JPMorgan Chase & Co. Cuts Goodyear Tire & Rubber (NASDAQ:GT) Price Target to $9.00

Goodyear Tire & Rubber (NASDAQ:GT) had its target price decreased by JPMorgan Chase & Co. from $10.00 to $9.00 in a research note released on Friday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other research analysts also recently commented on GT. Wall Street Zen raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Weiss Ratings reissued a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research report on Friday, August 7th. Finally, Zacks Research upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a research note on Monday, July 13th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $8.06.

Goodyear Tire & Rubber Stock Performance

Shares of Goodyear Tire & Rubber stock opened at $4.84 on Friday. The stock’s fifty day moving average is $5.96 and its two-hundred day moving average is $6.31. The company has a market capitalization of $1.39 billion, a PE ratio of -0.55 and a beta of 1.22. The company has a quick ratio of 0.55, a current ratio of 1.09 and a debt-to-equity ratio of 1.92. Goodyear Tire & Rubber has a 52 week low of $4.83 and a 52 week high of $10.62.

Goodyear Tire & Rubber (NASDAQ:GT) last released its earnings results on Wednesday, August 5th. The company reported ($0.61) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.02. The business had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.19 billion. Goodyear Tire & Rubber had a negative return on equity of 2.95% and a negative net margin of 14.37%.The business’s revenue was down 4.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.17) earnings per share. As a group, analysts expect that Goodyear Tire & Rubber will post -0.43 earnings per share for the current year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. 180 Wealth Advisors LLC lifted its holdings in Goodyear Tire & Rubber by 7.3% during the first quarter. 180 Wealth Advisors LLC now owns 25,658 shares of the company’s stock worth $170,000 after buying an additional 1,747 shares during the period. Oregon Public Employees Retirement Fund increased its holdings in shares of Goodyear Tire & Rubber by 3.3% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 58,743 shares of the company’s stock valued at $389,000 after acquiring an additional 1,900 shares during the period. Cidel Asset Management Inc. increased its holdings in shares of Goodyear Tire & Rubber by 19.1% in the 1st quarter. Cidel Asset Management Inc. now owns 14,761 shares of the company’s stock valued at $98,000 after acquiring an additional 2,369 shares during the period. Sequoia Financial Advisors LLC raised its position in shares of Goodyear Tire & Rubber by 16.7% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 21,396 shares of the company’s stock worth $141,000 after acquiring an additional 3,064 shares in the last quarter. Finally, Kestra Advisory Services LLC raised its position in shares of Goodyear Tire & Rubber by 6.8% in the 1st quarter. Kestra Advisory Services LLC now owns 49,687 shares of the company’s stock worth $329,000 after acquiring an additional 3,176 shares in the last quarter. Institutional investors own 84.19% of the company’s stock.

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.