Citigroup Initiates Coverage on Goodyear Tire & Rubber (NASDAQ:GT)

Key Points

• Citigroup has initiated coverage on Goodyear Tire & Rubber, assigning a "neutral" rating and a price target of $10.00, suggesting a potential upside of 17.65% from its last close.
• In addition to Citigroup, several analysts have revised their ratings, with Deutsche Bank lowering their target from $15.00 to $12.00 while maintaining a "buy" rating, and HSBC shifting from "strong-buy" to "hold."
• Goodyear's shares opened at $8.50 and reported a quarterly loss of ($0.17) EPS, missing estimates and indicating a revenue decline of 2.3% year-over-year.

Citigroup assumed coverage on shares of Goodyear Tire & Rubber (NASDAQ:GT - Free Report) in a research report released on Monday morning, MarketBeat.com reports. The brokerage issued a neutral rating and a $10.00 price objective on the stock.

A number of other equities research analysts have also recently weighed in on GT. Hsbc Global Res cut shares of Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 20th. BNP Paribas cut shares of Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a report on Friday, August 8th. HSBC restated a "hold" rating and issued a $9.50 price objective (down previously from $15.50) on shares of Goodyear Tire & Rubber in a report on Wednesday, August 20th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Goodyear Tire & Rubber from $15.00 to $12.00 and set a "buy" rating on the stock in a report on Monday, August 11th. Finally, BNP Paribas Exane restated a "neutral" rating and issued a $9.00 price objective on shares of Goodyear Tire & Rubber in a report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $11.93.

Goodyear Tire & Rubber Stock Down 0.7%

Goodyear Tire & Rubber stock traded down $0.06 during trading hours on Monday, hitting $8.51. 5,039,464 shares of the stock traded hands, compared to its average volume of 7,190,797. The company has a market cap of $2.43 billion, a PE ratio of 5.99, a PEG ratio of 0.76 and a beta of 1.37. The company has a current ratio of 1.15, a quick ratio of 0.63 and a debt-to-equity ratio of 1.24. Goodyear Tire & Rubber has a one year low of $7.74 and a one year high of $12.03. The firm's 50-day moving average price is $9.58 and its two-hundred day moving average price is $10.00.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.17) earnings per share for the quarter, missing analysts' consensus estimates of $0.14 by ($0.31). The business had revenue of $4.47 billion during the quarter, compared to analysts' expectations of $4.50 billion. Goodyear Tire & Rubber had a return on equity of 3.17% and a net margin of 2.22%.Goodyear Tire & Rubber's revenue for the quarter was down 2.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.19 EPS. On average, research analysts forecast that Goodyear Tire & Rubber will post 1.5 EPS for the current year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Several institutional investors and hedge funds have recently added to or reduced their stakes in GT. Greenvale Capital LLP purchased a new stake in Goodyear Tire & Rubber in the second quarter worth approximately $106,292,000. Marshall Wace LLP boosted its holdings in Goodyear Tire & Rubber by 1,107.5% in the second quarter. Marshall Wace LLP now owns 7,825,605 shares of the company's stock worth $81,152,000 after purchasing an additional 7,177,542 shares during the last quarter. Maple Rock Capital Partners Inc. boosted its holdings in Goodyear Tire & Rubber by 215.6% in the second quarter. Maple Rock Capital Partners Inc. now owns 5,561,846 shares of the company's stock worth $57,676,000 after purchasing an additional 3,799,383 shares during the last quarter. Norges Bank purchased a new stake in Goodyear Tire & Rubber in the second quarter worth approximately $29,112,000. Finally, Ensign Peak Advisors Inc boosted its holdings in Goodyear Tire & Rubber by 2,327.9% in the second quarter. Ensign Peak Advisors Inc now owns 2,578,433 shares of the company's stock worth $26,738,000 after purchasing an additional 2,472,231 shares during the last quarter. Hedge funds and other institutional investors own 84.19% of the company's stock.

About Goodyear Tire & Rubber

Goodyear Tire & Rubber Co engages in the development, manufacture, distribution, and sale of tires. It operates through the following geographical segments: Americas, Europe, Middle East, and Africa, and Asia Pacific. The Americas segment is involved in the development, manufacture, distribution, and sale of tires and related products and services in North, Central, and South America.