Goodyear Tire & Rubber (NASDAQ:GT) Price Target Cut to $8.00 by Analysts at Citigroup

Key Points

• Citigroup cut its price target on Goodyear Tire & Rubber from $10 to $8 and kept a neutral rating, implying modest upside from the current share price.
• Other analysts were also more cautious, with multiple firms lowering targets and Zacks Research downgrading the stock to strong sell; the consensus view is now Hold with an average target of $8.83.
• Goodyear shares fell 5.1% to $6.51 after the update, even though the company recently beat quarterly EPS and revenue estimates, despite year-over-year sales declining 8.7%.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) had its price objective dropped by analysts at Citigroup from $10.00 to $8.00 in a report released on Friday,Benzinga reports. The firm presently has a "neutral" rating on the stock. Citigroup's price objective would suggest a potential upside of 22.89% from the company's current price.

Several other analysts also recently weighed in on the company. JPMorgan Chase & Co. dropped their price target on Goodyear Tire & Rubber from $11.00 to $10.00 and set an "overweight" rating on the stock in a research note on Thursday, April 23rd. TD Cowen dropped their price target on Goodyear Tire & Rubber from $10.00 to $9.00 and set a "buy" rating on the stock in a research note on Wednesday, April 15th. Deutsche Bank Aktiengesellschaft dropped their price target on Goodyear Tire & Rubber from $12.00 to $9.00 and set a "buy" rating on the stock in a research note on Thursday, April 16th. Finally, Zacks Research downgraded Goodyear Tire & Rubber from a "hold" rating to a "strong sell" rating in a research note on Wednesday. Three research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Goodyear Tire & Rubber has an average rating of "Hold" and an average price target of $8.83.

Goodyear Tire & Rubber Stock Down 5.1%

GT stock traded down $0.35 on Friday, hitting $6.51. 8,172,721 shares of the company's stock were exchanged, compared to its average volume of 7,651,746. Goodyear Tire & Rubber has a 12-month low of $6.14 and a 12-month high of $12.03. The firm has a 50 day moving average price of $7.04 and a two-hundred day moving average price of $8.06. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.54 and a current ratio of 1.06. The stock has a market cap of $1.87 billion, a P/E ratio of -0.90, a price-to-earnings-growth ratio of 0.67 and a beta of 1.17.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($0.44) by $0.05. Goodyear Tire & Rubber had a positive return on equity of 0.88% and a negative net margin of 11.64%.The firm had revenue of $3.88 billion for the quarter, compared to the consensus estimate of $3.81 billion. During the same period in the previous year, the business earned ($0.04) EPS. The firm's revenue for the quarter was down 8.7% on a year-over-year basis. As a group, equities research analysts expect that Goodyear Tire & Rubber will post 0.29 EPS for the current fiscal year.

Institutional Trading of Goodyear Tire & Rubber

Several large investors have recently added to or reduced their stakes in GT. Focus Partners Wealth acquired a new position in shares of Goodyear Tire & Rubber in the 3rd quarter valued at about $25,000. EFG International AG acquired a new position in shares of Goodyear Tire & Rubber in the 4th quarter valued at about $26,000. Los Angeles Capital Management LLC acquired a new position in shares of Goodyear Tire & Rubber in the 4th quarter valued at about $26,000. Hantz Financial Services Inc. lifted its holdings in shares of Goodyear Tire & Rubber by 384.8% in the 3rd quarter. Hantz Financial Services Inc. now owns 5,289 shares of the company's stock valued at $40,000 after buying an additional 4,198 shares during the period. Finally, Cloud Capital Management LLC acquired a new position in shares of Goodyear Tire & Rubber in the 3rd quarter valued at about $47,000. Hedge funds and other institutional investors own 84.19% of the company's stock.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company is a leading tire manufacturer and rubber products supplier with more than a century of innovation in its portfolio. Founded in 1898 by Frank Seiberling in Akron, Ohio, the company has grown into a global enterprise known for its engineering expertise and quality standards. Over its history, Goodyear has pioneered advances in tire technology, from early pneumatic designs to modern high-performance and fuel-efficient solutions.

Goodyear's core business encompasses the design, production and distribution of tires for a variety of markets, including passenger cars, commercial trucks, off-the-road vehicles, aircraft and specialty applications.

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