HSBC Lowers Goodyear Tire & Rubber (NASDAQ:GT) Price Target to $15.90

Goodyear Tire & Rubber (NASDAQ:GT) had its price objective lowered by analysts at HSBC from $16.80 to $15.90 in a research note issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. HSBC’s price target indicates a potential upside of 26.90% from the stock’s previous close.

Separately, StockNews.com upgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research report on Wednesday, February 21st. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $16.98.

Goodyear Tire & Rubber Price Performance

GT stock traded up $0.11 during trading hours on Wednesday, hitting $12.53. 2,004,661 shares of the stock traded hands, compared to its average volume of 3,646,062. The stock has a 50-day simple moving average of $12.51 and a 200 day simple moving average of $13.16. The company has a market cap of $3.56 billion, a P/E ratio of -5.12 and a beta of 1.86. Goodyear Tire & Rubber has a one year low of $10.94 and a one year high of $16.50. The company has a current ratio of 1.07, a quick ratio of 0.55 and a debt-to-equity ratio of 1.41.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings data on Monday, May 6th. The company reported $0.10 earnings per share for the quarter. The company had revenue of $4.50 billion during the quarter, compared to analyst estimates of $4.78 billion. Goodyear Tire & Rubber had a negative net margin of 3.43% and a positive return on equity of 1.16%. The business’s revenue for the quarter was down 8.9% on a year-over-year basis. During the same quarter last year, the firm posted ($0.29) EPS. Equities analysts forecast that Goodyear Tire & Rubber will post 1.06 earnings per share for the current year.

Institutional Trading of Goodyear Tire & Rubber

Hedge funds have recently modified their holdings of the business. ProShare Advisors LLC boosted its holdings in shares of Goodyear Tire & Rubber by 4.7% during the first quarter. ProShare Advisors LLC now owns 64,454 shares of the company’s stock worth $885,000 after purchasing an additional 2,901 shares during the period. Headlands Technologies LLC purchased a new stake in Goodyear Tire & Rubber in the 1st quarter worth approximately $136,000. Inspire Advisors LLC boosted its stake in shares of Goodyear Tire & Rubber by 16.3% during the 1st quarter. Inspire Advisors LLC now owns 14,865 shares of the company’s stock valued at $204,000 after buying an additional 2,086 shares during the period. SG Americas Securities LLC grew its holdings in shares of Goodyear Tire & Rubber by 725.5% during the 1st quarter. SG Americas Securities LLC now owns 159,380 shares of the company’s stock valued at $2,188,000 after acquiring an additional 140,072 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new position in shares of Goodyear Tire & Rubber during the 1st quarter valued at $805,000. Hedge funds and other institutional investors own 84.19% 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, aircraft, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and other applications under the Goodyear, Cooper, Dunlop, Kelly, Mastercraft, Roadmaster, Debica, Sava, Fulda, Mickey Thompson, Avon, and Remington brands and various house brands, as well as under the private-label brands.