Goodyear Tire & Rubber (NASDAQ:GT) Stock Price Target Cut by Citigroup

Key Points

• Citigroup cut Goodyear’s price target from $8 to $5 while maintaining a neutral rating; the new target implies 18.62% upside from the stock’s then-current price.
• Analyst views are mixed but skew negative: MarketBeat reported a consensus “Reduce” rating and an average price target of $7.46.
• Goodyear missed quarterly expectations, posting a loss of $0.11 per share versus estimates of a $0.06 loss, while revenue of $4.54 billion fell 2.3% year over year.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) had its price target cut by equities research analysts at Citigroup from $8.00 to $5.00 in a report issued on Monday, Benzinga reports. The firm currently has a "neutral" rating on the stock. Citigroup's price objective suggests a potential upside of 18.62% from the company's current price.

Other equities analysts have also issued reports about the stock. JPMorgan Chase & Co. lowered their price target on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set an "overweight" rating on the stock in a research report on Friday, October 2nd. Weiss Ratings reiterated a "sell (d)" rating on shares of Goodyear Tire & Rubber in a report on Wednesday. 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. Finally, Zacks Research cut Goodyear Tire & Rubber from a "hold" rating to a "strong sell" rating in a report on Friday, October 16th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus target price of $7.46.

Goodyear Tire & Rubber Price Performance

Shares of GT traded down $0.14 during trading hours on Monday, hitting $4.21. 7,013,187 shares of the stock were exchanged, compared to its average volume of 8,774,323. The company has a debt-to-equity ratio of 2.16, a quick ratio of 0.59 and a current ratio of 1.12. Goodyear Tire & Rubber has a 12-month low of $4.09 and a 12-month high of $10.62. The company has a market cap of $1.21 billion, a price-to-earnings ratio of -2.08 and a beta of 1.22. The stock's 50-day moving average price is $4.95 and its two-hundred day moving average price is $6.55.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last announced its quarterly earnings data on Wednesday, November 4th. The company reported ($0.11) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.05). The firm had revenue of $4.54 billion during the quarter, compared to analysts' expectations of $4.59 billion. Goodyear Tire & Rubber had a negative net margin of 3.33% and a negative return on equity of 6.69%. The company's revenue for the quarter was down 2.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.28 EPS. Research analysts expect that Goodyear Tire & Rubber will post -1.03 earnings per share for the current year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Hedge funds have recently modified their holdings of the company. Russell Investments Group Ltd. boosted its stake in shares of Goodyear Tire & Rubber by 15.5% in the third quarter. Russell Investments Group Ltd. now owns 717,770 shares of the company's stock valued at $3,568,000 after purchasing an additional 96,351 shares during the period. Maryland State Retirement & Pension System acquired a new position in shares of Goodyear Tire & Rubber in the third quarter valued at approximately $319,000. Illinois Municipal Retirement Fund purchased a new stake in Goodyear Tire & Rubber during the 3rd quarter worth approximately $803,000. AlphaCore Capital LLC purchased a new stake in Goodyear Tire & Rubber during the 3rd quarter worth approximately $123,000. Finally, Fulcrum Asset Management LLP increased its stake in Goodyear Tire & Rubber by 7,634.3% during the 3rd quarter. Fulcrum Asset Management LLP now owns 25,291 shares of the company's stock worth $126,000 after buying an additional 24,964 shares during the period. Hedge funds and other institutional investors own 84.19% of the company's stock.

About Goodyear Tire & Rubber

Goodyear Tire & Rubber Company is a global tire manufacturer headquartered in Akron, Ohio. Founded in 1898, the company develops, produces, markets and distributes tires and related products for passenger vehicles, commercial trucks, aircraft, motorcycles, agricultural equipment and off-road vehicles.

Goodyear serves consumer, commercial and original-equipment customers through a portfolio that includes Goodyear and other regional and market-specific brands. Its offerings include replacement tires, tires supplied to vehicle manufacturers, retreading products and related solutions designed to support vehicle performance, safety and efficiency.

In addition to manufacturing, Goodyear operates tire and automotive service locations and provides fleet-management, maintenance and other mobility-related services for commercial customers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.