Goodyear Tire & Rubber (NASDAQ:GT) Price Target Cut to $8.00 by Analysts at Citigroup

Goodyear Tire & Rubber (NASDAQ:GT) had its price objective decreased by Citigroup from $10.00 to $8.00 in a research note published on Friday,Benzinga reports. Citigroup currently has a neutral rating on the stock.

A number of other research firms also recently weighed in on GT. Zacks Research downgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Goodyear Tire & Rubber from $12.00 to $9.00 and set a “buy” rating on the stock in a research note on Thursday, April 16th. TD Cowen decreased their price target on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Wednesday, April 15th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Goodyear Tire & Rubber from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, April 23rd. Three analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $8.83.

Goodyear Tire & Rubber Trading Down 5.1%

Shares of Goodyear Tire & Rubber stock opened at $6.51 on Friday. The company’s fifty day simple moving average is $7.04 and its 200-day simple moving average is $8.06. The company has a market cap of $1.87 billion, a price-to-earnings ratio of -0.90, a PEG ratio of 0.63 and a beta of 1.17. The company has a current ratio of 1.04, a quick ratio of 0.54 and a debt-to-equity ratio of 1.66. 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 announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.05. The business had revenue of $3.88 billion for the quarter, compared to the consensus estimate 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 quarterly revenue was down 8.7% on a year-over-year basis. During the same quarter last year, the company posted ($0.04) earnings per share. As a group, sell-side analysts expect that Goodyear Tire & Rubber will post 0.29 EPS for the current year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Several institutional investors and hedge funds have recently made changes to their positions in GT. Focus Partners Wealth acquired a new stake in shares of Goodyear Tire & Rubber in the 3rd quarter valued at $25,000. EFG International AG acquired a new stake in shares of Goodyear Tire & Rubber in the 4th quarter valued at $26,000. Los Angeles Capital Management LLC acquired a new stake in shares of Goodyear Tire & Rubber in the 4th quarter valued at $26,000. Hantz Financial Services Inc. boosted its stake in shares of Goodyear Tire & Rubber by 384.8% in the 3rd quarter. Hantz Financial Services Inc. now owns 5,289 shares of the company’s stock valued at $40,000 after purchasing an additional 4,198 shares in the last quarter. Finally, Cloud Capital Management LLC acquired a new stake in shares of Goodyear Tire & Rubber in the 3rd quarter valued at $47,000. Institutional investors and hedge funds 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.