Citigroup Issues Pessimistic Forecast for Goodyear Tire & Rubber (NASDAQ:GT) Stock Price

Goodyear Tire & Rubber (NASDAQ:GT) had its price target lowered by stock analysts at Citigroup from $10.00 to $9.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s target price would indicate a potential upside of 16.43% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. Deutsche Bank Aktiengesellschaft decreased their price objective on Goodyear Tire & Rubber from $15.00 to $12.00 and set a “buy” rating on the stock in a research report on Monday, August 11th. Hsbc Global Res downgraded Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 20th. BNP Paribas downgraded Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 8th. BNP Paribas Exane reaffirmed a “neutral” rating and set a $9.00 price objective on shares of Goodyear Tire & Rubber in a research note on Friday, August 8th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Goodyear Tire & Rubber currently has a consensus rating of “Hold” and a consensus target price of $11.36.

Goodyear Tire & Rubber Price Performance

GT stock opened at $7.73 on Tuesday. Goodyear Tire & Rubber has a 52 week low of $6.51 and a 52 week high of $12.03. The firm has a market capitalization of $2.21 billion, a P/E ratio of 5.44, a price-to-earnings-growth ratio of 2.35 and a beta of 1.32. The company has a fifty day simple moving average of $7.64 and a two-hundred day simple moving average of $9.43. The company has a quick ratio of 0.63, a current ratio of 1.15 and a debt-to-equity ratio of 1.24.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its earnings results on Monday, November 3rd. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.12. Goodyear Tire & Rubber had a net margin of 2.22% and a return on equity of 3.17%. The firm had revenue of $4.65 billion for the quarter, compared to analysts’ expectations of $4.67 billion. During the same period in the prior year, the company earned $0.37 EPS. The business’s revenue was down 3.7% compared to the same quarter last year. Analysts anticipate that Goodyear Tire & Rubber will post 1.5 earnings per share for the current fiscal year.

Institutional Trading of Goodyear Tire & Rubber

Several institutional investors and hedge funds have recently modified their holdings of GT. Solstein Capital LLC purchased a new stake in shares of Goodyear Tire & Rubber in the second quarter valued at approximately $26,000. Ameritas Advisory Services LLC bought a new stake in Goodyear Tire & Rubber during the 2nd quarter valued at $29,000. Caitong International Asset Management Co. Ltd raised its position in Goodyear Tire & Rubber by 3,894.3% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 2,796 shares of the company’s stock valued at $29,000 after purchasing an additional 2,726 shares in the last quarter. FNY Investment Advisers LLC purchased a new stake in shares of Goodyear Tire & Rubber in the 2nd quarter worth $31,000. Finally, Signaturefd LLC grew its position in shares of Goodyear Tire & Rubber by 125.6% during the 2nd quarter. Signaturefd LLC now owns 4,508 shares of the company’s stock worth $47,000 after buying an additional 2,510 shares in the last quarter. Institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Company Profile

Goodyear Tire & Rubber Co engages in the development, manufacture, distribution, and sale of tires. It operates through the following geographical segments: Americas, Europe, Middle East, and Africa, and Asia Pacific. The Americas segment is involved in the development, manufacture, distribution, and sale of tires and related products and services in North, Central, and South America.