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

Key Points

• Analysts rate Goodyear Tire & Rubber “Hold”: Two analysts recommend selling, three advise holding and two recommend buying. The consensus 12-month price target is $8.06, above the stock’s recent $4.68 price.
• Goodyear reported quarterly revenue of $4.25 billion and an adjusted loss of $0.61 per share, narrowly beating expectations, but revenue declined 4.8% year over year and profitability remained negative.
• Institutional ownership stands at 84.19%, with major investors including BlackRock and the Canada Pension Plan Investment Board establishing new positions during the second quarter.

Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Get Free Report) have been assigned a consensus recommendation of "Hold" from the seven brokerages that are covering the company, MarketBeat.com reports. Two 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 target price among brokers that have updated their coverage on the stock in the last year is $8.06.

A number of brokerages have recently issued reports on GT. Weiss Ratings reiterated a "sell (d)" rating on shares of Goodyear Tire & Rubber in a report on Friday, August 7th. Zacks Research raised Goodyear Tire & Rubber from a "strong sell" rating to a "hold" rating in a research report on Monday, July 13th. Wall Street Zen upgraded shares of Goodyear Tire & Rubber from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 8th. Finally, JPMorgan Chase & Co. lowered their price objective on 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.

Goodyear Tire & Rubber Stock Performance

Shares of NASDAQ:GT opened at $4.68 on Friday. The firm has a fifty day simple moving average of $5.71 and a two-hundred day simple moving average of $6.25. The company has a quick ratio of 0.55, a current ratio of 1.09 and a debt-to-equity ratio of 1.92. Goodyear Tire & Rubber has a 52 week low of $4.60 and a 52 week high of $10.62. The stock has a market capitalization of $1.35 billion, a P/E ratio of -0.53 and a beta of 1.22.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in GT. BlackRock Inc. acquired a new position in Goodyear Tire & Rubber in the second quarter valued at approximately $238,776,000. Canada Pension Plan Investment Board purchased a new stake in Goodyear Tire & Rubber during 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 worth $18,676,000. Bank of America Corp DE purchased a new stake in Goodyear Tire & Rubber during the 2nd quarter worth about $17,313,000. Finally, Man Group plc acquired a new stake in Goodyear Tire & Rubber in the second quarter valued at approximately $12,415,000. 84.19% of the stock is owned by institutional investors and hedge funds.

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.

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