The Goodyear Tire & Rubber Company (NASDAQ:GT) Given Consensus Rating of "Hold" by Brokerages

Key Points

• Analysts maintain a “Hold” consensus on Goodyear Tire & Rubber, with two sell, three hold and two buy ratings. The average 12-month price target is $8.26, though several brokerages recently lowered targets while JPMorgan raised its target to $10.
• Goodyear shares opened at $5.97 and remain near their 52-week low of $5.43. The company reported a quarterly loss of $0.61 per share, slightly better than expectations, while revenue of $4.25 billion declined 4.8% year over year.
• Institutional investors own 84.19% of the stock. Several hedge funds and investment advisers increased their positions, indicating continued institutional interest despite Goodyear’s negative net margin and projected full-year loss.

Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT - Get Free Report) have been given an average rating of "Hold" by the seven ratings firms that are currently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and two have issued a buy recommendation on the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $8.26.

A number of brokerages have recently weighed in on GT. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $7.00 price objective (down from $9.00) on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Citigroup lowered their price target on Goodyear Tire & Rubber from $10.00 to $8.00 and set a "neutral" rating for the company in a research report on Friday, May 8th. Wall Street Zen upgraded Goodyear Tire & Rubber from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 8th. Zacks Research raised Goodyear Tire & Rubber from a "strong sell" rating to a "hold" rating in a report on Monday, July 13th. Finally, JPMorgan Chase & Co. raised their price objective on Goodyear Tire & Rubber from $9.00 to $10.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th.

Goodyear Tire & Rubber Stock Up 2.2%

GT stock opened at $5.97 on Friday. The stock has a market capitalization of $1.72 billion, a PE ratio of -0.68 and a beta of 1.12. Goodyear Tire & Rubber has a 52 week low of $5.43 and a 52 week high of $10.62. The company has a quick ratio of 0.55, a current ratio of 1.09 and a debt-to-equity ratio of 1.92. The firm has a 50 day moving average of $6.61 and a 200 day moving average of $6.97.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.61) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.63) by $0.02. The business had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.19 billion. Goodyear Tire & Rubber had a negative net margin of 14.37% and a negative return on equity of 2.95%. Goodyear Tire & Rubber's revenue for the quarter was down 4.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.17) EPS. Sell-side analysts forecast that Goodyear Tire & Rubber will post -0.43 earnings per share for the current year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Hedge funds and other institutional investors have recently bought and sold shares of the business. Envestnet Asset Management Inc. lifted its stake in Goodyear Tire & Rubber by 6.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company's stock valued at $177,000 after acquiring an additional 1,011 shares during the period. Pin Oak Investment Advisors Inc. boosted its holdings in shares of Goodyear Tire & Rubber by 1.4% in the 4th quarter. Pin Oak Investment Advisors Inc. now owns 75,055 shares of the company's stock valued at $657,000 after acquiring an additional 1,065 shares during the last quarter. Farther Finance Advisors LLC increased its stake in shares of Goodyear Tire & Rubber by 11.5% in the fourth quarter. Farther Finance Advisors LLC now owns 11,181 shares of the company's stock worth $98,000 after acquiring an additional 1,152 shares during the period. Cetera Investment Advisers increased its stake in shares of Goodyear Tire & Rubber by 1.0% in the fourth quarter. Cetera Investment Advisers now owns 131,568 shares of the company's stock worth $1,153,000 after acquiring an additional 1,282 shares during the period. Finally, Advisory Services Network LLC increased its stake in shares of Goodyear Tire & Rubber by 2.8% in the fourth quarter. Advisory Services Network LLC now owns 56,631 shares of the company's stock worth $496,000 after acquiring an additional 1,529 shares during the period. Institutional investors and hedge funds own 84.19% of the company's stock.

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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