Goodyear Tire & Rubber (NASDAQ:GT) Receives “Hold” Rating from Deutsche Bank Aktiengesellschaft

Goodyear Tire & Rubber (NASDAQ:GT)‘s stock had its “hold” rating reaffirmed by equities researchers at Deutsche Bank Aktiengesellschaft in a report released on Monday,Benzinga reports. They currently have a $7.00 price objective on the stock, down from their prior price objective of $9.00. Deutsche Bank Aktiengesellschaft’s price objective would suggest a potential upside of 7.53% from the company’s previous close.

Several other brokerages have also issued reports on GT. Wall Street Zen lowered Goodyear Tire & Rubber from a “hold” rating to a “sell” rating in a research note on Saturday. TD Cowen cut their target price on Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday, April 15th. JPMorgan Chase & Co. cut their target price on Goodyear Tire & Rubber from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, April 23rd. Zacks Research lowered Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 6th. Finally, Citigroup cut their target price on Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Friday. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $8.54.

Goodyear Tire & Rubber Price Performance

GT stock opened at $6.51 on Monday. The company has a current ratio of 1.04, a quick ratio of 0.51 and a debt-to-equity ratio of 1.66. The company’s 50 day moving average is $7.04 and its 200 day moving average is $8.06. The stock has a market cap of $1.87 billion, a price-to-earnings ratio of -0.90, a price-to-earnings-growth ratio of 0.60 and a beta of 1.17. Goodyear Tire & Rubber has a 1-year low of $6.14 and a 1-year high of $12.03.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($0.44) by $0.05. The company had revenue of $3.88 billion for the quarter, compared to analysts’ expectations of $3.81 billion. Goodyear Tire & Rubber had a negative net margin of 11.64% and a positive return on equity of 0.93%. Goodyear Tire & Rubber’s revenue for the quarter was down 8.7% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.04) earnings per share. Sell-side analysts predict that Goodyear Tire & Rubber will post 0.29 EPS for the current fiscal year.

Institutional Trading of Goodyear Tire & Rubber

A number of institutional investors have recently made changes to their positions in GT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Goodyear Tire & Rubber by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 169,601 shares of the company’s stock valued at $1,567,000 after purchasing an additional 7,453 shares during the period. United Services Automobile Association purchased a new stake in shares of Goodyear Tire & Rubber during the first quarter valued at approximately $163,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Goodyear Tire & Rubber by 2.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 657,411 shares of the company’s stock valued at $6,074,000 after purchasing an additional 15,064 shares during the period. Envestnet Asset Management Inc. boosted its stake in shares of Goodyear Tire & Rubber by 6.3% during the second quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company’s stock valued at $177,000 after purchasing an additional 1,011 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in shares of Goodyear Tire & Rubber by 23.4% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 15,060 shares of the company’s stock valued at $156,000 after purchasing an additional 2,855 shares during the period. 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.