Goodyear Tire & Rubber’s (GT) Buy Rating Reaffirmed at Jefferies Financial Group

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Goodyear Tire & Rubber (NASDAQ:GT)‘s stock had its “buy” rating reiterated by equities research analysts at Jefferies Financial Group in a research note issued on Friday. They currently have a $32.00 price objective on the stock. Jefferies Financial Group’s price objective suggests a potential upside of 37.69% from the stock’s previous close. Jefferies Financial Group also issued estimates for Goodyear Tire & Rubber’s FY2018 earnings at $3.23 EPS, FY2019 earnings at $3.71 EPS and FY2020 earnings at $4.34 EPS.

GT has been the topic of several other reports. Morgan Stanley decreased their price target on shares of Goodyear Tire & Rubber from $43.00 to $34.00 and set an “overweight” rating on the stock in a research note on Thursday, March 22nd. ValuEngine downgraded shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note on Monday, April 2nd. JPMorgan Chase & Co. reduced their price objective on shares of Goodyear Tire & Rubber from $37.00 to $36.00 and set an “overweight” rating on the stock in a research note on Thursday, April 26th. Longbow Research reiterated a “hold” rating on shares of Goodyear Tire & Rubber in a research note on Tuesday, April 17th. Finally, BidaskClub downgraded shares of Goodyear Tire & Rubber from a “sell” rating to a “strong sell” rating in a research note on Thursday, May 24th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $34.50.

Shares of NASDAQ GT traded down $0.12 during midday trading on Friday, reaching $23.24. 1,954,700 shares of the company were exchanged, compared to its average volume of 2,305,155. The company has a quick ratio of 0.73, a current ratio of 1.31 and a debt-to-equity ratio of 1.13. Goodyear Tire & Rubber has a 1 year low of $22.73 and a 1 year high of $36.52. The firm has a market cap of $5.60 billion, a P/E ratio of 7.45 and a beta of 1.77.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings results on Wednesday, April 25th. The company reported $0.50 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.06. Goodyear Tire & Rubber had a net margin of 1.64% and a return on equity of 14.36%. The business had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.80 billion. During the same period in the prior year, the company posted $0.74 earnings per share. Goodyear Tire & Rubber’s revenue was up 2.7% compared to the same quarter last year. analysts anticipate that Goodyear Tire & Rubber will post 3.39 earnings per share for the current year.

A number of institutional investors have recently made changes to their positions in the business. LSV Asset Management lifted its holdings in shares of Goodyear Tire & Rubber by 3.9% in the first quarter. LSV Asset Management now owns 11,110,964 shares of the company’s stock worth $295,329,000 after acquiring an additional 420,600 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its holdings in shares of Goodyear Tire & Rubber by 11.7% in the first quarter. Diamond Hill Capital Management Inc. now owns 7,820,968 shares of the company’s stock worth $207,881,000 after acquiring an additional 821,742 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Goodyear Tire & Rubber by 20.1% in the first quarter. Dimensional Fund Advisors LP now owns 6,613,166 shares of the company’s stock worth $175,778,000 after acquiring an additional 1,108,983 shares during the last quarter. Newport Trust Co lifted its holdings in shares of Goodyear Tire & Rubber by 2.0% in the first quarter. Newport Trust Co now owns 3,192,691 shares of the company’s stock worth $84,862,000 after acquiring an additional 61,980 shares during the last quarter. Finally, Amundi Pioneer Asset Management Inc. lifted its holdings in shares of Goodyear Tire & Rubber by 16.4% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 2,213,255 shares of the company’s stock worth $58,828,000 after acquiring an additional 311,773 shares during the last quarter. Hedge funds and other institutional investors own 88.01% of the company’s stock.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company, together with its subsidiaries, develops, manufactures, distributes, and sells tires and related products and services worldwide. It offers various lines of rubber tires for automobiles, trucks, buses, aircrafts, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and various other applications under the Goodyear, Dunlop, Kelly, Debica, Sava, Fulda, and various other Goodyear owned house brands, as well as under the private-label brands.

Analyst Recommendations for Goodyear Tire & Rubber (NASDAQ:GT)

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