Deutsche Bank Aktiengesellschaft Issues Pessimistic Forecast for Goodyear Tire & Rubber (NASDAQ:GT) Stock Price

Goodyear Tire & Rubber (NASDAQ:GT) had its price target reduced by Deutsche Bank Aktiengesellschaft from $15.00 to $12.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Deutsche Bank Aktiengesellschaft’s target price indicates a potential upside of 45.45% from the company’s previous close.

GT has been the subject of several other reports. JPMorgan Chase & Co. restated an “overweight” rating and issued a $17.00 price objective (down from $18.00) on shares of Goodyear Tire & Rubber in a report on Thursday, May 22nd. BNP Paribas lowered shares of Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a report on Friday, August 8th. BNP Paribas Exane reiterated a “neutral” rating and set a $9.00 target price on shares of Goodyear Tire & Rubber in a report on Friday, August 8th. Finally, Wall Street Zen lowered shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Saturday, May 10th. Four investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $12.80.

Goodyear Tire & Rubber Stock Down 0.7%

NASDAQ GT opened at $8.25 on Monday. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.15 and a quick ratio of 0.63. The stock has a market capitalization of $2.36 billion, a PE ratio of 5.81, a PEG ratio of 0.26 and a beta of 1.37. Goodyear Tire & Rubber has a 1 year low of $7.27 and a 1 year high of $12.03. The business’s 50-day moving average is $10.65 and its 200 day moving average is $10.11.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its earnings results on Thursday, August 7th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.31). The business had revenue of $4.47 billion during the quarter, compared to the consensus estimate of $4.50 billion. Goodyear Tire & Rubber had a return on equity of 3.17% and a net margin of 2.22%. The firm’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.19 earnings per share. Sell-side analysts forecast that Goodyear Tire & Rubber will post 1.5 earnings per share for the current year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

A number of hedge funds have recently added to or reduced their stakes in GT. Brevan Howard Capital Management LP acquired a new stake in Goodyear Tire & Rubber in the fourth quarter valued at approximately $606,000. Franklin Resources Inc. boosted its stake in Goodyear Tire & Rubber by 65.9% in the fourth quarter. Franklin Resources Inc. now owns 224,124 shares of the company’s stock valued at $2,017,000 after acquiring an additional 88,993 shares in the last quarter. CenterBook Partners LP acquired a new stake in Goodyear Tire & Rubber in the first quarter valued at approximately $13,413,000. PNC Financial Services Group Inc. boosted its stake in Goodyear Tire & Rubber by 1,285.9% in the first quarter. PNC Financial Services Group Inc. now owns 317,743 shares of the company’s stock valued at $2,936,000 after acquiring an additional 294,816 shares in the last quarter. Finally, Johnson Investment Counsel Inc. acquired a new stake in Goodyear Tire & Rubber in the first quarter valued at approximately $308,000. 84.19% of the stock is currently owned by institutional investors.

Goodyear Tire & Rubber Company Profile

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.