The Goodyear Tire & Rubber Company (NASDAQ:GT) Receives $8.26 Average Price Target from Brokerages

The Goodyear Tire & Rubber Company (NASDAQ:GT) has been assigned a consensus recommendation of “Hold” from the seven ratings firms that are currently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $8.26.

GT has been the topic of several research reports. JPMorgan Chase & Co. raised their target price on Goodyear Tire & Rubber from $9.00 to $10.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Citigroup reduced their price target on shares of 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. Weiss Ratings reiterated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research note on Friday, August 7th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $7.00 price objective (down from $9.00) on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Finally, Zacks Research upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System grew its position in shares of Goodyear Tire & Rubber by 542.1% during the 2nd quarter. California State Teachers Retirement System now owns 2,048,251 shares of the company’s stock valued at $13,518,000 after acquiring an additional 1,729,267 shares during the period. AlphaGrep UK Ltd purchased a new stake in shares of Goodyear Tire & Rubber in the 2nd quarter worth $616,000. Plan A Wealth LLC bought a new position in Goodyear Tire & Rubber in the 2nd quarter worth $89,000. Nykredit A S bought a new position in Goodyear Tire & Rubber in the 2nd quarter worth $27,000. Finally, Ancora Advisors LLC lifted its position in Goodyear Tire & Rubber by 359.4% during the second quarter. Ancora Advisors LLC now owns 11,025 shares of the company’s stock valued at $73,000 after purchasing an additional 8,625 shares in the last quarter. 84.19% of the stock is currently owned by institutional investors.

Goodyear Tire & Rubber Price Performance

NASDAQ GT opened at $6.00 on Friday. The business’s fifty day moving average price is $6.60 and its 200-day moving average price is $6.92. The stock has a market capitalization of $1.73 billion, a price-to-earnings ratio of -0.68 and a beta of 1.12. The company has a debt-to-equity ratio of 1.92, a current ratio of 1.09 and a quick ratio of 0.55. Goodyear Tire & Rubber has a 1-year low of $5.43 and a 1-year high of $10.62.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.61) EPS for the quarter, topping the consensus estimate of ($0.63) by $0.02. The company had revenue of $4.25 billion during the quarter, compared to analyst estimates of $4.19 billion. Goodyear Tire & Rubber had a negative return on equity of 2.95% and a negative net margin of 14.37%.Goodyear Tire & Rubber’s revenue was down 4.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.17) earnings per share. On average, equities analysts predict that Goodyear Tire & Rubber will post -0.43 earnings per share for the current year.

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.