JPMorgan Chase & Co. Reiterates Overweight Rating for Goodyear Tire & Rubber (NASDAQ:GT)

Goodyear Tire & Rubber (NASDAQ:GT)‘s stock had its “overweight” rating reissued by investment analysts at JPMorgan Chase & Co. in a report released on Monday,Benzinga reports. They presently have a $10.00 target price on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 68.07% from the stock’s previous close.

GT has been the subject of several other research reports. Wall Street Zen lowered shares of Goodyear Tire & Rubber from a “hold” rating to a “sell” rating in a report on Saturday. Zacks Research lowered shares of Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 6th. TD Cowen dropped their price objective on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, April 15th. Citigroup dropped their price objective on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating for the company in a report on Friday. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $7.00 price objective (down from $9.00) on shares of Goodyear Tire & Rubber in a report on Monday. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Goodyear Tire & Rubber presently has an average rating of “Reduce” and an average price target of $8.54.

Goodyear Tire & Rubber Stock Performance

NASDAQ:GT opened at $5.95 on Monday. Goodyear Tire & Rubber has a 12-month low of $5.92 and a 12-month high of $12.03. The company has a quick ratio of 0.51, a current ratio of 1.04 and a debt-to-equity ratio of 1.66. The firm has a market capitalization of $1.71 billion, a PE ratio of -0.82, a price-to-earnings-growth ratio of 0.60 and a beta of 1.17. The firm has a 50-day moving average price of $6.95 and a 200 day moving average price of $8.05.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.05. The firm had revenue of $3.88 billion during the quarter, compared to analyst estimates 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 company’s quarterly revenue was down 8.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.04) earnings per share. Research analysts anticipate that Goodyear Tire & Rubber will post 0.29 earnings per share for the current fiscal year.

Institutional Trading of Goodyear Tire & Rubber

Hedge funds and other institutional investors have recently modified their holdings of the stock. Invenomic Capital Management LP bought a new position in Goodyear Tire & Rubber in the third quarter valued at approximately $13,753,000. CenterBook Partners LP boosted its stake in Goodyear Tire & Rubber by 166.1% in the third quarter. CenterBook Partners LP now owns 2,040,792 shares of the company’s stock valued at $15,265,000 after acquiring an additional 1,273,883 shares during the last quarter. Anderson Financial Strategies LLC bought a new position in Goodyear Tire & Rubber in the third quarter valued at approximately $1,318,000. Allianz Asset Management GmbH boosted its stake in Goodyear Tire & Rubber by 76.3% in the third quarter. Allianz Asset Management GmbH now owns 1,135,023 shares of the company’s stock valued at $8,490,000 after acquiring an additional 491,210 shares during the last quarter. Finally, Brevan Howard Capital Management LP boosted its stake in Goodyear Tire & Rubber by 313.7% in the third quarter. Brevan Howard Capital Management LP now owns 438,206 shares of the company’s stock valued at $3,278,000 after acquiring an additional 332,294 shares during the last quarter. Institutional investors and hedge funds own 84.19% of the company’s stock.

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.