Zacks Research Upgrades Goodyear Tire & Rubber (NASDAQ:GT) to Strong-Buy

Goodyear Tire & Rubber (NASDAQ:GT) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Thursday,Zacks.com reports.

A number of other equities analysts have also weighed in on GT. Weiss Ratings reiterated a “sell (d-)” rating on shares of Goodyear Tire & Rubber in a research report on Monday, December 29th. JPMorgan Chase & Co. decreased their target price on shares of Goodyear Tire & Rubber from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Monday, October 20th. Citigroup dropped their target price on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 11th. Finally, Morgan Stanley upped their price target on shares of Goodyear Tire & Rubber from $6.88 to $7.30 and gave the company an “underweight” rating in a research report on Friday, November 28th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $10.85.

Goodyear Tire & Rubber Trading Up 0.8%

Goodyear Tire & Rubber stock opened at $9.23 on Thursday. The firm has a market cap of $2.64 billion, a price-to-earnings ratio of -1.52, a price-to-earnings-growth ratio of 0.90 and a beta of 1.18. Goodyear Tire & Rubber has a 1 year low of $6.51 and a 1 year high of $12.03. The firm’s 50 day moving average price is $8.43 and its two-hundred day moving average price is $8.74. The company has a debt-to-equity ratio of 2.29, a quick ratio of 0.71 and a current ratio of 1.27.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Monday, November 3rd. The company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.12. The company had revenue of $4.65 billion during the quarter, compared to the consensus estimate of $4.67 billion. Goodyear Tire & Rubber had a positive return on equity of 2.97% and a negative net margin of 9.56%.The company’s quarterly revenue was down 3.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.37 EPS. On average, research analysts predict that Goodyear Tire & Rubber will post 1.5 EPS for the current fiscal year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC increased its stake in shares of Goodyear Tire & Rubber by 58.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 36,466 shares of the company’s stock worth $343,000 after acquiring an additional 13,390 shares during the last quarter. NorthCrest Asset Manangement LLC boosted its position in Goodyear Tire & Rubber by 18.0% during the fourth quarter. NorthCrest Asset Manangement LLC now owns 12,376 shares of the company’s stock valued at $109,000 after purchasing an additional 1,884 shares during the last quarter. GAMMA Investing LLC boosted its position in Goodyear Tire & Rubber by 80.9% during the fourth quarter. GAMMA Investing LLC now owns 8,063 shares of the company’s stock valued at $71,000 after purchasing an additional 3,605 shares during the last quarter. Swiss Life Asset Management Ltd purchased a new position in Goodyear Tire & Rubber in the third quarter valued at about $90,000. Finally, CIBC Bancorp USA Inc. acquired a new position in Goodyear Tire & Rubber in the 3rd quarter worth about $208,000. Hedge funds and other institutional investors own 84.19% of the company’s stock.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company is a leading tire manufacturer and rubber products supplier with more than a century of innovation in its portfolio. Founded in 1898 by Frank Seiberling in Akron, Ohio, the company has grown into a global enterprise known for its engineering expertise and quality standards. Over its history, Goodyear has pioneered advances in tire technology, from early pneumatic designs to modern high-performance and fuel-efficient solutions.

Goodyear’s core business encompasses the design, production and distribution of tires for a variety of markets, including passenger cars, commercial trucks, off-the-road vehicles, aircraft and specialty applications.