Goodyear Tire & Rubber (NASDAQ:GT) Receives "Hold" Rating from Deutsche Bank Aktiengesellschaft

Key Points

• Deutsche Bank reiterated a Hold rating on Goodyear Tire & Rubber and lowered its price target to $7.00 from $9.00, implying modest upside from the prior close.
• Recent analyst sentiment has turned more cautious overall, with multiple firms cutting ratings or price targets; MarketBeat shows an average rating of "Reduce" and an average target price of $8.54.
• Goodyear reported a smaller-than-expected quarterly loss of $0.39 per share and revenue of $3.88 billion, but sales still fell 8.7% from a year earlier.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report)'s stock had its "hold" rating reissued by equities researchers at Deutsche Bank Aktiengesellschaft in a research note issued on Monday,Benzinga reports. They presently have a $7.00 target price on the stock, down from their previous target price of $9.00. Deutsche Bank Aktiengesellschaft's price target points to a potential upside of 7.53% from the stock's previous close.

Other equities research analysts have also recently issued reports about the company. Zacks Research cut Goodyear Tire & Rubber from a "hold" rating to a "strong sell" rating in a research note on Wednesday, May 6th. Citigroup lowered their price objective on Goodyear Tire & Rubber from $10.00 to $8.00 and set a "neutral" rating on the stock in a research note on Friday. Wall Street Zen cut Goodyear Tire & Rubber from a "hold" rating to a "sell" rating in a research report on Saturday. JPMorgan Chase & Co. decreased their price target on Goodyear Tire & Rubber from $11.00 to $10.00 and set an "overweight" rating on the stock in a research report on Thursday, April 23rd. Finally, TD Cowen decreased their price target on Goodyear Tire & Rubber from $10.00 to $9.00 and set a "buy" rating on the stock in a research report on Wednesday, April 15th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, Goodyear Tire & Rubber has an average rating of "Reduce" and an average price target of $8.54.

Goodyear Tire & Rubber Stock Performance

Shares of Goodyear Tire & Rubber stock opened at $6.51 on Monday. Goodyear Tire & Rubber has a 52-week low of $6.14 and a 52-week high of $12.03. The stock's 50-day simple moving average is $7.04 and its 200 day simple moving average is $8.06. The stock has a market capitalization of $1.87 billion, a P/E ratio of -0.90, a P/E/G ratio of 0.60 and a beta of 1.17. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.51 and a current ratio of 1.04.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.39) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.44) by $0.05. Goodyear Tire & Rubber had a positive return on equity of 0.93% and a negative net margin of 11.64%.The business had revenue of $3.88 billion for the quarter, compared to analysts' expectations of $3.81 billion. During the same period in the previous year, the business posted ($0.04) EPS. The firm's quarterly revenue was down 8.7% compared to the same quarter last year. As a group, research analysts anticipate that Goodyear Tire & Rubber will post 0.29 EPS for the current year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP increased its position in shares of Goodyear Tire & Rubber by 6.3% during the fourth quarter. Wellington Management Group LLP now owns 28,047,790 shares of the company's stock valued at $245,699,000 after buying an additional 1,666,394 shares during the period. Vanguard Group Inc. increased its position in shares of Goodyear Tire & Rubber by 4.2% in the third quarter. Vanguard Group Inc. now owns 27,950,476 shares of the company's stock worth $209,070,000 after purchasing an additional 1,130,037 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Goodyear Tire & Rubber by 8.9% in the first quarter. Dimensional Fund Advisors LP now owns 16,558,938 shares of the company's stock worth $109,778,000 after purchasing an additional 1,352,085 shares during the last quarter. American Century Companies Inc. increased its position in shares of Goodyear Tire & Rubber by 7.0% in the third quarter. American Century Companies Inc. now owns 12,457,220 shares of the company's stock worth $93,180,000 after purchasing an additional 816,703 shares during the last quarter. Finally, State Street Corp increased its position in shares of Goodyear Tire & Rubber by 0.4% in the fourth quarter. State Street Corp now owns 10,450,140 shares of the company's stock worth $91,543,000 after purchasing an additional 36,786 shares during the last quarter. 84.19% of the stock is currently owned by institutional investors.

Goodyear Tire & Rubber Company Profile

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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