Goodyear Tire & Rubber (NASDAQ:GT) Rating Increased to Buy at Deutsche Bank Aktiengesellschaft

Goodyear Tire & Rubber (NASDAQ:GT) was upgraded by equities research analysts at Deutsche Bank Aktiengesellschaft from a “hold” rating to a “buy” rating in a research report issued on Thursday, Marketbeat Ratings reports. The brokerage currently has a $21.00 target price on the stock, up from their prior target price of $13.00. Deutsche Bank Aktiengesellschaft’s price objective would indicate a potential upside of 48.10% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on GT. JPMorgan Chase & Co. upped their price objective on shares of Goodyear Tire & Rubber from $16.00 to $17.00 and gave the stock an “overweight” rating in a research report on Thursday, July 20th. StockNews.com assumed coverage on Goodyear Tire & Rubber in a report on Thursday, October 5th. They issued a “hold” rating for the company. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $17.25.

Goodyear Tire & Rubber Stock Performance

NASDAQ GT opened at $14.18 on Thursday. The company has a market cap of $4.02 billion, a P/E ratio of -8.06 and a beta of 1.81. The company has a fifty day simple moving average of $12.48 and a 200 day simple moving average of $13.25. The company has a current ratio of 1.30, a quick ratio of 0.70 and a debt-to-equity ratio of 1.56. Goodyear Tire & Rubber has a 12-month low of $9.66 and a 12-month high of $16.50.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings results on Monday, November 6th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.17. The business had revenue of $5.14 billion for the quarter, compared to analysts’ expectations of $5.30 billion. Goodyear Tire & Rubber had a negative net margin of 2.47% and a negative return on equity of 1.03%. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.40 EPS. Sell-side analysts predict that Goodyear Tire & Rubber will post 0.02 earnings per share for the current fiscal year.

Institutional Trading of Goodyear Tire & Rubber

A number of institutional investors have recently added to or reduced their stakes in GT. Ancora Advisors LLC grew its position in shares of Goodyear Tire & Rubber by 142.9% during the 1st quarter. Ancora Advisors LLC now owns 1,700 shares of the company’s stock valued at $30,000 after purchasing an additional 1,000 shares in the last quarter. Fifth Third Bancorp grew its position in Goodyear Tire & Rubber by 49.0% during the second quarter. Fifth Third Bancorp now owns 3,006 shares of the company’s stock worth $41,000 after buying an additional 989 shares in the last quarter. First Manhattan Co. purchased a new stake in shares of Goodyear Tire & Rubber in the 4th quarter valued at about $31,000. Ameritas Advisory Services LLC bought a new stake in shares of Goodyear Tire & Rubber during the 1st quarter valued at about $36,000. Finally, CWM LLC grew its holdings in shares of Goodyear Tire & Rubber by 58.5% during the second quarter. CWM LLC now owns 3,673 shares of the company’s stock worth $50,000 after purchasing an additional 1,356 shares in the last quarter. Hedge funds and other institutional investors own 80.05% of the company’s stock.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company, together with its subsidiaries, develops, manufactures, distributes, and sells tires and related products and services worldwide. It offers various lines of tires for automobiles, trucks, buses, aircraft, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and other applications under the Goodyear, Cooper, Dunlop, Kelly, Debica, Sava, Fulda, Mastercraft, Roadmaster, and various other house brands, as well as under the private-label brands.