Goodyear Tire & Rubber (NASDAQ:GT) Stock Price Target Cut by JPMorgan Chase & Co.

Key Points

• JPMorgan cut Goodyear’s price target from $10 to $9 while maintaining an “overweight” rating, implying approximately 83.5% upside from the stock’s $4.91 price.
• Analyst sentiment remains mixed, with an overall “Hold” rating and an average target price of $8.06; recent ratings range from “Buy” to “Sell.”
• Goodyear reported a quarterly loss of $0.61 per share, slightly better than estimates, while revenue reached $4.25 billion but declined 4.8% year over year. The stock fell 2.5% and remains near its 1-year low.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) had its target price dropped by analysts at JPMorgan Chase & Co. from $10.00 to $9.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 83.49% from the company's current price.

Several other analysts have also recently issued reports on the stock. Wall Street Zen raised shares of Goodyear Tire & Rubber from a "strong sell" rating to a "sell" rating in a report on Saturday, August 8th. Weiss Ratings reissued a "sell (d)" rating on shares of Goodyear Tire & Rubber in a report on Friday, August 7th. Finally, Zacks Research upgraded shares of Goodyear Tire & Rubber from a "strong sell" rating to a "hold" rating in a research note on Monday, July 13th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $8.06.

Goodyear Tire & Rubber Stock Down 2.5%

NASDAQ GT traded down $0.12 during mid-day trading on Friday, reaching $4.91. 3,547,053 shares of the company's stock traded hands, compared to its average volume of 8,731,707. The company has a current ratio of 1.09, a quick ratio of 0.55 and a debt-to-equity ratio of 1.92. Goodyear Tire & Rubber has a 1-year low of $4.83 and a 1-year high of $10.62. The company has a fifty day simple moving average of $6.00 and a 200-day simple moving average of $6.33. The company has a market cap of $1.41 billion, a price-to-earnings ratio of -0.56 and a beta of 1.22.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last announced its earnings results 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. 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 for the quarter, compared to analyst estimates of $4.19 billion. During the same period in the prior year, the company posted ($0.17) EPS. Goodyear Tire & Rubber's quarterly revenue was down 4.8% on a year-over-year basis. As a group, equities research analysts expect that Goodyear Tire & Rubber will post -0.43 EPS for the current year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Goodyear Tire & Rubber during the 2nd quarter worth approximately $238,776,000. Canada Pension Plan Investment Board acquired a new position in Goodyear Tire & Rubber during the 2nd quarter valued at approximately $78,278,000. Cibc World Market Inc. bought a new position in Goodyear Tire & Rubber during the 2nd quarter worth $18,676,000. Bank of America Corp DE bought a new position in Goodyear Tire & Rubber during the 2nd quarter worth $17,313,000. Finally, Man Group plc acquired a new stake in Goodyear Tire & Rubber in the second quarter worth $12,415,000. 84.19% of the stock is currently owned by institutional investors.

About Goodyear Tire & Rubber

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.

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.