Goodyear Tire & Rubber (NASDAQ:GT) Price Target Cut to $9.00 by Analysts at TD Cowen

Key Points

• TD Cowen cut its price target on Goodyear to $9.00 (from $10.00) while keeping a "buy" rating, a level that implies roughly a 32.5% upside from the prior close.
• Goodyear shares recently traded around $6.80 with a market cap near $1.95 billion after reporting quarterly EPS of $0.39 (missed consensus $0.45) and revenue of $4.92 billion, and the company reported a negative net margin of -9.41%.
• Analyst coverage is mixed—three Buy, four Hold and two Sell—leaving a MarketBeat consensus of Hold and an average price target of $10.11.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) had its price target cut by research analysts at TD Cowen from $10.00 to $9.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. TD Cowen's price target indicates a potential upside of 32.45% from the stock's previous close.

Other equities analysts also recently issued research reports about the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Goodyear Tire & Rubber in a research report on Monday, December 29th. Zacks Research downgraded Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research report on Friday, February 6th. Finally, Citigroup boosted their price target on Goodyear Tire & Rubber from $9.00 to $10.00 and gave the stock a "neutral" rating in a research report on Thursday, February 12th. Three analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $10.11.

Goodyear Tire & Rubber Stock Down 0.7%

GT traded down $0.05 during trading on Wednesday, reaching $6.80. 2,696,689 shares of the stock were exchanged, compared to its average volume of 7,400,403. The stock has a market cap of $1.95 billion, a P/E ratio of -1.14, a price-to-earnings-growth ratio of 0.30 and a beta of 1.18. Goodyear Tire & Rubber has a twelve month low of $6.14 and a twelve month high of $12.03. The stock's 50 day moving average price is $7.75 and its two-hundred day moving average price is $8.07. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.54 and a current ratio of 1.06.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last issued its earnings results on Monday, February 9th. The company reported $0.39 earnings per share for the quarter, missing analysts' consensus estimates of $0.45 by ($0.06). The firm had revenue of $4.92 billion for the quarter, compared to analyst estimates of $4.85 billion. Goodyear Tire & Rubber had a positive return on equity of 3.21% and a negative net margin of 9.41%.Goodyear Tire & Rubber's quarterly revenue was down .6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.39 earnings per share. Equities analysts expect that Goodyear Tire & Rubber will post 1.5 EPS for the current year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Several institutional investors and hedge funds have recently modified their holdings of GT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Goodyear Tire & Rubber by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 169,601 shares of the company's stock valued at $1,567,000 after purchasing an additional 7,453 shares during the last quarter. United Services Automobile Association acquired a new position in shares of Goodyear Tire & Rubber in the first quarter valued at $163,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Goodyear Tire & Rubber by 2.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 657,411 shares of the company's stock valued at $6,074,000 after purchasing an additional 15,064 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in Goodyear Tire & Rubber by 6.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company's stock valued at $177,000 after buying an additional 1,011 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in Goodyear Tire & Rubber by 23.4% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 15,060 shares of the company's stock worth $156,000 after buying an additional 2,855 shares during the period. 84.19% of the stock is currently owned by institutional investors and hedge funds.

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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