Goodyear Tire & Rubber (NASDAQ:GT) Price Target Cut to $9.00 by Analysts at Citigroup

Goodyear Tire & Rubber (NASDAQ:GT) had its target price decreased by Citigroup from $10.00 to $9.00 in a research note released on Tuesday morning,Benzinga reports. Citigroup currently has a neutral rating on the stock.

A number of other brokerages have also recently commented on GT. Weiss Ratings reiterated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft reduced their price objective on Goodyear Tire & Rubber from $15.00 to $12.00 and set a “buy” rating on the stock in a research note on Monday, August 11th. HSBC reissued a “hold” rating and issued a $9.50 target price (down previously from $15.50) on shares of Goodyear Tire & Rubber in a research note on Wednesday, August 20th. JPMorgan Chase & Co. dropped their target price on Goodyear Tire & Rubber from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Monday, October 20th. Finally, BNP Paribas cut Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Goodyear Tire & Rubber has a consensus rating of “Hold” and a consensus price target of $11.36.

Goodyear Tire & Rubber Stock Down 1.1%

GT stock opened at $7.50 on Tuesday. The company’s 50 day moving average is $7.65 and its 200 day moving average is $9.44. The stock has a market cap of $2.15 billion, a price-to-earnings ratio of 5.28, a price-to-earnings-growth ratio of 2.35 and a beta of 1.32. The company has a current ratio of 1.15, a quick ratio of 0.63 and a debt-to-equity ratio of 1.24. Goodyear Tire & Rubber has a 1-year low of $6.51 and a 1-year high of $12.03.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its earnings results on Monday, November 3rd. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.12. The business had revenue of $4.65 billion during the quarter, compared to analyst estimates of $4.67 billion. Goodyear Tire & Rubber had a net margin of 2.22% and a return on equity of 3.17%. Goodyear Tire & Rubber’s revenue for the quarter was down 3.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.37 earnings per share. Sell-side analysts predict that Goodyear Tire & Rubber will post 1.5 EPS for the current fiscal year.

Institutional Trading of Goodyear Tire & Rubber

Several large investors have recently added to or reduced their stakes in GT. Greenvale Capital LLP purchased a new position in Goodyear Tire & Rubber during the 2nd quarter valued at $106,292,000. Marshall Wace LLP boosted its stake in shares of Goodyear Tire & Rubber by 1,107.5% during the 2nd quarter. Marshall Wace LLP now owns 7,825,605 shares of the company’s stock valued at $81,152,000 after purchasing an additional 7,177,542 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new position in shares of Goodyear Tire & Rubber during the third quarter valued at about $32,301,000. Maple Rock Capital Partners Inc. raised its stake in 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 in the last quarter. Finally, Norges Bank bought a new position in Goodyear Tire & Rubber in the second quarter worth about $29,112,000. Institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Company Profile

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.