JPMorgan Chase & Co. Reiterates Overweight Rating for Goodyear Tire & Rubber (NASDAQ:GT)

JPMorgan Chase & Co. reissued their overweight rating on shares of Goodyear Tire & Rubber (NASDAQ:GT - Free Report) in a research report report published on Thursday, MarketBeat reports. They currently have a $17.00 price objective on the stock, down from their previous price objective of $18.00.

GT has been the topic of several other research reports. TD Cowen began coverage on shares of Goodyear Tire & Rubber in a research report on Friday, March 7th. They set a "buy" rating and a $14.00 price objective on the stock. Wall Street Zen cut shares of Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a research report on Saturday, May 10th. Argus upgraded shares of Goodyear Tire & Rubber from a "hold" rating to a "buy" rating and set a $12.00 price objective on the stock in a report on Tuesday, February 18th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Goodyear Tire & Rubber from a "hold" rating to a "buy" rating and set a $13.00 price objective on the stock in a report on Monday, March 31st. Three analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $14.00.

Goodyear Tire & Rubber Stock Down 1.6%

Shares of GT traded down $0.18 on Thursday, reaching $10.95. The company's stock had a trading volume of 5,665,060 shares, compared to its average volume of 5,317,250. The company has a current ratio of 1.04, a quick ratio of 0.55 and a debt-to-equity ratio of 1.30. Goodyear Tire & Rubber has a twelve month low of $7.27 and a twelve month high of $12.58. The stock has a market capitalization of $3.13 billion, a PE ratio of 45.63 and a beta of 1.42. The firm has a fifty day moving average of $10.10 and a 200-day moving average of $9.60.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported ($0.04) earnings per share for the quarter, beating analysts' consensus estimates of ($0.06) by $0.02. The firm had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $4.41 billion. Goodyear Tire & Rubber had a net margin of 0.37% and a return on equity of 6.21%. The company's revenue was down 6.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.10 EPS. Equities analysts predict that Goodyear Tire & Rubber will post 1.5 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Bayforest Capital Ltd purchased a new position in shares of Goodyear Tire & Rubber in the 1st quarter worth approximately $407,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Goodyear Tire & Rubber by 2.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 657,411 shares of the company's stock valued at $6,074,000 after acquiring an additional 15,064 shares during the period. United Services Automobile Association acquired a new position in shares of Goodyear Tire & Rubber in the 1st quarter valued at $163,000. Caxton Associates LLP acquired a new position in shares of Goodyear Tire & Rubber in the 1st quarter valued at $1,131,000. Finally, Nexpoint Asset Management L.P. lifted its stake in shares of Goodyear Tire & Rubber by 14.1% in the 1st quarter. Nexpoint Asset Management L.P. now owns 54,900 shares of the company's stock valued at $507,000 after purchasing an additional 6,800 shares during the period. Hedge funds and other institutional investors own 84.19% of the company's stock.

About Goodyear Tire & Rubber

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.