Analysts Set The Goodyear Tire & Rubber Company (NASDAQ:GT) PT at $8.54

The Goodyear Tire & Rubber Company (NASDAQ:GT) has been assigned an average recommendation of “Reduce” from the nine ratings firms that are currently covering the firm, MarketBeat.com reports. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $8.5429.

A number of research firms have weighed in on GT. Weiss Ratings reiterated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $7.00 target price (down from $9.00) on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Zacks Research cut shares of Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 6th. Wall Street Zen cut shares of Goodyear Tire & Rubber from a “sell” rating to a “strong sell” rating in a research note on Sunday. Finally, Citigroup dropped their target price on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, May 8th.

Goodyear Tire & Rubber Trading Down 0.5%

Shares of GT stock opened at $5.61 on Thursday. Goodyear Tire & Rubber has a 52-week low of $5.55 and a 52-week high of $12.03. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.51 and a current ratio of 1.04. The company has a 50-day simple moving average of $6.72 and a two-hundred day simple moving average of $8.00. The company has a market capitalization of $1.61 billion, a price-to-earnings ratio of -0.77 and a beta of 1.17.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.05. The business had revenue of $3.88 billion during the quarter, compared to the consensus estimate 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 firm’s quarterly revenue was down 8.7% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.04) EPS. Research analysts anticipate that Goodyear Tire & Rubber will post -0.11 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC boosted its stake in Goodyear Tire & Rubber by 656.0% in the first 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 during the last quarter. California State Teachers Retirement System boosted its stake in Goodyear Tire & Rubber by 23.9% in the first quarter. California State Teachers Retirement System now owns 318,984 shares of the company’s stock valued at $2,115,000 after acquiring an additional 61,492 shares during the last quarter. Readystate Asset Management LP lifted its stake in shares of Goodyear Tire & Rubber by 45.8% during the 1st quarter. Readystate Asset Management LP now owns 2,606,350 shares of the company’s stock valued at $17,280,000 after buying an additional 818,588 shares in the last quarter. Royal Bank of Canada lifted its stake in shares of Goodyear Tire & Rubber by 170.7% during the 1st quarter. Royal Bank of Canada now owns 225,516 shares of the company’s stock valued at $1,496,000 after buying an additional 142,207 shares in the last quarter. Finally, Empowered Funds LLC lifted its stake in shares of Goodyear Tire & Rubber by 5.6% during the 1st quarter. Empowered Funds LLC now owns 1,343,234 shares of the company’s stock valued at $8,906,000 after buying an additional 70,696 shares in the last quarter. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

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.