Goodyear Tire & Rubber (NASDAQ:GT) Price Target Raised to $10.00 at JPMorgan Chase & Co.

Goodyear Tire & Rubber (NASDAQ:GT) had its price objective upped by analysts at JPMorgan Chase & Co. from $9.00 to $10.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 52.32% from the stock’s current price.

A number of other analysts have also recently issued reports on GT. Zacks Research raised Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Wall Street Zen upgraded Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 6th. Citigroup cut their target price on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Friday, May 8th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $7.00 price objective (down from $9.00) on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Finally, 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. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Goodyear Tire & Rubber presently has a consensus rating of “Hold” and an average price target of $8.54.

Goodyear Tire & Rubber Stock Performance

Shares of GT stock traded down $0.20 during trading on Friday, hitting $6.57. The company’s stock had a trading volume of 2,756,554 shares, compared to its average volume of 8,583,915. The company has a market cap of $1.89 billion, a PE ratio of -0.74 and a beta of 1.12. The business has a fifty day moving average of $6.58 and a 200-day moving average of $7.21. The company has a current ratio of 1.04, a quick ratio of 0.51 and a debt-to-equity ratio of 1.66. Goodyear Tire & Rubber has a 52 week low of $5.43 and a 52 week high of $10.62.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its earnings results on Wednesday, August 5th. The company reported ($0.61) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.63) by $0.02. The firm had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.11 billion. Goodyear Tire & Rubber had a negative return on equity of 2.89% and a negative net margin of 14.37%.The business’s revenue was down 4.8% on a year-over-year basis. During the same period in the previous year, the company posted ($0.17) earnings per share. As a group, research analysts anticipate that Goodyear Tire & Rubber will post -0.26 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Goodyear Tire & Rubber by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 169,601 shares of the company’s stock valued at $1,567,000 after acquiring an additional 7,453 shares during the period. United Services Automobile Association purchased a new stake in Goodyear Tire & Rubber in the 1st quarter worth $163,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Goodyear Tire & Rubber by 2.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 657,411 shares of the company’s stock worth $6,074,000 after purchasing an additional 15,064 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in Goodyear Tire & Rubber by 6.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company’s stock valued at $177,000 after purchasing an additional 1,011 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in Goodyear Tire & Rubber by 23.4% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 15,060 shares of the company’s stock worth $156,000 after purchasing an additional 2,855 shares in the last quarter. Hedge funds and other institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Company Profile

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.