The Goodyear Tire & Rubber Company (NASDAQ:GT) Earns “Buy” Rating from Morgan Stanley

The Goodyear Tire & Rubber Company (NASDAQ:GT)‘s stock had its “buy” rating restated by research analysts at Morgan Stanley in a research note issued to investors on Monday, September 11th. They currently have a $46.00 price objective on the stock. Morgan Stanley’s price objective would indicate a potential upside of 41.71% from the company’s current price.

Other analysts also recently issued research reports about the stock. ValuEngine downgraded shares of The Goodyear Tire & Rubber from a “strong-buy” rating to a “buy” rating in a report on Friday, July 28th. Jefferies Group LLC set a $39.00 target price on shares of The Goodyear Tire & Rubber and gave the stock a “buy” rating in a research report on Saturday, July 29th. CLSA started coverage on shares of The Goodyear Tire & Rubber in a research report on Wednesday, June 21st. They set a “buy” rating and a $39.00 target price for the company. Guggenheim started coverage on shares of The Goodyear Tire & Rubber in a research report on Wednesday, June 21st. They set a “buy” rating and a $39.00 target price for the company. Finally, Goldman Sachs Group, Inc. (The) set a $29.00 price objective on shares of The Goodyear Tire & Rubber and gave the company a “hold” rating in a research report on Tuesday, August 1st. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $38.22.

The Goodyear Tire & Rubber (NASDAQ:GT) opened at 32.33 on Monday. The company has a market cap of $8.14 billion, a PE ratio of 7.04 and a beta of 1.54. The Goodyear Tire & Rubber has a 12-month low of $26.82 and a 12-month high of $37.20. The firm has a 50 day moving average price of $30.81 and a 200 day moving average price of $33.87.

The Goodyear Tire & Rubber (NASDAQ:GT) last announced its earnings results on Friday, July 28th. The company reported $0.70 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.75 by ($0.05). The firm had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $3.70 billion. The Goodyear Tire & Rubber had a net margin of 7.95% and a return on equity of 18.94%. The business’s revenue for the quarter was down 5.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.16 EPS. On average, analysts anticipate that The Goodyear Tire & Rubber will post $3.04 earnings per share for the current fiscal year.

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In other news, insider Stephen R. Mcclellan sold 6,250 shares of the business’s stock in a transaction on Monday, July 10th. The shares were sold at an average price of $35.46, for a total transaction of $221,625.00. Following the sale, the insider now owns 71,849 shares in the company, valued at approximately $2,547,765.54. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jean Claude Kihn sold 7,500 shares of the business’s stock in a transaction on Monday, September 18th. The shares were sold at an average price of $32.44, for a total transaction of $243,300.00. Following the sale, the insider now owns 74,348 shares in the company, valued at approximately $2,411,849.12. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,251 shares of company stock worth $480,041. 1.40% of the stock is owned by insiders.

Several hedge funds have recently made changes to their positions in the company. Achmea Investment Management B.V. boosted its holdings in shares of The Goodyear Tire & Rubber by 20.5% during the 2nd quarter. Achmea Investment Management B.V. now owns 36,009 shares of the company’s stock valued at $1,257,000 after buying an additional 6,136 shares in the last quarter. Toronto Dominion Bank boosted its stake in The Goodyear Tire & Rubber by 24.6% in the 2nd quarter. Toronto Dominion Bank now owns 87,296 shares of the company’s stock worth $3,051,000 after purchasing an additional 17,256 shares in the last quarter. Cetera Investment Advisers bought a new position in The Goodyear Tire & Rubber in the 2nd quarter worth about $569,000. U S Global Investors Inc. boosted its stake in The Goodyear Tire & Rubber by 9.0% in the 2nd quarter. U S Global Investors Inc. now owns 33,800 shares of the company’s stock worth $1,182,000 after purchasing an additional 2,800 shares in the last quarter. Finally, Walthausen & Co. LLC bought a new position in The Goodyear Tire & Rubber in the 2nd quarter worth about $6,498,000. Hedge funds and other institutional investors own 90.33% of the company’s stock.

The Goodyear Tire & Rubber Company Profile

The Goodyear Tire & Rubber Company is a manufacturer of tires. The Company operates through three segments. The Americas segment develops, manufactures, distributes and sells tires and related products and services in North, Central and South America, and sells tires to various export markets. The Americas segment manufactures and sells tires for automobiles, trucks, buses, earthmoving, mining and industrial equipment, aircraft and for various other applications.

Analyst Recommendations for The Goodyear Tire & Rubber (NASDAQ:GT)

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