The Goodyear Tire & Rubber Company (NASDAQ:GT) Stock Has Average Price Target of $8.06 According to Analysts

The Goodyear Tire & Rubber Company (NASDAQ:GT) has received a consensus recommendation of “Reduce” from the seven ratings firms that are covering the company, Marketbeat reports. Three research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and two have given a buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $8.06.

A number of analysts have issued reports on GT shares. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Goodyear Tire & Rubber in a report on Wednesday. Wall Street Zen upgraded Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. JPMorgan Chase & Co. cut their price target on Goodyear Tire & Rubber from $10.00 to $9.00 and set an “overweight” rating for the company in a report on Friday, October 2nd. Finally, Zacks Research cut Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research report on Friday, October 16th.

Goodyear Tire & Rubber Trading Down 2.0%

Shares of NASDAQ:GT opened at $4.36 on Thursday. The company has a market cap of $1.26 billion, a P/E ratio of -2.15 and a beta of 1.22. The stock’s 50-day moving average is $4.95 and its 200-day moving average is $6.55. Goodyear Tire & Rubber has a 52-week low of $4.09 and a 52-week high of $10.62. The company has a debt-to-equity ratio of 2.16, a quick ratio of 0.55 and a current ratio of 1.12.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings data on Wednesday, November 4th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.05). Goodyear Tire & Rubber had a negative return on equity of 6.69% and a negative net margin of 3.33%. The business had revenue of $4.54 billion for the quarter, compared to analyst estimates of $4.59 billion. During the same period in the prior year, the firm posted $0.28 EPS. Goodyear Tire & Rubber’s revenue for the quarter was down 2.3% on a year-over-year basis. Equities research analysts predict that Goodyear Tire & Rubber will post -1.03 earnings per share for the current year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

A number of institutional investors and hedge funds have recently bought and sold shares of GT. 180 Wealth Advisors LLC grew its stake in shares of Goodyear Tire & Rubber by 7.3% in the first quarter. 180 Wealth Advisors LLC now owns 25,658 shares of the company’s stock valued at $170,000 after buying an additional 1,747 shares in the last quarter. Oregon Public Employees Retirement Fund increased its holdings in Goodyear Tire & Rubber by 3.3% during the first quarter. Oregon Public Employees Retirement Fund now owns 58,743 shares of the company’s stock worth $389,000 after buying an additional 1,900 shares during the last quarter. Cidel Asset Management Inc. increased its holdings in Goodyear Tire & Rubber by 14.0% during the third quarter. Cidel Asset Management Inc. now owns 21,855 shares of the company’s stock worth $109,000 after buying an additional 2,683 shares during the last quarter. Plan A Wealth LLC raised its position in Goodyear Tire & Rubber by 22.5% during the third quarter. Plan A Wealth LLC now owns 16,538 shares of the company’s stock worth $82,000 after acquiring an additional 3,041 shares in the last quarter. Finally, Sequoia Financial Advisors LLC raised its position in Goodyear Tire & Rubber by 16.7% during the second 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. Institutional investors own 84.19% of the company’s stock.

About Goodyear Tire & Rubber

Goodyear Tire & Rubber Company is a global tire manufacturer headquartered in Akron, Ohio. Founded in 1898, the company develops, produces, markets and distributes tires and related products for passenger vehicles, commercial trucks, aircraft, motorcycles, agricultural equipment and off-road vehicles.

Goodyear serves consumer, commercial and original-equipment customers through a portfolio that includes Goodyear and other regional and market-specific brands. Its offerings include replacement tires, tires supplied to vehicle manufacturers, retreading products and related solutions designed to support vehicle performance, safety and efficiency.

In addition to manufacturing, Goodyear operates tire and automotive service locations and provides fleet-management, maintenance and other mobility-related services for commercial customers.