The Goodyear Tire & Rubber Company (NASDAQ:GT) Given Average Rating of "Hold" by Brokerages

Key Points

• Analysts have a consensus “Hold” rating on Goodyear, with two sell, three hold and two buy recommendations. The average 12-month price target is $8.26.
• Goodyear shares opened at $5.25, near their 12-month low of $5.18, while the company reported a quarterly loss of $0.61 per share and revenue of $4.25 billion, down 4.8% year over year.
• Institutional investors own 84.19% of the stock, with BlackRock, Canada Pension Plan Investment Board and other major funds establishing new positions during the second quarter.

The Goodyear Tire & Rubber Company (NASDAQ:GT - Get Free Report) has been assigned an average recommendation of "Hold" from the seven brokerages that are currently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $8.26.

Several research analysts have recently weighed in on GT shares. Wall Street Zen raised Goodyear Tire & Rubber from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 8th. Weiss Ratings restated a "sell (d)" rating on shares of Goodyear Tire & Rubber in a research note on Friday, August 7th. JPMorgan Chase & Co. upped their price target on Goodyear Tire & Rubber from $9.00 to $10.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Finally, 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.

Goodyear Tire & Rubber Trading Down 1.3%

GT opened at $5.25 on Wednesday. The stock has a market capitalization of $1.51 billion, a P/E ratio of -0.59 and a beta of 1.10. 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 12 month low of $5.18 and a 12 month high of $10.62. The firm's fifty day simple moving average is $6.44 and its 200 day simple moving average is $6.54.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported ($0.61) earnings per share (EPS) 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 firm had revenue of $4.25 billion during the quarter, compared to analysts' expectations of $4.19 billion. During the same quarter in the prior year, the company earned ($0.17) EPS. The company's revenue was down 4.8% on a year-over-year basis. As a group, research analysts anticipate that Goodyear Tire & Rubber will post -0.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

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

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.

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