Goodyear Tire & Rubber (NASDAQ:GT) Coverage Initiated at TD Cowen

TD Cowen began coverage on shares of Goodyear Tire & Rubber (NASDAQ:GT) in a research note released on Friday morning, Marketbeat reports. The brokerage issued a buy rating and a $14.00 price objective on the stock.

Other analysts also recently issued research reports about the stock. StockNews.com raised shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research report on Monday, February 17th. Argus raised shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a report on Tuesday, February 18th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $10.00 target price on shares of Goodyear Tire & Rubber in a research report on Friday, December 20th. Three research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $13.18.

Goodyear Tire & Rubber Stock Up 9.1 %

Goodyear Tire & Rubber stock opened at $9.79 on Friday. Goodyear Tire & Rubber has a 1-year low of $7.27 and a 1-year high of $13.86. The business has a fifty day moving average price of $9.11 and a 200-day moving average price of $8.97. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.04 and a quick ratio of 0.55. The stock has a market capitalization of $2.79 billion, a price-to-earnings ratio of 40.79 and a beta of 1.71.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings results on Thursday, February 13th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.10. Goodyear Tire & Rubber had a return on equity of 6.21% and a net margin of 0.37%. The company had revenue of $4.95 billion during the quarter, compared to analysts’ expectations of $4.91 billion. Equities research analysts forecast that Goodyear Tire & Rubber will post 1.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. State of Alaska Department of Revenue raised its position in Goodyear Tire & Rubber by 7.3% during the third quarter. State of Alaska Department of Revenue now owns 32,866 shares of the company’s stock valued at $290,000 after acquiring an additional 2,245 shares in the last quarter. US Bancorp DE grew its stake in shares of Goodyear Tire & Rubber by 20.9% during the 3rd quarter. US Bancorp DE now owns 18,281 shares of the company’s stock worth $162,000 after purchasing an additional 3,163 shares during the period. Apollon Wealth Management LLC purchased a new position in shares of Goodyear Tire & Rubber during the 3rd quarter valued at approximately $92,000. Barnett & Company Inc. lifted its stake in shares of Goodyear Tire & Rubber by 19.8% in the 3rd quarter. Barnett & Company Inc. now owns 94,400 shares of the company’s stock valued at $835,000 after purchasing an additional 15,600 shares during the period. Finally, Victory Capital Management Inc. boosted its holdings in Goodyear Tire & Rubber by 3,921.7% during the third quarter. Victory Capital Management Inc. now owns 4,751,514 shares of the company’s stock worth $42,051,000 after buying an additional 4,633,368 shares in the last quarter. 84.19% of the stock is currently owned by institutional investors and hedge funds.

About Goodyear Tire & Rubber

Goodyear Tire & Rubber Co engages in the development, manufacture, distribution, and sale of tires. It operates through the following geographical segments: Americas, Europe, Middle East, and Africa, and Asia Pacific. The Americas segment is involved in the development, manufacture, distribution, and sale of tires and related products and services in North, Central, and South America.