Goodyear Tire & Rubber (NASDAQ:GT) Price Target Raised to $10.00 at Citigroup

Goodyear Tire & Rubber (NASDAQ:GT) had its target price boosted by equities researchers at Citigroup from $9.00 to $10.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s target price indicates a potential upside of 6.68% from the company’s previous close.

Several other equities analysts have also commented on GT. JPMorgan Chase & Co. dropped their target price on Goodyear Tire & Rubber from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Monday, October 20th. Morgan Stanley lifted their price target on shares of Goodyear Tire & Rubber from $6.88 to $7.30 and gave the stock an “underweight” rating in a research note on Friday, November 28th. Zacks Research downgraded shares of Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 6th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Goodyear Tire & Rubber in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $10.98.

Goodyear Tire & Rubber Stock Down 1.1%

GT traded down $0.11 on Thursday, hitting $9.37. 6,594,546 shares of the company were exchanged, compared to its average volume of 6,806,364. The firm has a 50-day moving average price of $9.16 and a two-hundred day moving average price of $8.49. The company has a current ratio of 1.06, a quick ratio of 0.71 and a debt-to-equity ratio of 1.57. Goodyear Tire & Rubber has a twelve month low of $6.51 and a twelve month high of $12.03. The company has a market cap of $2.68 billion, a price-to-earnings ratio of -1.56, a price-to-earnings-growth ratio of 0.68 and a beta of 1.18.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Monday, February 9th. The company reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.06). The company had revenue of $4.92 billion during the quarter, compared to analysts’ expectations of $4.85 billion. Goodyear Tire & Rubber had a negative net margin of 9.41% and a positive return on equity of 3.21%. The business’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.39 EPS. On average, equities analysts predict that Goodyear Tire & Rubber will post 1.5 earnings per share for the current year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Several institutional investors have recently modified their holdings of the company. Focus Partners Wealth acquired a new stake in Goodyear Tire & Rubber in the 3rd quarter valued at about $25,000. Solstein Capital LLC acquired a new position in shares of Goodyear Tire & Rubber in the 2nd quarter valued at about $26,000. Los Angeles Capital Management LLC purchased a new stake in Goodyear Tire & Rubber during the fourth quarter worth approximately $26,000. Caitong International Asset Management Co. Ltd raised its position in Goodyear Tire & Rubber by 3,894.3% in the second quarter. Caitong International Asset Management Co. Ltd now owns 2,796 shares of the company’s stock valued at $29,000 after purchasing an additional 2,726 shares during the period. Finally, Ameritas Advisory Services LLC purchased a new position in Goodyear Tire & Rubber in the 2nd quarter worth approximately $29,000. 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.