Morgan Stanley set a $24.00 target price on The Goodyear Tire & Rubber Co. (NASDAQ:GT) in a report released on Thursday morning. The firm currently has a sell rating on the stock.

Other analysts have also recently issued reports about the stock. Citigroup Inc. upped their price target on shares of The Goodyear Tire & Rubber Co. from $36.00 to $37.00 and gave the company a buy rating in a report on Thursday, July 28th. Berenberg Bank started coverage on shares of The Goodyear Tire & Rubber Co. in a report on Tuesday, November 22nd. They issued a buy rating and a $36.00 price target on the stock. Deutsche Bank AG raised shares of The Goodyear Tire & Rubber Co. from a hold rating to a buy rating and set a $37.00 target price on the stock in a report on Tuesday, September 6th. Goldman Sachs Group Inc. reissued a buy rating and set a $35.00 target price on shares of The Goodyear Tire & Rubber Co. in a report on Saturday, October 8th. Finally, increased their target price on shares of The Goodyear Tire & Rubber Co. from $34.00 to $37.00 and gave the stock a market perform rating in a report on Friday, September 16th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus price target of $34.04.

Analyst Recommendations for The Goodyear Tire & Rubber Co. (NASDAQ:GT)

Shares of The Goodyear Tire & Rubber Co. (NASDAQ:GT) opened at 30.75 on Thursday. The Goodyear Tire & Rubber Co. has a 52 week low of $24.31 and a 52 week high of $35.30. The firm has a market cap of $8.03 billion, a PE ratio of 25.69 and a beta of 1.33. The company has a 50 day moving average of $30.29 and a 200 day moving average of $29.02.

The Goodyear Tire & Rubber Co. (NASDAQ:GT) last posted its quarterly earnings results on Friday, October 28th. The company reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.01. The firm had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.97 billion. The Goodyear Tire & Rubber Co. had a net margin of 2.09% and a return on equity of 24.47%. The firm’s quarterly revenue was down 8.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.99 earnings per share. On average, equities research analysts anticipate that The Goodyear Tire & Rubber Co. will post $3.95 EPS for the current fiscal year.

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The business also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Tuesday, November 1st will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.30%. The ex-dividend date is Friday, October 28th. This is a positive change from The Goodyear Tire & Rubber Co.’s previous quarterly dividend of $0.07. The Goodyear Tire & Rubber Co.’s dividend payout ratio is currently 33.33%.

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of The Goodyear Tire & Rubber Co. by 1.2% in the second quarter. Vanguard Group Inc. now owns 23,666,446 shares of the company’s stock worth $607,280,000 after buying an additional 279,719 shares in the last quarter. State Street Corp raised its position in shares of The Goodyear Tire & Rubber Co. by 0.6% in the second quarter. State Street Corp now owns 11,555,437 shares of the company’s stock worth $296,519,000 after buying an additional 70,723 shares in the last quarter. LSV Asset Management raised its position in shares of The Goodyear Tire & Rubber Co. by 5.0% in the third quarter. LSV Asset Management now owns 9,267,168 shares of the company’s stock worth $299,329,000 after buying an additional 440,800 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its position in shares of The Goodyear Tire & Rubber Co. by 28.7% in the second quarter. Adage Capital Partners GP L.L.C. now owns 8,485,852 shares of the company’s stock worth $217,747,000 after buying an additional 1,892,700 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. raised its position in shares of The Goodyear Tire & Rubber Co. by 5.4% in the third quarter. Diamond Hill Capital Management Inc. now owns 6,143,650 shares of the company’s stock worth $198,440,000 after buying an additional 315,818 shares in the last quarter. Hedge funds and other institutional investors own 92.12% of the company’s stock.

About The Goodyear Tire & Rubber Co.

The Goodyear Tire & Rubber Company is engaged in developing, manufacturing, marketing and distributing tires for various applications. It also manufactures and markets rubber-related chemicals for various applications. The Company’s Americas business comprises businesses of North America and Latin America.

5 Day Chart for NASDAQ:GT

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