The Goodyear Tire & Rubber Company (NASDAQ:GT) Receives Average Rating of “Reduce” from Brokerages

The Goodyear Tire & Rubber Company (NASDAQ:GT) has been given a consensus recommendation of “Reduce” by the nine ratings firms that are covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $8.5429.

GT has been the subject of a number of research analyst reports. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $10.00 target price on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $7.00 price target (down from $9.00) on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Weiss Ratings restated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Citigroup cut their target price on Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Friday, May 8th. Finally, Zacks Research downgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 6th.

Goodyear Tire & Rubber Trading Up 2.0%

GT opened at $6.59 on Friday. Goodyear Tire & Rubber has a 1-year low of $5.43 and a 1-year high of $11.79. The company has a current ratio of 1.04, a quick ratio of 0.51 and a debt-to-equity ratio of 1.66. The company has a market cap of $1.89 billion, a P/E ratio of -0.91 and a beta of 1.12. The company has a fifty day moving average price of $6.27 and a two-hundred day moving average price of $7.56.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.39) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.05. The firm had revenue of $3.88 billion for the quarter, compared to analyst estimates of $3.81 billion. Goodyear Tire & Rubber had a negative net margin of 11.64% and a positive return on equity of 0.93%. The business’s quarterly revenue was down 8.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.04) earnings per share. Analysts predict that Goodyear Tire & Rubber will post -0.27 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in GT. Focus Partners Wealth bought a new stake in shares of Goodyear Tire & Rubber during the third quarter worth about $25,000. EFG International AG acquired a new stake in shares of Goodyear Tire & Rubber in the 4th quarter worth about $26,000. Los Angeles Capital Management LLC acquired a new stake in shares of Goodyear Tire & Rubber in the 4th quarter worth about $26,000. EverSource Wealth Advisors LLC lifted its position in Goodyear Tire & Rubber by 656.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 6,048 shares of the company’s stock valued at $40,000 after acquiring an additional 5,248 shares in the last quarter. Finally, Parallel Advisors LLC lifted its position in Goodyear Tire & Rubber by 55.5% in the 4th quarter. Parallel Advisors LLC now owns 7,114 shares of the company’s stock valued at $62,000 after acquiring an additional 2,538 shares in the last quarter. 84.19% of the stock is currently owned by institutional investors and hedge funds.

About Goodyear Tire & Rubber

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.