The Goodyear Tire & Rubber Company (NASDAQ:GT) Receives $17.23 Consensus Target Price from Brokerages

Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) have received a consensus rating of “Moderate Buy” from the five brokerages that are covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $17.23.

Several research firms have issued reports on GT. Wolfe Research cut Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 5th. Morgan Stanley began coverage on Goodyear Tire & Rubber in a research report on Thursday, June 13th. They issued an “equal weight” rating and a $14.00 price objective for the company. Finally, StockNews.com cut Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research report on Tuesday, September 17th.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Several large investors have recently added to or reduced their stakes in the business. Healthcare of Ontario Pension Plan Trust Fund lifted its position in Goodyear Tire & Rubber by 102.9% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 691,152 shares of the company’s stock worth $7,845,000 after buying an additional 350,500 shares during the period. Sanctuary Advisors LLC purchased a new position in Goodyear Tire & Rubber during the second quarter worth about $178,000. Point72 Asset Management L.P. purchased a new position in Goodyear Tire & Rubber during the second quarter worth about $8,492,000. Ironwood Investment Management LLC lifted its position in Goodyear Tire & Rubber by 6.6% during the second quarter. Ironwood Investment Management LLC now owns 46,900 shares of the company’s stock worth $532,000 after buying an additional 2,900 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its position in Goodyear Tire & Rubber by 80.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 28,681 shares of the company’s stock worth $326,000 after buying an additional 12,822 shares during the period. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

Goodyear Tire & Rubber Stock Performance

Shares of GT opened at $8.56 on Monday. The company has a quick ratio of 0.54, a current ratio of 1.06 and a debt-to-equity ratio of 1.41. Goodyear Tire & Rubber has a 52-week low of $7.27 and a 52-week high of $15.24. The stock has a 50 day moving average price of $8.76 and a 200 day moving average price of $10.98. The company has a market capitalization of $2.44 billion, a price-to-earnings ratio of -3.79 and a beta of 1.70.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.10. Goodyear Tire & Rubber had a positive return on equity of 6.55% and a negative net margin of 1.82%. The company had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.78 billion. During the same quarter in the previous year, the business earned ($0.34) earnings per share. The firm’s revenue for the quarter was down 6.1% on a year-over-year basis. Research analysts predict that Goodyear Tire & Rubber will post 1.06 EPS for the current fiscal year.

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.