Goodyear Tire & Rubber (NASDAQ:GT) Given New $10.00 Price Target at JPMorgan Chase & Co.

Goodyear Tire & Rubber (NASDAQ:GT) had its price objective boosted by JPMorgan Chase & Co. from $9.00 to $10.00 in a research report sent to investors on Friday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research analysts also recently issued reports on the company. Zacks Research upgraded Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Citigroup cut their price objective on Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, May 8th. Wall Street Zen raised Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 6th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $7.00 target price (down from $9.00) on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $8.47.

Goodyear Tire & Rubber Price Performance

Shares of Goodyear Tire & Rubber stock opened at $6.44 on Friday. The stock has a market capitalization of $1.85 billion, a P/E ratio of -0.73 and a beta of 1.12. The company has a debt-to-equity ratio of 1.92, a current ratio of 1.09 and a quick ratio of 0.51. The business’s 50 day simple moving average is $6.59 and its two-hundred day simple moving average is $7.21. Goodyear Tire & Rubber has a one year low of $5.43 and a one year high of $10.62.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.61) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.02. The firm had revenue of $4.25 billion for the quarter, compared to analysts’ expectations of $4.19 billion. Goodyear Tire & Rubber had a negative net margin of 14.37% and a negative return on equity of 2.95%. The company’s revenue for the quarter was down 4.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.17) earnings per share. Analysts forecast that Goodyear Tire & Rubber will post -0.26 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in GT. Envestnet Asset Management Inc. grew its position in Goodyear Tire & Rubber by 6.3% during the second quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company’s stock valued at $177,000 after buying an additional 1,011 shares during the period. Pin Oak Investment Advisors Inc. raised its position in Goodyear Tire & Rubber by 1.4% in the fourth quarter. Pin Oak Investment Advisors Inc. now owns 75,055 shares of the company’s stock worth $657,000 after acquiring an additional 1,065 shares during the period. Farther Finance Advisors LLC boosted its stake in shares of Goodyear Tire & Rubber by 11.5% during the 4th quarter. Farther Finance Advisors LLC now owns 11,181 shares of the company’s stock worth $98,000 after acquiring an additional 1,152 shares during the last quarter. Cetera Investment Advisers grew its position in shares of Goodyear Tire & Rubber by 1.0% during the 4th quarter. Cetera Investment Advisers now owns 131,568 shares of the company’s stock valued at $1,153,000 after acquiring an additional 1,282 shares during the period. Finally, Advisory Services Network LLC grew its position in shares of Goodyear Tire & Rubber by 2.8% during the 4th quarter. Advisory Services Network LLC now owns 56,631 shares of the company’s stock valued at $496,000 after acquiring an additional 1,529 shares during the period. Hedge funds and other institutional investors 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.