JPMorgan Chase & Co. Issues Pessimistic Forecast for Goodyear Tire & Rubber (NASDAQ:GT) Stock Price

Key Points

• JPMorgan Chase & Co. has lowered its price target on Goodyear Tire & Rubber's stock from $15.00 to $14.00, signaling a pessimistic outlook despite maintaining an "overweight" rating.
• Goodyear Tire & Rubber reported a loss of ($0.17) earnings per share for the last quarter, missing expectations and showing a 2.3% decline in revenue compared to the previous year.
• Despite mixed ratings from analysts, including a "sell" from Weiss Ratings, the consensus average target price for the stock stands at $11.50.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) had its price objective decreased by research analysts at JPMorgan Chase & Co. from $15.00 to $14.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 98.86% from the company's previous close.

Other equities research analysts have also issued research reports about the company. Weiss Ratings reissued a "sell (d)" rating on shares of Goodyear Tire & Rubber in a report on Wednesday, October 8th. BNP Paribas Exane reissued a "neutral" rating and issued a $9.00 price objective on shares of Goodyear Tire & Rubber in a report on Friday, August 8th. Deutsche Bank Aktiengesellschaft reduced their target price on Goodyear Tire & Rubber from $15.00 to $12.00 and set a "buy" rating for the company in a report on Monday, August 11th. Citigroup assumed coverage on Goodyear Tire & Rubber in a report on Monday, September 8th. They set a "neutral" rating and a $10.00 target price for the company. Finally, HSBC reaffirmed a "hold" rating and set a $9.50 target price (down previously from $15.50) on shares of Goodyear Tire & Rubber in a report on Wednesday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $11.50.

Goodyear Tire & Rubber Stock Performance

GT traded up $0.18 during trading hours on Monday, hitting $7.04. The stock had a trading volume of 5,458,782 shares, compared to its average volume of 6,892,452. The company's fifty day simple moving average is $8.06 and its 200 day simple moving average is $9.73. Goodyear Tire & Rubber has a 1 year low of $6.51 and a 1 year high of $12.03. The stock has a market cap of $2.01 billion, a PE ratio of 4.96, a price-to-earnings-growth ratio of 1.85 and a beta of 1.28. 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 (NASDAQ:GT - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.31). Goodyear Tire & Rubber had a return on equity of 3.17% and a net margin of 2.22%.The firm had revenue of $4.47 billion during the quarter, compared to analysts' expectations of $4.50 billion. During the same period last year, the business posted $0.19 EPS. The company's revenue was down 2.3% compared to the same quarter last year. Equities analysts anticipate that Goodyear Tire & Rubber will post 1.5 earnings per share for the current year.

Institutional Trading of Goodyear Tire & Rubber

A number of large investors have recently modified their holdings of GT. Nisa Investment Advisors LLC increased its position in Goodyear Tire & Rubber by 3.3% in the first quarter. Nisa Investment Advisors LLC now owns 28,766 shares of the company's stock worth $266,000 after buying an additional 932 shares in the last quarter. Envestnet Asset Management Inc. increased its position in Goodyear Tire & Rubber by 6.3% in the second quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company's stock worth $177,000 after buying an additional 1,011 shares in the last quarter. State of Michigan Retirement System increased its position in Goodyear Tire & Rubber by 1.9% in the second quarter. State of Michigan Retirement System now owns 68,726 shares of the company's stock worth $713,000 after buying an additional 1,300 shares in the last quarter. SummerHaven Investment Management LLC increased its position in Goodyear Tire & Rubber by 1.9% in the second quarter. SummerHaven Investment Management LLC now owns 74,711 shares of the company's stock worth $775,000 after buying an additional 1,393 shares in the last quarter. Finally, John G Ullman & Associates Inc. increased its position in Goodyear Tire & Rubber by 9.1% in the first quarter. John G Ullman & Associates Inc. now owns 18,000 shares of the company's stock worth $166,000 after buying an additional 1,500 shares in the last quarter. Institutional investors own 84.19% of the company's stock.

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.

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