Goodyear Tire & Rubber (NASDAQ:GT) Given New $7.30 Price Target at Morgan Stanley

Goodyear Tire & Rubber (NASDAQ:GT) had its target price raised by Morgan Stanley from $6.88 to $7.30 in a research note issued to investors on Friday morning,Benzinga reports. They currently have an underweight rating on the stock.

A number of other research firms have also weighed in on GT. Deutsche Bank Aktiengesellschaft reduced their price objective on Goodyear Tire & Rubber from $15.00 to $12.00 and set a “buy” rating for the company in a research report on Monday, August 11th. Zacks Research raised Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. BNP Paribas Exane reaffirmed a “neutral” rating and issued a $9.00 price target on shares of Goodyear Tire & Rubber in a research report on Friday, August 8th. HSBC reiterated a “hold” rating and issued a $9.50 price target (down previously from $15.50) on shares of Goodyear Tire & Rubber in a research note on Wednesday, August 20th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Goodyear Tire & Rubber in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Goodyear Tire & Rubber has an average rating of “Hold” and a consensus target price of $10.85.

Goodyear Tire & Rubber Stock Up 1.8%

Shares of Goodyear Tire & Rubber stock opened at $8.60 on Friday. Goodyear Tire & Rubber has a 1 year low of $6.51 and a 1 year high of $12.03. The firm has a market cap of $2.46 billion, a price-to-earnings ratio of 6.05, a PEG ratio of 2.35 and a beta of 1.32. The company has a 50-day moving average of $7.51 and a 200 day moving average of $9.19. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.15 and a quick ratio of 0.63.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Monday, November 3rd. The company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.12. Goodyear Tire & Rubber had a net margin of 2.22% and a return on equity of 3.17%. The business had revenue of $4.65 billion for the quarter, compared to analysts’ expectations of $4.67 billion. During the same quarter in the prior year, the company earned $0.37 earnings per share. The business’s revenue was down 3.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Goodyear Tire & Rubber will post 1.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Several institutional investors have recently made changes to their positions in GT. Cetera Investment Advisers grew its position in Goodyear Tire & Rubber by 14.3% during the first quarter. Cetera Investment Advisers now owns 78,942 shares of the company’s stock valued at $729,000 after buying an additional 9,886 shares during the period. Natixis Advisors LLC purchased a new position in shares of Goodyear Tire & Rubber during the 1st quarter worth $312,000. PNC Financial Services Group Inc. grew its position in shares of Goodyear Tire & Rubber by 1,285.9% during the 1st 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 during the period. Bank of Nova Scotia increased its stake in shares of Goodyear Tire & Rubber by 9.7% in the 1st quarter. Bank of Nova Scotia now owns 89,284 shares of the company’s stock worth $826,000 after purchasing an additional 7,897 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Goodyear Tire & Rubber by 1.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,801,118 shares of the company’s stock worth $35,122,000 after purchasing an additional 62,499 shares in the last quarter. 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.