JPMorgan Chase & Co. Increases Goodyear Tire & Rubber (NASDAQ:GT) Price Target to $18.00

Goodyear Tire & Rubber (NASDAQ:GT) had its target price lifted by equities research analysts at JPMorgan Chase & Co. from $16.00 to $18.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 26.32% from the company’s current price.

GT has been the topic of several other reports. Deutsche Bank Aktiengesellschaft upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and raised their price objective for the stock from $13.00 to $21.00 in a research note on Thursday. StockNews.com assumed coverage on shares of Goodyear Tire & Rubber in a report on Thursday, October 5th. They issued a “hold” rating for the company. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $17.25.

Goodyear Tire & Rubber Stock Up 1.5 %

Shares of GT stock traded up $0.21 during mid-day trading on Thursday, reaching $14.25. 1,468,456 shares of the company were exchanged, compared to its average volume of 4,317,373. The company has a market capitalization of $4.04 billion, a P/E ratio of -8.15 and a beta of 1.81. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.70 and a current ratio of 1.30. Goodyear Tire & Rubber has a fifty-two week low of $9.66 and a fifty-two week high of $16.50. The business’s 50 day simple moving average is $12.42 and its 200 day simple moving average is $13.22.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Monday, November 6th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.17. The firm had revenue of $5.14 billion during the quarter, compared to analyst estimates of $5.30 billion. Goodyear Tire & Rubber had a negative return on equity of 1.03% and a negative net margin of 2.47%. Goodyear Tire & Rubber’s quarterly revenue was down 3.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.40 earnings per share. Research analysts predict that Goodyear Tire & Rubber will post 0.02 earnings per share for the current year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Several institutional investors have recently modified their holdings of the company. Raymond James Financial Services Advisors Inc. boosted its position in shares of Goodyear Tire & Rubber by 94.4% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 34,395 shares of the company’s stock worth $491,000 after buying an additional 16,701 shares during the period. US Bancorp DE boosted its position in Goodyear Tire & Rubber by 10.3% during the 1st quarter. US Bancorp DE now owns 15,225 shares of the company’s stock worth $217,000 after acquiring an additional 1,418 shares during the period. Citigroup Inc. boosted its position in Goodyear Tire & Rubber by 14.2% during the 1st quarter. Citigroup Inc. now owns 259,007 shares of the company’s stock worth $3,702,000 after acquiring an additional 32,111 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of Goodyear Tire & Rubber by 35.0% in the first quarter. PNC Financial Services Group Inc. now owns 33,421 shares of the company’s stock worth $479,000 after purchasing an additional 8,670 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in shares of Goodyear Tire & Rubber by 10.5% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 102,976 shares of the company’s stock valued at $1,472,000 after purchasing an additional 9,818 shares during the period. Institutional investors own 80.05% of the company’s stock.

Goodyear Tire & Rubber Company Profile

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.