TD Cowen Has Lowered Expectations for Goodyear Tire & Rubber (NASDAQ:GT) Stock Price

Goodyear Tire & Rubber (NASDAQ:GT) had its price target cut by stock analysts at TD Cowen from $10.00 to $9.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s price objective points to a potential upside of 36.57% from the company’s current price.

GT has been the subject of several other reports. Zacks Research lowered shares of Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Goodyear Tire & Rubber in a research report on Monday, December 29th. Finally, Citigroup upped their price target on shares of Goodyear Tire & Rubber from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, February 12th. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Goodyear Tire & Rubber presently has a consensus rating of “Hold” and a consensus price target of $9.69.

Goodyear Tire & Rubber Stock Performance

NASDAQ GT opened at $6.59 on Wednesday. The company has a 50-day simple moving average of $7.61 and a two-hundred day simple moving average of $8.05. The company has a quick ratio of 0.54, a current ratio of 1.06 and a debt-to-equity ratio of 1.57. Goodyear Tire & Rubber has a 12-month low of $6.14 and a 12-month high of $12.03. The firm has a market cap of $1.89 billion, a price-to-earnings ratio of -1.10, a PEG ratio of 0.29 and a beta of 1.18.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings results on Monday, February 9th. The company reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.06). Goodyear Tire & Rubber had a negative net margin of 9.41% and a positive return on equity of 3.21%. The business had revenue of $4.92 billion for the quarter, compared to analysts’ expectations of $4.85 billion. During the same quarter in the previous year, the company earned $0.39 earnings per share. The business’s quarterly revenue was down .6% on a year-over-year basis. On average, equities analysts forecast that Goodyear Tire & Rubber will post 1.5 EPS for the current year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Several hedge funds and other institutional investors have recently modified their holdings of GT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Goodyear Tire & Rubber by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 169,601 shares of the company’s stock valued at $1,567,000 after acquiring an additional 7,453 shares during the last quarter. United Services Automobile Association bought a new position in shares of Goodyear Tire & Rubber during the first quarter valued at about $163,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Goodyear Tire & Rubber by 2.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 657,411 shares of the company’s stock valued at $6,074,000 after acquiring an additional 15,064 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Goodyear Tire & Rubber by 6.3% during the second quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company’s stock valued at $177,000 after acquiring an additional 1,011 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Goodyear Tire & Rubber by 23.4% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 15,060 shares of the company’s stock valued at $156,000 after acquiring an additional 2,855 shares during the last quarter. 84.19% of the stock is owned by institutional investors.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company is a leading tire manufacturer and rubber products supplier with more than a century of innovation in its portfolio. Founded in 1898 by Frank Seiberling in Akron, Ohio, the company has grown into a global enterprise known for its engineering expertise and quality standards. Over its history, Goodyear has pioneered advances in tire technology, from early pneumatic designs to modern high-performance and fuel-efficient solutions.

Goodyear’s core business encompasses the design, production and distribution of tires for a variety of markets, including passenger cars, commercial trucks, off-the-road vehicles, aircraft and specialty applications.