The Goodyear Tire & Rubber Company (NASDAQ:GT) Receives $12.80 Average PT from Brokerages

Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) have earned a consensus recommendation of “Moderate Buy” from the seven research firms that are covering the firm, Marketbeat reports. Three analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $12.80.

A number of equities analysts have commented on GT shares. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Goodyear Tire & Rubber from $15.00 to $12.00 and set a “buy” rating on the stock in a research note on Monday. BNP Paribas downgraded shares of Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 8th. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $17.00 price target (down from $18.00) on shares of Goodyear Tire & Rubber in a research note on Thursday, May 22nd. BNP Paribas Exane reissued a “neutral” rating and issued a $9.00 price target on shares of Goodyear Tire & Rubber in a research note on Friday, August 8th. Finally, Wall Street Zen downgraded shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note on Saturday, May 10th.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Hedge funds and other institutional investors have recently modified their holdings of the company. Nisa Investment Advisors LLC increased its position in shares of Goodyear Tire & Rubber by 3.3% in the first quarter. Nisa Investment Advisors LLC now owns 28,766 shares of the company’s stock worth $266,000 after acquiring an additional 932 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of Goodyear Tire & Rubber by 6.3% in the second quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company’s stock worth $177,000 after acquiring an additional 1,011 shares in the last quarter. State of Michigan Retirement System increased its position in shares of 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. SummerHaven Investment Management LLC increased its position in shares of Goodyear Tire & Rubber by 1.9% in the second quarter. SummerHaven Investment Management LLC now owns 74,711 shares of the company’s stock worth $775,000 after acquiring an additional 1,393 shares in the last quarter. Finally, John G Ullman & Associates Inc. increased its position in shares of Goodyear Tire & Rubber by 9.1% in the first quarter. John G Ullman & Associates Inc. now owns 18,000 shares of the company’s stock worth $166,000 after acquiring an additional 1,500 shares in the last quarter. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

Goodyear Tire & Rubber Stock Down 0.6%

GT stock opened at $8.53 on Tuesday. The firm’s fifty day moving average is $10.56 and its 200 day moving average is $10.10. Goodyear Tire & Rubber has a one year low of $7.27 and a one year high of $12.03. The firm has a market cap of $2.44 billion, a PE ratio of 6.01, a P/E/G ratio of 0.76 and a beta of 1.37. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.63 and a current ratio of 1.15.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its earnings results on Thursday, August 7th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.31). Goodyear Tire & Rubber had a net margin of 2.22% and a return on equity of 3.17%. The company had revenue of $4.47 billion during the quarter, compared to analyst estimates of $4.50 billion. During the same quarter last year, the business earned $0.19 EPS. The firm’s revenue for the quarter was down 2.3% compared to the same quarter last year. On average, research analysts forecast that Goodyear Tire & Rubber will post 1.5 EPS for the current year.

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.