Goodyear Tire & Rubber (NASDAQ:GT) Given Hold Rating at HSBC

Key Points

• HSBC has reiterated its "hold" rating for Goodyear Tire & Rubber with a revised price target of $9.50, down from $15.50, indicating an 11.76% potential upside.
• Goodyear recently reported a loss of $0.17 earnings per share for the last quarter, missing the consensus estimate of $0.14, and its revenue decreased by 2.3% year-over-year.
• A majority of analysts maintain a "hold" or "buy" rating for Goodyear, with a consensus target price of $12.25 given by MarketBeat.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report)'s stock had its "hold" rating reissued by equities researchers at HSBC in a report released on Wednesday, Marketbeat reports. They currently have a $9.50 target price on the stock, down from their prior target price of $15.50. HSBC's target price indicates a potential upside of 9.83% from the stock's current price.

A number of other research analysts have also issued reports on GT. JPMorgan Chase & Co. reiterated an "overweight" rating and set a $17.00 price target (down previously from $18.00) on shares of Goodyear Tire & Rubber in a research report on Thursday, May 22nd. BNP Paribas downgraded Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 8th. Deutsche Bank Aktiengesellschaft dropped their price objective on Goodyear Tire & Rubber from $15.00 to $12.00 and set a "buy" rating on the stock in a research note on Monday, August 11th. Wall Street Zen downgraded Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a research note on Saturday, May 10th. Finally, BNP Paribas Exane reissued a "neutral" rating and issued a $9.00 price objective on shares of Goodyear Tire & Rubber in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $12.25.

Goodyear Tire & Rubber Stock Performance

Shares of GT traded up $0.40 during mid-day trading on Wednesday, hitting $8.65. The stock had a trading volume of 9,535,911 shares, compared to its average volume of 9,518,539. The company has a market cap of $2.47 billion, a PE ratio of 6.09, a PEG ratio of 0.73 and a beta of 1.37. The company's fifty day simple moving average is $10.21 and its two-hundred day simple moving average is $10.08. The company has a quick ratio of 0.63, a current ratio of 1.15 and a debt-to-equity ratio of 1.24. Goodyear Tire & Rubber has a fifty-two week low of $7.27 and a fifty-two week high of $12.03.

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

Institutional Investors Weigh In On Goodyear Tire & Rubber

Several hedge funds and other institutional investors have recently made changes to their positions in GT. GAMMA Investing LLC grew its stake in shares of Goodyear Tire & Rubber by 147.5% during the first quarter. GAMMA Investing LLC now owns 2,809 shares of the company's stock worth $26,000 after purchasing an additional 1,674 shares during the period. Solstein Capital LLC acquired a new stake in shares of Goodyear Tire & Rubber during the second quarter worth $26,000. UMB Bank n.a. grew its stake in shares of Goodyear Tire & Rubber by 125.9% during the first quarter. UMB Bank n.a. now owns 3,136 shares of the company's stock worth $29,000 after purchasing an additional 1,748 shares during the period. Ameritas Advisory Services LLC acquired a new stake in shares of Goodyear Tire & Rubber during the second quarter worth $29,000. Finally, Caitong International Asset Management Co. Ltd grew its stake in shares of Goodyear Tire & Rubber by 3,894.3% during the second quarter. Caitong International Asset Management Co. Ltd now owns 2,796 shares of the company's stock worth $29,000 after purchasing an additional 2,726 shares during the period. 84.19% of the stock is owned by institutional investors and hedge funds.

Goodyear Tire & Rubber Company Profile

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.