Analysts Set The Goodyear Tire & Rubber Company (NASDAQ:GT) Price Target at $17.23

The Goodyear Tire & Rubber Company (NASDAQ:GT) has received a consensus recommendation of “Moderate Buy” from the five ratings firms that are currently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $17.23.

GT has been the subject of a number of analyst reports. Morgan Stanley initiated coverage on shares of Goodyear Tire & Rubber in a research note on Thursday, June 13th. They set an “equal weight” rating and a $14.00 price objective for the company. Wolfe Research lowered shares of Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 5th. Finally, StockNews.com lowered shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note on Tuesday, September 17th.

Goodyear Tire & Rubber Stock Performance

NASDAQ:GT opened at $8.53 on Monday. Goodyear Tire & Rubber has a twelve month low of $7.27 and a twelve month high of $15.24. 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 50-day moving average of $8.55 and a 200-day moving average of $10.89. The firm has a market cap of $2.43 billion, a price-to-earnings ratio of -3.77 and a beta of 1.69.

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

Hedge Funds Weigh In On Goodyear Tire & Rubber

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GT. Vanguard Group Inc. grew its holdings in Goodyear Tire & Rubber by 2.6% during the first quarter. Vanguard Group Inc. now owns 29,867,596 shares of the company’s stock valued at $410,082,000 after purchasing an additional 765,529 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Goodyear Tire & Rubber by 48.2% in the fourth quarter. Wellington Management Group LLP now owns 14,978,975 shares of the company’s stock worth $214,499,000 after acquiring an additional 4,870,381 shares during the last quarter. American Century Companies Inc. grew its stake in shares of Goodyear Tire & Rubber by 16.2% in the second quarter. American Century Companies Inc. now owns 7,257,765 shares of the company’s stock worth $82,376,000 after acquiring an additional 1,013,550 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Goodyear Tire & Rubber by 9.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 4,180,322 shares of the company’s stock worth $59,862,000 after acquiring an additional 353,758 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its stake in shares of Goodyear Tire & Rubber by 3.9% in the first quarter. Jacobs Levy Equity Management Inc. now owns 3,977,383 shares of the company’s stock worth $54,609,000 after acquiring an additional 148,566 shares during the last quarter. Institutional investors own 84.19% of the company’s stock.

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.