Goodyear Tire & Rubber (NASDAQ:GT) Price Target Cut to $8.00 by Analysts at Citigroup

Goodyear Tire & Rubber (NASDAQ:GT) had its price target reduced by analysts at Citigroup from $10.00 to $8.00 in a research report issued on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s price objective suggests a potential upside of 22.89% from the stock’s current price.

A number of other equities analysts also recently issued reports on the company. Deutsche Bank Aktiengesellschaft lowered their price target on Goodyear Tire & Rubber from $12.00 to $9.00 and set a “buy” rating on the stock in a research report on Thursday, April 16th. JPMorgan Chase & Co. lowered their price target on Goodyear Tire & Rubber from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Thursday, April 23rd. Zacks Research downgraded Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research report on Wednesday. Finally, TD Cowen lowered their price target on Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Wednesday, April 15th. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $8.83.

Goodyear Tire & Rubber Price Performance

GT stock traded down $0.35 during mid-day trading on Friday, reaching $6.51. 8,172,721 shares of the company’s stock were exchanged, compared to its average volume of 7,651,746. The company has a market cap of $1.87 billion, a price-to-earnings ratio of -0.90, a price-to-earnings-growth ratio of 0.67 and a beta of 1.17. The stock’s 50 day moving average is $7.04 and its 200 day moving average is $8.06. The company has a debt-to-equity ratio of 1.57, a current ratio of 1.06 and a quick ratio of 0.54. Goodyear Tire & Rubber has a 12-month low of $6.14 and a 12-month high of $12.03.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.05. The company had revenue of $3.88 billion for the quarter, compared to the consensus estimate of $3.81 billion. Goodyear Tire & Rubber had a positive return on equity of 0.88% and a negative net margin of 11.64%.Goodyear Tire & Rubber’s revenue for the quarter was down 8.7% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.04) earnings per share. On average, research analysts expect that Goodyear Tire & Rubber will post 0.29 EPS for the current year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Hedge funds have recently made changes to their positions in the company. Invenomic Capital Management LP acquired a new position in shares of Goodyear Tire & Rubber during the third quarter valued at approximately $13,753,000. CenterBook Partners LP grew its position in shares of Goodyear Tire & Rubber by 166.1% in the third quarter. CenterBook Partners LP now owns 2,040,792 shares of the company’s stock valued at $15,265,000 after purchasing an additional 1,273,883 shares in the last quarter. Anderson Financial Strategies LLC purchased a new stake in shares of Goodyear Tire & Rubber in the third quarter valued at approximately $1,318,000. Allianz Asset Management GmbH grew its position in shares of Goodyear Tire & Rubber by 76.3% in the third quarter. Allianz Asset Management GmbH now owns 1,135,023 shares of the company’s stock valued at $8,490,000 after purchasing an additional 491,210 shares in the last quarter. Finally, Brevan Howard Capital Management LP grew its position in shares of Goodyear Tire & Rubber by 313.7% in the third quarter. Brevan Howard Capital Management LP now owns 438,206 shares of the company’s stock valued at $3,278,000 after purchasing an additional 332,294 shares in the last quarter. Institutional investors and hedge funds own 84.19% of the company’s stock.

Goodyear Tire & Rubber Company Profile

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.