Goodyear Tire & Rubber (NASDAQ:GT) Now Covered by Analysts at Citigroup

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 began coverage on shares of Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) in a research note issued on Monday,Benzinga reports. The brokerage set a "neutral" rating and a $10.00 price target on the stock. Citigroup's price target would indicate a potential upside of 17.65% from the stock's previous close.

Several other equities research analysts have also recently issued reports on GT. Deutsche Bank Aktiengesellschaft cut their target price on Goodyear Tire & Rubber from $15.00 to $12.00 and set a "buy" rating for the company in a research note on Monday, August 11th. Hsbc Global Res cut Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 20th. JPMorgan Chase & Co. reaffirmed an "overweight" rating and issued a $17.00 price objective (down from $18.00) on shares of Goodyear Tire & Rubber in a research note on Thursday, May 22nd. BNP Paribas cut Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 8th. Finally, HSBC reaffirmed a "hold" rating and issued a $9.50 price objective (down from $15.50) on shares of Goodyear Tire & Rubber in a research note on Wednesday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Goodyear Tire & Rubber currently has an average rating of "Moderate Buy" and an average target price of $11.93.

Goodyear Tire & Rubber Stock Performance

Shares of Goodyear Tire & Rubber stock opened at $8.50 on Monday. Goodyear Tire & Rubber has a one year low of $7.27 and a one year high of $12.03. The company has a market cap of $2.43 billion, a price-to-earnings ratio of 5.99, a PEG ratio of 0.75 and a beta of 1.37. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.63 and a current ratio of 1.15. The business's 50 day moving average price is $9.82 and its 200 day moving average price is $10.05.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.31). The business had revenue of $4.47 billion for the quarter, compared to analyst estimates 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 was down 2.3% compared to the same quarter last year. During the same period last year, the business earned $0.19 EPS. On average, research analysts predict that Goodyear Tire & Rubber will post 1.5 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Nisa Investment Advisors LLC lifted its holdings in Goodyear Tire & Rubber by 3.3% during the 1st quarter. Nisa Investment Advisors LLC now owns 28,766 shares of the company's stock worth $266,000 after buying an additional 932 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in Goodyear Tire & Rubber by 6.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company's stock worth $177,000 after buying an additional 1,011 shares during the last quarter. State of Michigan Retirement System lifted its holdings in Goodyear Tire & Rubber by 1.9% during the 2nd quarter. State of Michigan Retirement System now owns 68,726 shares of the company's stock worth $713,000 after buying an additional 1,300 shares during the last quarter. SummerHaven Investment Management LLC lifted its holdings in shares of Goodyear Tire & Rubber by 1.9% in the 2nd quarter. SummerHaven Investment Management LLC now owns 74,711 shares of the company's stock valued at $775,000 after purchasing an additional 1,393 shares during the last quarter. Finally, John G Ullman & Associates Inc. lifted its holdings in shares of Goodyear Tire & Rubber by 9.1% in the 1st quarter. John G Ullman & Associates Inc. now owns 18,000 shares of the company's stock valued at $166,000 after purchasing an additional 1,500 shares during the last quarter. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.