraded by research analysts at BNP Paribas from a “hold” rating to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

A number of other research firms also recently issued reports on GT. BNP Paribas Exane upgraded shares of Goodyear Tire & Rubber from a “neutral” rating to an “outperform” rating and set a $15.00 price objective for the company in a report on Monday. TD Cowen started coverage on shares of Goodyear Tire & Rubber in a report on Friday, March 7th. They set a “buy” rating and a $14.00 price objective for the company. Deutsche Bank Aktiengesellschaft upgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $13.00 price objective for the company in a report on Monday, March 31st. Wall Street Zen downgraded shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Saturday, May 10th. Finally, JPMorgan Chase & Co. restated an “overweight” rating and set a $17.00 price objective (down previously from $18.00) on shares of Goodyear Tire & Rubber in a report on Thursday, May 22nd. Three investment analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $14.17.

Goodyear Tire & Rubber Stock Up 1.4%

GT opened at $11.94 on Monday. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.04 and a quick ratio of 0.55. The company’s 50-day moving average is $10.58 and its 200 day moving average is $9.76. Goodyear Tire & Rubber has a fifty-two week low of $7.27 and a fifty-two week high of $12.58. The firm has a market capitalization of $3.41 billion, a P/E ratio of 49.75 and a beta of 1.40.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. Goodyear Tire & Rubber had a net margin of 0.37% and a return on equity of 6.21%. The company had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.41 billion. During the same period last year, the firm earned $0.10 earnings per share. The firm’s revenue was down 6.3% on a year-over-year basis. Research analysts expect that Goodyear Tire & Rubber will post 1.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Several hedge funds and other institutional investors have recently modified their holdings of GT. American Century Companies Inc. raised its stake in Goodyear Tire & Rubber by 11.7% in the first quarter. American Century Companies Inc. now owns 10,786,387 shares of the company’s stock worth $99,666,000 after buying an additional 1,134,058 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Goodyear Tire & Rubber by 1.9% in the first quarter. Victory Capital Management Inc. now owns 5,247,677 shares of the company’s stock worth $48,489,000 after purchasing an additional 99,933 shares during the period. Norges Bank purchased a new stake in Goodyear Tire & Rubber in the fourth quarter worth about $39,626,000. Northern Trust Corp grew its holdings in Goodyear Tire & Rubber by 17.0% in the fourth quarter. Northern Trust Corp now owns 3,941,378 shares of the company’s stock worth $35,472,000 after purchasing an additional 573,541 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Goodyear Tire & Rubber by 1.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,801,118 shares of the company’s stock worth $35,122,000 after purchasing an additional 62,499 shares during the period. 84.19% of the stock is owned by institutional investors.

About Goodyear Tire & Rubber

Goodyear Tire & Rubber Co engages in the development, manufacture, distribution, and sale of tires. It operates through the following geographical segments: Americas, Europe, Middle East, and Africa, and Asia Pacific. The Americas segment is involved in the development, manufacture, distribution, and sale of tires and related products and services in North, Central, and South America.