The Goodyear Tire & Rubber Company (NASDAQ:GT) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) have been given an average recommendation of “Moderate Buy” by the five analysts that are covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $17.23.

A number of equities analysts have commented on GT shares. StockNews.com upgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research note on Thursday, May 16th. HSBC dropped their target price on shares of Goodyear Tire & Rubber from $16.80 to $15.90 and set a “buy” rating on the stock in a research note on Wednesday, May 8th. Morgan Stanley assumed coverage on shares of Goodyear Tire & Rubber in a research note on Thursday, June 13th. They issued an “equal weight” rating and a $14.00 target price on the stock. Finally, Wolfe Research downgraded shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research note on Thursday.

Goodyear Tire & Rubber Stock Performance

Shares of NASDAQ:GT opened at $8.14 on Thursday. The company has a current ratio of 1.06, a quick ratio of 0.54 and a debt-to-equity ratio of 1.41. The company has a market capitalization of $2.32 billion, a price-to-earnings ratio of -3.60 and a beta of 1.74. The firm’s 50-day moving average is $10.02 and its 200 day moving average is $11.53. Goodyear Tire & Rubber has a 12 month low of $7.63 and a 12 month high of $15.24.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its earnings results on Wednesday, July 31st. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.10. The business had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.78 billion. Goodyear Tire & Rubber had a negative net margin of 1.82% and a positive return on equity of 6.55%. The company’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.34) EPS. Research analysts predict that Goodyear Tire & Rubber will post 1.12 EPS for the current year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Retirement Systems of Alabama lifted its position in Goodyear Tire & Rubber by 0.3% during the first quarter. Retirement Systems of Alabama now owns 356,065 shares of the company’s stock valued at $4,889,000 after acquiring an additional 935 shares during the last quarter. Covestor Ltd lifted its position in Goodyear Tire & Rubber by 33.6% during the first quarter. Covestor Ltd now owns 5,108 shares of the company’s stock valued at $70,000 after acquiring an additional 1,284 shares during the last quarter. Texas Permanent School Fund Corp lifted its position in Goodyear Tire & Rubber by 0.6% during the second quarter. Texas Permanent School Fund Corp now owns 249,633 shares of the company’s stock valued at $2,833,000 after acquiring an additional 1,475 shares during the last quarter. State of Michigan Retirement System lifted its position in Goodyear Tire & Rubber by 2.4% during the first quarter. State of Michigan Retirement System now owns 69,626 shares of the company’s stock valued at $956,000 after acquiring an additional 1,600 shares during the last quarter. Finally, Arizona State Retirement System raised its holdings in shares of Goodyear Tire & Rubber by 2.1% in the second quarter. Arizona State Retirement System now owns 79,547 shares of the company’s stock worth $903,000 after buying an additional 1,621 shares during the last quarter. Hedge funds and other institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Company Profile

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.