The Goodyear Tire & Rubber Company (NASDAQ:GT) Stock Has Average Target Price of $8.06

Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) have earned a consensus recommendation of “Hold” from the seven brokerages that are presently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating on the company. The average 12-month price target among analysts that have covered the stock in the last year is $8.06.

Several brokerages have recently weighed in on GT. Wall Street Zen raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Zacks Research raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. JPMorgan Chase & Co. cut their price objective on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set an “overweight” rating for the company in a research report on Friday, October 2nd. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research note on Friday, August 7th.

Institutional Trading of Goodyear Tire & Rubber

Several hedge funds have recently made changes to their positions in the company. SummerHaven Investment Management LLC boosted its stake in Goodyear Tire & Rubber by 25.3% during the third quarter. SummerHaven Investment Management LLC now owns 71,697 shares of the company’s stock worth $356,000 after buying an additional 14,480 shares during the period. Vontobel Holding Ltd. increased its position in shares of Goodyear Tire & Rubber by 19.0% during the third quarter. Vontobel Holding Ltd. now owns 584,409 shares of the company’s stock valued at $2,905,000 after acquiring an additional 93,269 shares during the last quarter. Assenagon Asset Management S.A. increased its position in shares of Goodyear Tire & Rubber by 454.8% during the third quarter. Assenagon Asset Management S.A. now owns 615,374 shares of the company’s stock valued at $3,058,000 after acquiring an additional 504,458 shares during the last quarter. State of Alaska Department of Revenue raised its stake in shares of Goodyear Tire & Rubber by 7.0% in the 3rd quarter. State of Alaska Department of Revenue now owns 48,366 shares of the company’s stock valued at $240,000 after acquiring an additional 3,161 shares during the period. Finally, Plan A Wealth LLC raised its stake in shares of Goodyear Tire & Rubber by 22.5% in the 3rd quarter. Plan A Wealth LLC now owns 16,538 shares of the company’s stock valued at $82,000 after acquiring an additional 3,041 shares during the period. Hedge funds and other institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Stock Performance

NASDAQ GT opened at $4.29 on Friday. The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.55 and a current ratio of 1.09. The stock’s fifty day moving average is $5.46 and its two-hundred day moving average is $6.18. The firm has a market capitalization of $1.24 billion, a P/E ratio of -0.49 and a beta of 1.22. Goodyear Tire & Rubber has a fifty-two week low of $4.24 and a fifty-two week high of $10.62.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its earnings results on Wednesday, August 5th. The company reported ($0.61) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.02. Goodyear Tire & Rubber had a negative return on equity of 2.95% and a negative net margin of 14.37%. The business had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $4.19 billion. During the same period last year, the company earned ($0.17) EPS. The company’s revenue for the quarter was down 4.8% on a year-over-year basis. On average, research analysts anticipate that Goodyear Tire & Rubber will post -0.48 earnings per share for the current year.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company (NASDAQ: GT) is a global tire manufacturer headquartered in Akron, Ohio. Founded in 1898, the company develops, produces, markets and distributes tires for passenger vehicles, trucks, buses, aircraft, motorcycles, off-road vehicles and other applications.

Goodyear serves original-equipment and replacement markets through a portfolio of tire brands that includes Goodyear and Cooper, along with related products and services. Its offerings are sold through tire dealers, automotive retailers, distributors and other commercial channels, as well as to vehicle manufacturers.

The company operates across North America, Europe and other international markets.