The Goodyear Tire & Rubber Company (NASDAQ:GT) Receives Consensus Rating of "Moderate Buy" from Brokerages

Key Points

• The Goodyear Tire & Rubber Company has received a consensus rating of "Moderate Buy" from nine brokerages, with an average 12-month price objective of $11.93.
• Goodyear reported a loss of $0.17 EPS for the last quarter, missing expectations, and had a revenue of $4.47 billion, which is down 2.3% year-over-year.
• Significant institutional investments have increased recently, with hedge funds now owning approximately 84.19% of the company's stock.

The Goodyear Tire & Rubber Company (NASDAQ:GT - Get Free Report) has received an average recommendation of "Moderate Buy" from the nine brokerages that are covering the firm, MarketBeat reports. Five research analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $11.9286.

A number of equities research analysts recently weighed in on GT shares. BNP Paribas cut Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 8th. Hsbc Global Res lowered shares of Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 20th. Citigroup initiated coverage on shares of Goodyear Tire & Rubber in a research report on Monday, September 8th. They set a "neutral" rating and a $10.00 price target for the company. HSBC reissued a "hold" rating and set a $9.50 target price (down previously from $15.50) on shares of Goodyear Tire & Rubber in a research report on Wednesday, August 20th. Finally, BNP Paribas Exane reissued a "neutral" rating and set a $9.00 target price on shares of Goodyear Tire & Rubber in a research report on Friday, August 8th.

Goodyear Tire & Rubber Price Performance

Shares of GT opened at $7.48 on Wednesday. The company has a 50 day moving average price of $8.88 and a 200-day moving average price of $9.92. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.63 and a current ratio of 1.15. The stock has a market capitalization of $2.14 billion, a PE ratio of 5.27, a PEG ratio of 0.91 and a beta of 1.37. Goodyear Tire & Rubber has a fifty-two week low of $7.41 and a fifty-two week high of $12.03.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.17) earnings per share 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 analysts' expectations of $4.50 billion. Goodyear Tire & Rubber had a return on equity of 3.17% and a net margin of 2.22%.The firm's quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.19 EPS. Equities analysts predict that Goodyear Tire & Rubber will post 1.5 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Greenvale Capital LLP purchased a new position in shares of Goodyear Tire & Rubber in the 2nd quarter valued at approximately $106,292,000. Marshall Wace LLP raised its holdings in shares of Goodyear Tire & Rubber by 1,107.5% in the second quarter. Marshall Wace LLP now owns 7,825,605 shares of the company's stock worth $81,152,000 after buying an additional 7,177,542 shares during the last quarter. Maple Rock Capital Partners Inc. raised its holdings in shares of Goodyear Tire & Rubber by 215.6% in the second quarter. Maple Rock Capital Partners Inc. now owns 5,561,846 shares of the company's stock worth $57,676,000 after buying an additional 3,799,383 shares during the last quarter. Norges Bank purchased a new position in shares of Goodyear Tire & Rubber in the second quarter worth $29,112,000. Finally, Ensign Peak Advisors Inc raised its holdings in shares of Goodyear Tire & Rubber by 2,327.9% in the second quarter. Ensign Peak Advisors Inc now owns 2,578,433 shares of the company's stock worth $26,738,000 after buying an additional 2,472,231 shares during the last quarter. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

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.

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