Citigroup Forecasts Strong Price Appreciation for Goodyear Tire & Rubber (NASDAQ:GT) Stock

Goodyear Tire & Rubber (NASDAQ:GT) had its target price lifted by investment analysts at Citigroup from $9.00 to $10.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s price target would suggest a potential upside of 5.93% from the company’s current price.

A number of other brokerages also recently weighed in on GT. Zacks Research downgraded Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 6th. JPMorgan Chase & Co. decreased their price target on shares of Goodyear Tire & Rubber from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Monday, October 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Goodyear Tire & Rubber in a research report on Monday, December 29th. Finally, Morgan Stanley boosted their price objective on shares of Goodyear Tire & Rubber from $6.88 to $7.30 and gave the stock an “underweight” rating in a research note on Friday, November 28th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $10.98.

Goodyear Tire & Rubber Stock Performance

Shares of GT stock opened at $9.44 on Thursday. The firm has a market cap of $2.70 billion, a price-to-earnings ratio of -1.58, a PEG ratio of 0.70 and a beta of 1.18. Goodyear Tire & Rubber has a 52-week low of $6.51 and a 52-week high of $12.03. The company has a quick ratio of 0.71, a current ratio of 1.06 and a debt-to-equity ratio of 1.57. The company’s 50 day moving average is $9.19 and its 200 day moving average is $8.49.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its earnings results on Monday, February 9th. The company reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.06). Goodyear Tire & Rubber had a positive return on equity of 3.21% and a negative net margin of 9.41%.The company had revenue of $4.92 billion for the quarter, compared to analysts’ expectations of $4.85 billion. During the same quarter in the prior year, the company earned $0.39 EPS. The firm’s quarterly revenue was down .6% on a year-over-year basis. On average, sell-side analysts anticipate that Goodyear Tire & Rubber will post 1.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Kestra Advisory Services LLC grew its stake in Goodyear Tire & Rubber by 5.2% during the 4th quarter. Kestra Advisory Services LLC now owns 46,511 shares of the company’s stock valued at $407,000 after purchasing an additional 2,294 shares during the last quarter. Ontario Teachers Pension Plan Board purchased a new position in shares of Goodyear Tire & Rubber in the fourth quarter worth about $1,169,000. LM Asset Management Inc. lifted its holdings in shares of Goodyear Tire & Rubber by 229.4% during the fourth quarter. LM Asset Management Inc. now owns 1,680,000 shares of the company’s stock worth $14,717,000 after purchasing an additional 1,170,000 shares during the period. Quinn Opportunity Partners LLC boosted its position in Goodyear Tire & Rubber by 15.0% in the fourth quarter. Quinn Opportunity Partners LLC now owns 924,540 shares of the company’s stock valued at $8,099,000 after buying an additional 120,623 shares during the last quarter. Finally, Pin Oak Investment Advisors Inc. boosted its position in Goodyear Tire & Rubber by 1.4% in the fourth quarter. Pin Oak Investment Advisors Inc. now owns 75,055 shares of the company’s stock valued at $657,000 after buying an additional 1,065 shares during the last quarter. Hedge funds and other institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Company Profile

The Goodyear Tire & Rubber Company is a leading tire manufacturer and rubber products supplier with more than a century of innovation in its portfolio. Founded in 1898 by Frank Seiberling in Akron, Ohio, the company has grown into a global enterprise known for its engineering expertise and quality standards. Over its history, Goodyear has pioneered advances in tire technology, from early pneumatic designs to modern high-performance and fuel-efficient solutions.

Goodyear’s core business encompasses the design, production and distribution of tires for a variety of markets, including passenger cars, commercial trucks, off-the-road vehicles, aircraft and specialty applications.