Deutsche Bank Aktiengesellschaft Upgrades Goodyear Tire & Rubber (NASDAQ:GT) to Buy

Goodyear Tire & Rubber (NASDAQ:GT) was upgraded by Deutsche Bank Aktiengesellschaft from a “hold” rating to a “buy” rating in a report released on Thursday, Briefing.com reports. The firm presently has a $21.00 price objective on the stock, up from their previous price objective of $13.00. Deutsche Bank Aktiengesellschaft’s target price points to a potential upside of 49.57% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. StockNews.com started coverage on shares of Goodyear Tire & Rubber in a research note on Thursday, October 5th. They set a “hold” rating for the company. JPMorgan Chase & Co. lifted their price target on shares of Goodyear Tire & Rubber from $16.00 to $17.00 and gave the company an “overweight” rating in a research note on Thursday, July 20th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Goodyear Tire & Rubber currently has an average rating of “Hold” and an average price target of $17.00.

Goodyear Tire & Rubber Stock Performance

Shares of Goodyear Tire & Rubber stock opened at $14.04 on Thursday. Goodyear Tire & Rubber has a fifty-two week low of $9.66 and a fifty-two week high of $16.50. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.30 and a quick ratio of 0.70. The firm has a market capitalization of $3.98 billion, a P/E ratio of -7.98 and a beta of 1.81. The company’s 50 day moving average price is $12.42 and its two-hundred day moving average price is $13.22.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its earnings results on Monday, November 6th. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.17. The firm had revenue of $5.14 billion for the quarter, compared to analyst estimates of $5.30 billion. Goodyear Tire & Rubber had a negative net margin of 2.47% and a negative return on equity of 1.03%. The company’s quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter last year, the business posted $0.40 earnings per share. On average, equities analysts forecast that Goodyear Tire & Rubber will post 0.02 earnings per share for the current fiscal year.

Institutional Trading of Goodyear Tire & Rubber

Hedge funds and other institutional investors have recently modified their holdings of the business. Inspire Investing LLC increased its holdings in Goodyear Tire & Rubber by 3.0% during the 3rd quarter. Inspire Investing LLC now owns 28,396 shares of the company’s stock worth $353,000 after acquiring an additional 818 shares during the period. Steward Partners Investment Advisory LLC grew its stake in Goodyear Tire & Rubber by 27.3% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 4,018 shares of the company’s stock worth $44,000 after buying an additional 862 shares in the last quarter. Ameritas Investment Partners Inc. grew its stake in Goodyear Tire & Rubber by 0.9% in the 1st quarter. Ameritas Investment Partners Inc. now owns 95,267 shares of the company’s stock worth $1,050,000 after buying an additional 864 shares in the last quarter. US Bancorp DE grew its stake in Goodyear Tire & Rubber by 5.3% in the 2nd quarter. US Bancorp DE now owns 17,452 shares of the company’s stock worth $239,000 after buying an additional 871 shares in the last quarter. Finally, CWM LLC grew its stake in Goodyear Tire & Rubber by 26.4% in the 3rd quarter. CWM LLC now owns 4,644 shares of the company’s stock worth $58,000 after buying an additional 971 shares in the last quarter. Institutional investors own 80.05% of the company’s stock.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company, together with its subsidiaries, develops, manufactures, distributes, and sells tires and related products and services worldwide. It offers various lines of tires for automobiles, trucks, buses, aircraft, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and other applications under the Goodyear, Cooper, Dunlop, Kelly, Debica, Sava, Fulda, Mastercraft, Roadmaster, and various other house brands, as well as under the private-label brands.