JPMorgan Chase & Co. Has Lowered Expectations for Goodyear Tire & Rubber (NASDAQ:GT) Stock Price

Key Points

• JPMorgan Chase cut its Goodyear target from $11 to $10 but kept an "overweight" rating, with the new target implying roughly a 41.54% upside from the prior close.
• Analyst consensus is a Hold with an average target of $9.11 (3 Buys, 4 Holds, 2 Sells); GT trades around $7.07, near its 12‑month low and with a market cap of about $2.02B.
• In the most recent quarter Goodyear reported $0.39 EPS (missing the $0.45 estimate) and a negative net margin (~9.41%), contributing to a negative P/E and continued profitability concerns despite a slight revenue beat.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) had its target price reduced by analysts at JPMorgan Chase & Co. from $11.00 to $10.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 41.54% from the company's previous close.

GT has been the topic of a number of other research reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Goodyear Tire & Rubber in a report on Monday, December 29th. TD Cowen decreased their target price 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. Zacks Research downgraded Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research note on Friday, February 6th. Deutsche Bank Aktiengesellschaft dropped their target price on Goodyear Tire & Rubber from $12.00 to $9.00 and set a "buy" rating for the company in a report on Thursday, April 16th. Finally, Citigroup increased their target price on Goodyear Tire & Rubber from $9.00 to $10.00 and gave the stock a "neutral" rating in a research note on Thursday, February 12th. Three investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Goodyear Tire & Rubber has an average rating of "Hold" and a consensus target price of $9.11.

Goodyear Tire & Rubber Stock Performance

NASDAQ GT traded down $0.03 during trading hours on Thursday, hitting $7.07. The company's stock had a trading volume of 4,981,242 shares, compared to its average volume of 7,531,505. Goodyear Tire & Rubber has a 12 month low of $6.14 and a 12 month high of $12.03. The company's 50 day simple moving average is $7.39 and its two-hundred day simple moving average is $8.05. The company has a market cap of $2.02 billion, a P/E ratio of -1.18, a price-to-earnings-growth ratio of 0.40 and a beta of 1.18. The company has a debt-to-equity ratio of 1.57, a current ratio of 1.06 and a quick ratio of 0.54.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last released its quarterly earnings data on Monday, February 9th. The company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.06). Goodyear Tire & Rubber had a positive return on equity of 3.21% and a negative net margin of 9.41%.The business had revenue of $4.92 billion during the quarter, compared to the consensus estimate of $4.85 billion. During the same quarter in the previous year, the business posted $0.39 earnings per share. Goodyear Tire & Rubber's quarterly revenue was down .6% compared to the same quarter last year. As a group, sell-side analysts expect that Goodyear Tire & Rubber will post 0.47 EPS for the current fiscal year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

A number of institutional investors have recently added to or reduced their stakes in GT. Focus Partners Wealth acquired a new stake in Goodyear Tire & Rubber during the third quarter worth $25,000. EFG International AG acquired a new position in Goodyear Tire & Rubber during the 4th quarter worth $26,000. Los Angeles Capital Management LLC purchased a new stake in Goodyear Tire & Rubber during the 4th quarter worth about $26,000. Hantz Financial Services Inc. lifted its holdings in Goodyear Tire & Rubber by 384.8% during the 3rd quarter. Hantz Financial Services Inc. now owns 5,289 shares of the company's stock worth $40,000 after buying an additional 4,198 shares during the last quarter. Finally, Cloud Capital Management LLC purchased a new stake in Goodyear Tire & Rubber during the 3rd quarter worth 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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