The Goodyear Tire & Rubber Company (NASDAQ:GT) Stock Has Average Target Price of $8.06

The Goodyear Tire & Rubber Company (NASDAQ:GT) has earned an average recommendation of “Hold” from the seven brokerages that are currently covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $8.06.

A number of analysts recently commented on the company. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research note on Friday, August 7th. Wall Street Zen raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Zacks Research raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a research note on Monday, July 13th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set an “overweight” rating on the stock in a report on Friday, October 2nd.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. purchased a new position in Goodyear Tire & Rubber during the second quarter worth about $238,776,000. Canada Pension Plan Investment Board purchased a new stake in Goodyear Tire & Rubber in the 2nd quarter valued at about $78,278,000. Cibc World Market Inc. purchased a new stake in Goodyear Tire & Rubber in the 2nd quarter valued at about $18,676,000. Bank of America Corp DE purchased a new stake in Goodyear Tire & Rubber in the 2nd quarter valued at about $17,313,000. Finally, Man Group plc acquired a new position in shares of Goodyear Tire & Rubber during the 2nd quarter valued at about $12,415,000. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

Goodyear Tire & Rubber Price Performance

Shares of NASDAQ:GT opened at $4.56 on Friday. The business’s fifty day moving average price is $5.61 and its two-hundred day moving average price is $6.23. The stock has a market cap of $1.31 billion, a PE ratio of -0.52 and a beta of 1.22. 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 one year low of $4.46 and a one year high of $10.62.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.61) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.02. Goodyear Tire & Rubber had a negative return on equity of 2.95% and a negative net margin of 14.37%. The company had revenue of $4.25 billion during the quarter, compared to analysts’ expectations of $4.19 billion. During the same period in the previous year, the firm posted ($0.17) earnings per share. The business’s revenue for the quarter was down 4.8% compared to the same quarter last year. On average, analysts forecast that Goodyear Tire & Rubber will post -0.46 EPS for the current fiscal year.

Goodyear Tire & Rubber Company Profile

The Goodyear Tire & Rubber Company (NASDAQ: GT) is a global tire manufacturer headquartered in Akron, Ohio. Founded in 1898, the company develops, produces, markets and distributes tires for passenger vehicles, trucks, buses, aircraft, motorcycles, off-road vehicles and other applications.

Goodyear serves original-equipment and replacement markets through a portfolio of tire brands that includes Goodyear and Cooper, along with related products and services. Its offerings are sold through tire dealers, automotive retailers, distributors and other commercial channels, as well as to vehicle manufacturers.

The company operates across North America, Europe and other international markets.