The Goodyear Tire & Rubber Company (NASDAQ:GT) Given Consensus Recommendation of “Buy” by Brokerages

The Goodyear Tire & Rubber Company (NASDAQ:GT) has been assigned an average rating of “Buy” from the seven research firms that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation, four have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $14.20.

A number of research firms have recently commented on GT. Wall Street Zen lowered Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Saturday, May 10th. JPMorgan Chase & Co. restated an “overweight” rating and set a $17.00 price target (down previously from $18.00) on shares of Goodyear Tire & Rubber in a report on Thursday, May 22nd. Deutsche Bank Aktiengesellschaft upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a report on Monday, March 31st. BNP Paribas Exane raised Goodyear Tire & Rubber from a “neutral” rating to an “outperform” rating and set a $15.00 price objective on the stock in a research report on Monday, June 9th. Finally, BNP Paribas raised Goodyear Tire & Rubber from a “hold” rating to a “strong-buy” rating in a research report on Monday, June 9th.

Goodyear Tire & Rubber Trading Up 0.9%

Shares of GT stock opened at $10.91 on Friday. The firm has a market capitalization of $3.12 billion, a P/E ratio of 12.99, a P/E/G ratio of 0.34 and a beta of 1.35. Goodyear Tire & Rubber has a twelve month low of $7.27 and a twelve month high of $12.58. The company has a quick ratio of 0.64, a current ratio of 1.22 and a debt-to-equity ratio of 1.44. The stock’s fifty day simple moving average is $10.97 and its 200 day simple moving average is $9.96.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. The firm had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.41 billion. Goodyear Tire & Rubber had a return on equity of 5.31% and a net margin of 1.30%. The business’s revenue was down 6.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.10 EPS. As a group, sell-side analysts predict that Goodyear Tire & Rubber will post 1.5 EPS for the current fiscal year.

Institutional Trading of Goodyear Tire & Rubber

Institutional investors and hedge funds have recently modified their holdings of the stock. Brevan Howard Capital Management LP purchased a new stake in shares of Goodyear Tire & Rubber in the 4th quarter valued at approximately $606,000. Norges Bank purchased a new stake in shares of Goodyear Tire & Rubber in the 4th quarter valued at approximately $39,626,000. Capula Management Ltd purchased a new stake in shares of Goodyear Tire & Rubber in the 4th quarter valued at approximately $330,000. Franklin Resources Inc. grew its stake in shares of Goodyear Tire & Rubber by 65.9% in the 4th quarter. Franklin Resources Inc. now owns 224,124 shares of the company’s stock valued at $2,017,000 after buying an additional 88,993 shares during the period. Finally, Johnson Investment Counsel Inc. purchased a new position in shares of Goodyear Tire & Rubber during the 1st quarter worth approximately $308,000. Hedge funds and other institutional investors own 84.19% of the company’s stock.

About Goodyear Tire & Rubber

Goodyear Tire & Rubber Co engages in the development, manufacture, distribution, and sale of tires. It operates through the following geographical segments: Americas, Europe, Middle East, and Africa, and Asia Pacific. The Americas segment is involved in the development, manufacture, distribution, and sale of tires and related products and services in North, Central, and South America.