Goodyear Tire & Rubber (NASDAQ:GT) Earns Hold Rating from HSBC

Goodyear Tire & Rubber (NASDAQ:GT)‘s stock had its “hold” rating restated by equities research analysts at HSBC in a research note issued to investors on Wednesday, Marketbeat.com reports. They currently have a $9.50 price target on the stock, down from their prior price target of $15.50. HSBC’s target price points to a potential upside of 15.15% from the company’s previous close.

Several other research firms have also issued reports on GT. JPMorgan Chase & Co. reissued an “overweight” rating and set a $17.00 target price (down from $18.00) on shares of Goodyear Tire & Rubber in a research note on Thursday, May 22nd. Wall Street Zen lowered shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note on Saturday, May 10th. BNP Paribas Exane reissued a “neutral” rating and set a $9.00 target price on shares of Goodyear Tire & Rubber in a research note on Friday, August 8th. BNP Paribas lowered shares of Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 8th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of Goodyear Tire & Rubber from $15.00 to $12.00 and set a “buy” rating on the stock in a research note on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $12.25.

Goodyear Tire & Rubber Price Performance

Shares of GT opened at $8.25 on Wednesday. The business’s 50-day moving average is $10.26 and its two-hundred day moving average is $10.08. The company has a market capitalization of $2.36 billion, a P/E ratio of 5.81, a P/E/G ratio of 0.73 and a beta of 1.37. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.63 and a current ratio of 1.15. Goodyear Tire & Rubber has a fifty-two week low of $7.27 and a fifty-two week high of $12.03.

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). Goodyear Tire & Rubber had a return on equity of 3.17% and a net margin of 2.22%.The firm had revenue of $4.47 billion for the quarter, compared to analysts’ expectations of $4.50 billion. During the same period in the previous year, the company earned $0.19 earnings per share. The company’s revenue was down 2.3% compared to the same quarter last year. Research analysts predict that Goodyear Tire & Rubber will post 1.5 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Solstein Capital LLC acquired a new position in Goodyear Tire & Rubber during the second quarter worth about $26,000. Ameritas Advisory Services LLC acquired a new position in Goodyear Tire & Rubber during the second quarter worth about $29,000. Caitong International Asset Management Co. Ltd grew its position in Goodyear Tire & Rubber by 3,894.3% during the second quarter. Caitong International Asset Management Co. Ltd now owns 2,796 shares of the company’s stock worth $29,000 after buying an additional 2,726 shares during the period. GAMMA Investing LLC grew its position in Goodyear Tire & Rubber by 147.5% during the first quarter. GAMMA Investing LLC now owns 2,809 shares of the company’s stock worth $26,000 after buying an additional 1,674 shares during the period. Finally, FNY Investment Advisers LLC acquired a new position in Goodyear Tire & Rubber during the second quarter worth about $31,000. 84.19% of the stock is currently owned by institutional investors and hedge funds.

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.