JPMorgan Chase & Co. Reiterates Overweight Rating for Goodyear Tire & Rubber (NASDAQ:GT)

Goodyear Tire & Rubber (NASDAQ:GT)‘s stock had its “overweight” rating reaffirmed by JPMorgan Chase & Co. in a report issued on Monday,Benzinga reports. They presently have a $10.00 price objective on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 68.07% from the stock’s previous close.

A number of other brokerages have also recently weighed in on GT. TD Cowen reduced 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 report on Wednesday, April 15th. Citigroup reduced their price target on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating on the stock in a research report on Friday. Zacks Research cut shares of Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 6th. Wall Street Zen cut shares of Goodyear Tire & Rubber from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $7.00 price target (down from $9.00) on shares of Goodyear Tire & Rubber in a research report on Monday. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $8.54.

Goodyear Tire & Rubber Price Performance

Shares of GT stock opened at $5.95 on Monday. The firm’s 50 day moving average price is $6.95 and its two-hundred day moving average price is $8.05. The stock has a market cap of $1.71 billion, a PE ratio of -0.82, a PEG ratio of 0.60 and a beta of 1.17. Goodyear Tire & Rubber has a 52-week low of $5.92 and a 52-week high of $12.03. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.51 and a current ratio of 1.04.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.05. The company had revenue of $3.88 billion for the quarter, compared to analysts’ expectations of $3.81 billion. Goodyear Tire & Rubber had a negative net margin of 11.64% and a positive return on equity of 0.93%. The business’s quarterly revenue was down 8.7% compared to the same quarter last year. During the same period last year, the firm posted ($0.04) earnings per share. As a group, analysts forecast that Goodyear Tire & Rubber will post 0.29 EPS for the current year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its stake in Goodyear Tire & Rubber by 8.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 16,558,938 shares of the company’s stock valued at $109,778,000 after buying an additional 1,352,085 shares during the last quarter. GatePass Capital LLC increased its stake in Goodyear Tire & Rubber by 13.1% in the 1st quarter. GatePass Capital LLC now owns 47,500 shares of the company’s stock valued at $315,000 after buying an additional 5,500 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in Goodyear Tire & Rubber in the 1st quarter valued at $91,000. Principal Financial Group Inc. increased its stake in Goodyear Tire & Rubber by 3.8% in the 1st quarter. Principal Financial Group Inc. now owns 643,025 shares of the company’s stock valued at $4,263,000 after buying an additional 23,595 shares during the last quarter. Finally, 180 Wealth Advisors LLC increased its stake in Goodyear Tire & Rubber by 7.3% in the 1st quarter. 180 Wealth Advisors LLC now owns 25,658 shares of the company’s stock valued at $170,000 after buying an additional 1,747 shares during the last quarter. 84.19% of the stock is currently owned by institutional investors and hedge funds.

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.