Goodyear Tire & Rubber (NASDAQ:GT) Raised to “Buy” at Argus

Goodyear Tire & Rubber (NASDAQ:GT) was upgraded by equities researchers at Argus from a “hold” rating to a “buy” rating in a research report issued on Tuesday, Marketbeat.com reports. The brokerage presently has a $12.00 price objective on the stock. Argus’ price objective suggests a potential upside of 12.89% from the company’s current price.

A number of other research firms have also issued reports on GT. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $10.00 target price on shares of Goodyear Tire & Rubber in a report on Friday, December 20th. StockNews.com upgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a report on Monday. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $12.98.

Goodyear Tire & Rubber Price Performance

Goodyear Tire & Rubber stock opened at $10.63 on Tuesday. The firm has a market cap of $3.03 billion, a PE ratio of 44.29 and a beta of 1.79. Goodyear Tire & Rubber has a 52-week low of $7.27 and a 52-week high of $13.86. The company has a quick ratio of 0.55, a current ratio of 1.04 and a debt-to-equity ratio of 1.30. The company’s 50 day moving average is $9.03 and its two-hundred day moving average is $8.87.

Goodyear Tire & Rubber (NASDAQ:GT) last released its earnings results on Thursday, February 13th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.10. The company had revenue of $4.95 billion for the quarter, compared to analyst estimates of $4.91 billion. Goodyear Tire & Rubber had a net margin of 0.37% and a return on equity of 6.21%. On average, research analysts expect that Goodyear Tire & Rubber will post 1.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of GT. Allworth Financial LP grew its position in shares of Goodyear Tire & Rubber by 251.8% in the 4th quarter. Allworth Financial LP now owns 4,274 shares of the company’s stock valued at $40,000 after buying an additional 3,059 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Goodyear Tire & Rubber in the 3rd quarter valued at $45,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Goodyear Tire & Rubber in the 4th quarter valued at $46,000. Signaturefd LLC grew its position in shares of Goodyear Tire & Rubber by 61.2% in the 4th quarter. Signaturefd LLC now owns 5,259 shares of the company’s stock valued at $47,000 after buying an additional 1,997 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. purchased a new position in shares of Goodyear Tire & Rubber in the 4th quarter valued at $54,000. 84.19% of the stock is owned by hedge funds and other 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.