Goodyear Tire & Rubber (NASDAQ:GT) Stock Gets Price Target Cut from Citigroup

Goodyear Tire & Rubber (NASDAQ:GT) had its price objective decreased by Citigroup from $8.00 to $5.00 in a research note published on Monday morning,Benzinga reports. Citigroup currently has a neutral rating on the stock.

GT has been the topic of several other reports. JPMorgan Chase & Co. cut their price objective on Goodyear Tire & Rubber from $10.00 to $9.00 and set an “overweight” rating on the stock in a research report on Friday, October 2nd. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research report on Wednesday, November 4th. Wall Street Zen upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Finally, Zacks Research cut shares of Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research report on Friday, October 16th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Goodyear Tire & Rubber presently has a consensus rating of “Reduce” and an average price target of $7.46.

Goodyear Tire & Rubber Stock Performance

GT opened at $4.02 on Monday. The firm’s 50-day moving average price is $4.82 and its 200 day moving average price is $6.47. The company has a current ratio of 1.12, a quick ratio of 0.59 and a debt-to-equity ratio of 2.16. The firm has a market capitalization of $1.16 billion, a PE ratio of -1.98 and a beta of 1.22. Goodyear Tire & Rubber has a twelve month low of $3.85 and a twelve month high of $10.62.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Wednesday, November 4th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.05). The business had revenue of $4.54 billion during the quarter, compared to analysts’ expectations of $4.59 billion. Goodyear Tire & Rubber had a negative net margin of 3.33% and a negative return on equity of 6.69%. The business’s quarterly revenue was down 2.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.28 EPS. As a group, sell-side analysts expect that Goodyear Tire & Rubber will post -1.20 EPS for the current fiscal year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. WINTON GROUP Ltd purchased a new stake in Goodyear Tire & Rubber in the 2nd quarter worth about $1,560,000. Bank of America Corp DE acquired a new stake in shares of Goodyear Tire & Rubber in the 2nd quarter worth $17,313,000. Canada Pension Plan Investment Board acquired a new stake in Goodyear Tire & Rubber during the 2nd quarter worth $78,278,000. Cibc World Market Inc. purchased a new stake in shares of Goodyear Tire & Rubber in the 2nd quarter valued at about $18,676,000. Finally, Legal & General Group Plc acquired a new stake in shares of Goodyear Tire & Rubber during the 2nd quarter worth about $3,050,000. 84.19% of the stock is owned by hedge funds and other institutional investors.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company is a global manufacturer of tires and related products and services. Founded in Akron, Ohio, in 1898, the company makes tires for passenger and light trucks, commercial vehicles, aircraft, and off-road equipment, as well as for original-equipment and replacement markets. Goodyear sells products under brands including Goodyear and Cooper. Its tire-related offerings also include retreading, vehicle and fleet services, and solutions for commercial customers. The company serves customers across markets around the world and is headquartered in Akron, Ohio.