JPMorgan Chase & Co. Cuts Goodyear Tire & Rubber (NASDAQ:GT) Price Target to $9.00

Goodyear Tire & Rubber (NASDAQ:GT) had its target price lowered by research analysts at JPMorgan Chase & Co. from $10.00 to $9.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 83.49% from the stock’s current price.

GT has been the subject of a number of other research reports. Weiss Ratings reiterated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research report on Friday, August 7th. Zacks Research raised Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Finally, Wall Street Zen upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $8.06.

Goodyear Tire & Rubber Stock Performance

Shares of NASDAQ:GT traded down $0.12 during trading hours on Friday, hitting $4.91. The stock had a trading volume of 3,547,053 shares, compared to its average volume of 8,731,707. The stock’s fifty day simple moving average is $6.00 and its 200 day simple moving average is $6.33. The firm has a market capitalization of $1.41 billion, a price-to-earnings ratio of -0.56 and a beta of 1.22. The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.55 and a current ratio of 1.09. Goodyear Tire & Rubber has a 1-year low of $4.83 and a 1-year high of $10.62.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.61) earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $4.19 billion. During the same period in the previous year, the firm posted ($0.17) earnings per share. The business’s revenue was down 4.8% on a year-over-year basis. Sell-side analysts anticipate that Goodyear Tire & Rubber will post -0.43 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Institutional investors and hedge funds have recently bought and sold shares of the business. WINTON GROUP Ltd purchased a new position in Goodyear Tire & Rubber in the 2nd quarter worth about $1,560,000. Bank of America Corp DE purchased a new position in Goodyear Tire & Rubber during the second quarter valued at approximately $17,313,000. Canada Pension Plan Investment Board acquired a new position in Goodyear Tire & Rubber in the 2nd quarter valued at approximately $78,278,000. Cibc World Market Inc. purchased a new position in Goodyear Tire & Rubber in the second quarter valued at about $18,676,000. Finally, Empowered Funds LLC acquired a new position in Goodyear Tire & Rubber in the second quarter worth approximately $6,852,000. 84.19% of the stock is owned by institutional investors and hedge funds.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company (NASDAQ: GT) is a global tire manufacturer headquartered in Akron, Ohio. Founded in 1898, the company develops, produces, markets and distributes tires for passenger vehicles, trucks, buses, aircraft, motorcycles, off-road vehicles and other applications.

Goodyear serves original-equipment and replacement markets through a portfolio of tire brands that includes Goodyear and Cooper, along with related products and services. Its offerings are sold through tire dealers, automotive retailers, distributors and other commercial channels, as well as to vehicle manufacturers.

The company operates across North America, Europe and other international markets.