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

Zacks Research upgraded shares of Goodyear Tire & Rubber (NASDAQ:GT) from a hold rating to a strong-buy rating in a research report report published on Thursday morning,Zacks.com reports.

GT has been the topic of several other research reports. Morgan Stanley boosted their target price on Goodyear Tire & Rubber from $6.88 to $7.30 and gave the company an “underweight” rating in a research report on Friday, November 28th. JPMorgan Chase & Co. dropped 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 note on Monday, October 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of Goodyear Tire & Rubber in a research note on Monday, December 29th. Finally, Citigroup lowered their target price on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a “neutral” rating for the company in a report on Tuesday, November 11th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $10.85.

Goodyear Tire & Rubber Stock Up 0.8%

Shares of NASDAQ:GT opened at $9.23 on Thursday. The company has a market cap of $2.64 billion, a price-to-earnings ratio of -1.52, a PEG ratio of 0.90 and a beta of 1.18. Goodyear Tire & Rubber has a 12 month low of $6.51 and a 12 month high of $12.03. The company has a current ratio of 1.27, a quick ratio of 0.71 and a debt-to-equity ratio of 2.29. The company has a 50-day moving average price of $8.43 and a 200 day moving average price of $8.74.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings data on Monday, November 3rd. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate 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 for 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 firm’s revenue for the quarter was down 3.7% on a year-over-year basis. As a group, equities research analysts predict that Goodyear Tire & Rubber will post 1.5 earnings per share for the current year.

Institutional Trading of Goodyear Tire & Rubber

A number of large investors have recently made changes to their positions in GT. Envestnet Asset Management Inc. grew its holdings 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 purchasing an additional 1,011 shares during the last quarter. State of Michigan Retirement System boosted its position in Goodyear Tire & Rubber by 1.9% in the 2nd quarter. State of Michigan Retirement System now owns 68,726 shares of the company’s stock valued at $713,000 after buying an additional 1,300 shares during the period. SummerHaven Investment Management LLC grew its stake in Goodyear Tire & Rubber by 1.9% in the 2nd 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. Nisa Investment Advisors LLC increased its position in shares of Goodyear Tire & Rubber by 5.3% during the second quarter. Nisa Investment Advisors LLC now owns 30,303 shares of the company’s stock worth $314,000 after acquiring an additional 1,537 shares during the period. Finally, Inspire Investing LLC increased its position in shares of Goodyear Tire & Rubber by 3.6% during the second quarter. Inspire Investing LLC now owns 46,061 shares of the company’s stock worth $478,000 after acquiring an additional 1,582 shares during the period. 84.19% of the stock is owned by hedge funds and other institutional investors.

About Goodyear Tire & Rubber

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.