HSBC Trims Goodyear Tire & Rubber (NASDAQ:GT) Target Price to $15.90

Goodyear Tire & Rubber (NASDAQ:GT) had its price objective reduced by stock analysts at HSBC from $16.80 to $15.90 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. HSBC’s target price would indicate a potential upside of 26.90% from the company’s previous close.

Separately, StockNews.com raised shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a report on Wednesday, February 21st. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Goodyear Tire & Rubber currently has an average rating of “Moderate Buy” and an average target price of $16.98.

Goodyear Tire & Rubber Stock Performance

NASDAQ GT traded up $0.11 during mid-day trading on Wednesday, reaching $12.53. 2,004,661 shares of the stock were exchanged, compared to its average volume of 3,646,062. Goodyear Tire & Rubber has a 1 year low of $10.94 and a 1 year high of $16.50. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.55 and a current ratio of 1.07. The business’s 50 day moving average is $12.51 and its 200-day moving average is $13.16. The company has a market capitalization of $3.56 billion, a P/E ratio of -5.12 and a beta of 1.86.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings data on Monday, May 6th. The company reported $0.10 EPS for the quarter. The company had revenue of $4.50 billion for the quarter, compared to analyst estimates of $4.78 billion. Goodyear Tire & Rubber had a positive return on equity of 1.16% and a negative net margin of 3.43%. Goodyear Tire & Rubber’s quarterly revenue was down 8.9% compared to the same quarter last year. During the same period last year, the company earned ($0.29) earnings per share. On average, equities research analysts forecast that Goodyear Tire & Rubber will post 1.06 EPS for the current fiscal year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Inspire Investing LLC increased its position in shares of Goodyear Tire & Rubber by 3.0% during the third quarter. Inspire Investing LLC now owns 28,396 shares of the company’s stock worth $353,000 after purchasing an additional 818 shares in the last quarter. Retirement Systems of Alabama lifted its stake in Goodyear Tire & Rubber by 0.3% in the first quarter. Retirement Systems of Alabama now owns 356,065 shares of the company’s stock valued at $4,889,000 after buying an additional 935 shares during the last quarter. Advisor Partners II LLC grew its position in shares of Goodyear Tire & Rubber by 8.9% during the third quarter. Advisor Partners II LLC now owns 13,743 shares of the company’s stock worth $171,000 after acquiring an additional 1,127 shares during the last quarter. Arizona State Retirement System increased its holdings in shares of Goodyear Tire & Rubber by 1.4% in the 3rd quarter. Arizona State Retirement System now owns 80,701 shares of the company’s stock valued at $1,003,000 after acquiring an additional 1,138 shares during the period. Finally, B. Riley Wealth Advisors Inc. raised its position in Goodyear Tire & Rubber by 3.7% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 36,041 shares of the company’s stock valued at $448,000 after purchasing an additional 1,277 shares during the last quarter. 84.19% of the stock is owned by institutional investors and hedge funds.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company, together with its subsidiaries, develops, manufactures, distributes, and sells tires and related products and services worldwide. It offers various lines of rubber tires for automobiles, trucks, buses, aircraft, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and other applications under the Goodyear, Cooper, Dunlop, Kelly, Mastercraft, Roadmaster, Debica, Sava, Fulda, Mickey Thompson, Avon, and Remington brands and various house brands, as well as under the private-label brands.