Goodyear Tire & Rubber (NASDAQ:GT) Price Target Raised to $10.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan raised Goodyear’s price target from $9 to $10 and maintained an “overweight” rating, implying roughly 52% upside from the reported $6.57 share price.
• Analyst sentiment remains mixed: Goodyear has a consensus “Hold” rating from nine analysts, with an average price target of $8.54.
• Goodyear reported quarterly revenue of $4.25 billion and an adjusted loss of $0.61 per share, slightly beating estimates, though revenue declined 4.8% year over year and the stock fell 2.9% in Friday trading.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) had its target price boosted by research analysts at JPMorgan Chase & Co. from $9.00 to $10.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 52.32% from the stock's current price.

GT has been the topic of a number of other reports. TD Cowen cut their price target on Goodyear Tire & Rubber from $10.00 to $9.00 and set a "buy" rating on the stock in a report on Wednesday, April 15th. Zacks Research raised Goodyear Tire & Rubber from a "strong sell" rating to a "hold" rating in a research report on Monday, July 13th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $7.00 target price (down from $9.00) on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Citigroup decreased their price target on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a "neutral" rating for the company in a research note on Friday, May 8th. Finally, Wall Street Zen upgraded shares of Goodyear Tire & Rubber from a "strong sell" rating to a "sell" rating in a report on Saturday, June 6th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $8.54.

Goodyear Tire & Rubber Trading Down 2.9%

Shares of NASDAQ:GT traded down $0.20 during midday trading on Friday, hitting $6.57. The company had a trading volume of 2,756,554 shares, compared to its average volume of 8,583,915. The company has a current ratio of 1.04, a quick ratio of 0.51 and a debt-to-equity ratio of 1.66. Goodyear Tire & Rubber has a 12 month low of $5.43 and a 12 month high of $10.62. The firm has a fifty day simple moving average of $6.58 and a 200 day simple moving average of $7.21. The stock has a market cap of $1.89 billion, a price-to-earnings ratio of -0.74 and a beta of 1.12.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.61) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.63) by $0.02. The company had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $4.11 billion. Goodyear Tire & Rubber had a negative return on equity of 2.89% and a negative net margin of 14.37%.The company's revenue for the quarter was down 4.8% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.17) earnings per share. On average, analysts predict that Goodyear Tire & Rubber will post -0.26 EPS for the current year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

A number of hedge funds and other institutional investors have recently modified their holdings of GT. AQR Capital Management LLC raised its position in Goodyear Tire & Rubber by 151.8% during the fourth quarter. AQR Capital Management LLC now owns 9,764,853 shares of the company's stock valued at $85,540,000 after purchasing an additional 5,886,935 shares in the last quarter. Wellington Management Group LLP increased its position in Goodyear Tire & Rubber by 11.9% during the 3rd quarter. Wellington Management Group LLP now owns 26,381,396 shares of the company's stock worth $197,333,000 after purchasing an additional 2,796,332 shares in the last quarter. Bridgeway Capital Management LLC acquired a new position in shares of Goodyear Tire & Rubber during the third quarter worth $15,280,000. Bank of New York Mellon Corp acquired a new position in Goodyear Tire & Rubber in the 2nd quarter worth about $11,378,000. Finally, Morgan Stanley grew its holdings in shares of Goodyear Tire & Rubber by 32.3% during the fourth quarter. Morgan Stanley now owns 6,796,576 shares of the company's stock worth $59,538,000 after purchasing an additional 1,660,963 shares during the last quarter. Institutional investors and hedge funds 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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