Brokerages Set The Goodyear Tire & Rubber Company (NASDAQ:GT) PT at $8.26

The Goodyear Tire & Rubber Company (NASDAQ:GT) has received an average recommendation of “Hold” from the seven ratings firms that are currently covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating on the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $8.26.

A number of equities analysts have recently weighed in on the stock. Zacks Research raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. JPMorgan Chase & Co. lifted their target price on shares of Goodyear Tire & Rubber from $9.00 to $10.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Weiss Ratings reiterated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a report on Friday, August 7th. Finally, Wall Street Zen raised Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. WINTON GROUP Ltd acquired a new stake in Goodyear Tire & Rubber in the 2nd quarter valued at $1,560,000. Bastion Asset Management Inc. lifted its position in Goodyear Tire & Rubber by 72.9% during the 4th quarter. Bastion Asset Management Inc. now owns 963,938 shares of the company’s stock worth $8,076,000 after acquiring an additional 406,410 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in Goodyear Tire & Rubber in the 2nd quarter worth approximately $78,278,000. Cibc World Market Inc. purchased a new stake in shares of Goodyear Tire & Rubber during the second quarter valued at approximately $18,676,000. Finally, Empowered Funds LLC purchased a new stake in shares of Goodyear Tire & Rubber during the second quarter valued at approximately $6,852,000. Institutional investors and hedge funds own 84.19% of the company’s stock.

Goodyear Tire & Rubber Price Performance

GT stock opened at $5.05 on Wednesday. The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.55 and a current ratio of 1.09. Goodyear Tire & Rubber has a 1 year low of $5.04 and a 1 year high of $10.62. The stock’s 50 day moving average price is $6.35 and its 200 day moving average price is $6.47. The firm has a market cap of $1.45 billion, a P/E ratio of -0.57 and a beta of 1.10.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.61) EPS for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.02. The firm had revenue of $4.25 billion during the quarter, compared to analysts’ expectations of $4.19 billion. Goodyear Tire & Rubber had a negative return on equity of 2.95% and a negative net margin of 14.37%.The firm’s quarterly revenue was down 4.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.17) EPS. On average, sell-side analysts expect that Goodyear Tire & Rubber will post -0.43 earnings per share for the current fiscal year.

Goodyear Tire & Rubber Company Profile

Goodyear Tire & Rubber Company develops, manufactures, markets and distributes tires and related products and services. Its portfolio includes tires for passenger cars, SUVs, trucks, buses, commercial fleets, aircraft, mining and other off-the-road applications. The company serves both original-equipment manufacturers and replacement-tire customers.

Goodyear markets products primarily under the Goodyear brand, along with other brands and private-label offerings. Its business also includes tire-related services, fleet support, vehicle maintenance and mobility solutions designed to help commercial customers manage their transportation operations.

Founded in 1898 and headquartered in Akron, Ohio, Goodyear has built a global presence through manufacturing, distribution, retail and service operations.