The Goodyear Tire & Rubber Company (NASDAQ:GT) Given Average Rating of “Buy” by Analysts

Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) have received a consensus recommendation of “Buy” from the nine brokerages that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $16.50.

GT has been the topic of several recent analyst reports. Zacks Investment Research upgraded shares of The Goodyear Tire & Rubber from a “hold” rating to a “strong-buy” rating and set a $23.00 target price on the stock in a report on Wednesday, May 19th. Morgan Stanley restated a “hold” rating and issued a $16.00 target price on shares of The Goodyear Tire & Rubber in a research note on Friday, July 2nd.

Shares of GT traded down $0.18 during trading hours on Tuesday, hitting $16.14. The company had a trading volume of 3,128,551 shares, compared to its average volume of 4,000,834. The Goodyear Tire & Rubber has a 52-week low of $7.28 and a 52-week high of $20.70. The firm has a market cap of $4.54 billion, a P/E ratio of 27.83 and a beta of 2.16. The company has a quick ratio of 0.64, a current ratio of 1.14 and a debt-to-equity ratio of 1.58. The stock’s 50 day moving average price is $15.91 and its 200 day moving average price is $17.38.

The Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Thursday, August 5th. The company reported $0.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.17 by $0.15. The business had revenue of $3.98 billion during the quarter, compared to analyst estimates of $3.95 billion. The Goodyear Tire & Rubber had a return on equity of 8.80% and a net margin of 0.96%. The Goodyear Tire & Rubber’s revenue for the quarter was up 85.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($1.87) EPS. On average, research analysts expect that The Goodyear Tire & Rubber will post 1.15 EPS for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. increased its holdings in shares of The Goodyear Tire & Rubber by 25.2% in the second quarter. BlackRock Inc. now owns 35,103,953 shares of the company’s stock worth $602,034,000 after buying an additional 7,076,124 shares during the period. Vanguard Group Inc. boosted its holdings in shares of The Goodyear Tire & Rubber by 21.6% during the 2nd quarter. Vanguard Group Inc. now owns 26,114,960 shares of the company’s stock valued at $447,870,000 after purchasing an additional 4,639,892 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of The Goodyear Tire & Rubber by 26.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 14,781,144 shares of the company’s stock valued at $253,495,000 after acquiring an additional 3,127,217 shares during the last quarter. Alliancebernstein L.P. lifted its stake in The Goodyear Tire & Rubber by 23.1% in the second quarter. Alliancebernstein L.P. now owns 11,886,978 shares of the company’s stock worth $203,862,000 after purchasing an additional 2,229,701 shares during the last quarter. Finally, LSV Asset Management increased its holdings in The Goodyear Tire & Rubber by 16.5% during the second quarter. LSV Asset Management now owns 9,948,935 shares of the company’s stock valued at $170,624,000 after buying an additional 1,407,912 shares during the period. 80.95% of the stock is owned by institutional investors and hedge funds.

The Goodyear Tire & Rubber Company Profile

Goodyear Tire & Rubber Co engages in the development, manufactures, distribution, and sale of tires. Its products include lines of rubber tires for automobiles, trucks, buses, aircraft, motorcycles, farm implements, earthmoving and mining equipment, industrial equipment and various other applications.

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

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