The Goodyear Tire & Rubber Company (NASDAQ:GT) Given Consensus Rating of “Hold” by Brokerages

The Goodyear Tire & Rubber Company (NASDAQ:GT) has earned an average recommendation of “Hold” from the seven brokerages that are presently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating on the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $8.26.

GT has been the topic of several recent research reports. Wall Street Zen raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Zacks Research upgraded Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Goodyear Tire & Rubber in a report on Friday, August 7th. Finally, JPMorgan Chase & Co. upped their target price on shares of Goodyear Tire & Rubber from $9.00 to $10.00 and gave the company an “overweight” rating in a research report on Friday, August 7th.

Hedge Funds Weigh In On Goodyear Tire & Rubber

A number of hedge funds have recently modified their holdings of the business. Sequoia Financial Advisors LLC grew its holdings in shares of Goodyear Tire & Rubber by 16.7% during the second quarter. Sequoia Financial Advisors LLC now owns 21,396 shares of the company’s stock worth $141,000 after buying an additional 3,064 shares during the last quarter. WINTON GROUP Ltd acquired a new position in Goodyear Tire & Rubber during the second quarter worth about $1,560,000. Cidel Asset Management Inc. grew its holdings in shares of Goodyear Tire & Rubber by 29.9% in the 2nd quarter. Cidel Asset Management Inc. now owns 19,172 shares of the company’s stock worth $127,000 after acquiring an additional 4,411 shares during the period. Integrated Wealth Concepts LLC purchased a new position in shares of Goodyear Tire & Rubber in the second quarter valued at $70,000. Finally, Waverly Advisors LLC purchased a new position in Goodyear Tire & Rubber during the 2nd quarter valued at about $80,000. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

Goodyear Tire & Rubber Trading Up 9.4%

Shares of NASDAQ:GT opened at $5.49 on Wednesday. The company has a debt-to-equity ratio of 1.92, a current ratio of 1.09 and a quick ratio of 0.55. The business’s 50-day moving average is $6.29 and its 200 day moving average is $6.43. Goodyear Tire & Rubber has a 1 year low of $4.91 and a 1 year high of $10.62. The firm has a market capitalization of $1.58 billion, a P/E ratio of -0.62 and a beta of 1.10.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.61) EPS for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.02. Goodyear Tire & Rubber had a negative return on equity of 2.95% and a negative net margin of 14.37%.The company had revenue of $4.25 billion during the quarter, compared to analysts’ expectations of $4.19 billion. During the same quarter in the previous year, the firm posted ($0.17) EPS. The firm’s revenue was down 4.8% compared to the same quarter last year. On average, research analysts predict that Goodyear Tire & Rubber will post -0.43 earnings per share for the current fiscal year.

Goodyear Tire & Rubber Company Profile

Goodyear Tire & Rubber Company develops, manufactures, markets and distributes tires and related products and services. Its portfolio includes tires for passenger cars, SUVs, trucks, buses, commercial fleets, aircraft, mining and other off-the-road applications. The company serves both original-equipment manufacturers and replacement-tire customers.

Goodyear markets products primarily under the Goodyear brand, along with other brands and private-label offerings. Its business also includes tire-related services, fleet support, vehicle maintenance and mobility solutions designed to help commercial customers manage their transportation operations.

Founded in 1898 and headquartered in Akron, Ohio, Goodyear has built a global presence through manufacturing, distribution, retail and service operations.