Citigroup Issues Pessimistic Forecast for Goodyear Tire & Rubber (NASDAQ:GT) Stock Price

Goodyear Tire & Rubber (NASDAQ:GT) had its price target cut by research analysts at Citigroup from $8.00 to $5.00 in a report issued on Monday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup‘s price target points to a potential upside of 18.62% from the stock’s current price.

GT has been the subject of a number of other reports. Zacks Research downgraded Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research report on Friday, October 16th. JPMorgan Chase & Co. decreased their price target on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set an “overweight” rating for the company in a research note on Friday, October 2nd. Weiss Ratings reiterated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a report on Wednesday. Finally, Wall Street Zen upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $7.46.

Goodyear Tire & Rubber Stock Down 3.3%

GT traded down $0.14 on Monday, hitting $4.21. 7,013,187 shares of the company were exchanged, compared to its average volume of 8,774,323. Goodyear Tire & Rubber has a twelve month low of $4.09 and a twelve month high of $10.62. The company has a market cap of $1.21 billion, a price-to-earnings ratio of -2.08 and a beta of 1.22. The company has a current ratio of 1.12, a quick ratio of 0.59 and a debt-to-equity ratio of 2.16. The firm has a 50-day moving average price of $4.95 and a two-hundred day moving average price of $6.55.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its quarterly earnings results on Wednesday, November 4th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.05). The company had revenue of $4.54 billion for the quarter, compared to analysts’ expectations of $4.59 billion. Goodyear Tire & Rubber had a negative return on equity of 6.69% and a negative net margin of 3.33%. Goodyear Tire & Rubber’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.28 EPS. On average, equities analysts predict that Goodyear Tire & Rubber will post -1.03 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Nykredit A S purchased a new position in shares of Goodyear Tire & Rubber during the second quarter worth about $27,000. Versant Capital Management Inc increased its position in Goodyear Tire & Rubber by 190.1% in the 3rd quarter. Versant Capital Management Inc now owns 5,349 shares of the company’s stock valued at $27,000 after acquiring an additional 3,505 shares during the period. Allworth Financial LP purchased a new stake in Goodyear Tire & Rubber during the 2nd quarter valued at approximately $33,000. EverSource Wealth Advisors LLC raised its stake in Goodyear Tire & Rubber by 656.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 6,048 shares of the company’s stock valued at $40,000 after acquiring an additional 5,248 shares during the last quarter. Finally, State of Wyoming purchased a new stake in Goodyear Tire & Rubber during the 3rd quarter valued at approximately $50,000. 84.19% of the stock is owned by hedge funds and other institutional investors.

About Goodyear Tire & Rubber

Goodyear Tire & Rubber Company is a global tire manufacturer headquartered in Akron, Ohio. Founded in 1898, the company develops, produces, markets and distributes tires and related products for passenger vehicles, commercial trucks, aircraft, motorcycles, agricultural equipment and off-road vehicles.

Goodyear serves consumer, commercial and original-equipment customers through a portfolio that includes Goodyear and other regional and market-specific brands. Its offerings include replacement tires, tires supplied to vehicle manufacturers, retreading products and related solutions designed to support vehicle performance, safety and efficiency.

In addition to manufacturing, Goodyear operates tire and automotive service locations and provides fleet-management, maintenance and other mobility-related services for commercial customers.