Goodyear Tire & Rubber (NASDAQ:GT) Rating Increased to Strong-Buy at BNP Paribas

BNP Paribas upgraded shares of Goodyear Tire & Rubber (NASDAQ:GT) from a hold rating to a strong-buy rating in a report issued on Monday,Zacks.com reports.

Several other research firms have also weighed in on GT. BNP Paribas Exane upgraded Goodyear Tire & Rubber from a “neutral” rating to an “outperform” rating and set a $15.00 target price for the company in a report on Monday. Argus upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research note on Tuesday, February 18th. Wall Street Zen downgraded shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Saturday, May 10th. Deutsche Bank Aktiengesellschaft upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $13.00 price objective for the company in a research note on Monday, March 31st. Finally, TD Cowen assumed coverage on Goodyear Tire & Rubber in a report on Friday, March 7th. They issued a “buy” rating and a $14.00 target price on the stock. Three analysts have rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $14.17.

Goodyear Tire & Rubber Price Performance

GT opened at $11.78 on Monday. The firm has a market capitalization of $3.37 billion, a P/E ratio of 49.09 and a beta of 1.40. The stock has a fifty day moving average of $10.55 and a 200-day moving average of $9.74. The company has a quick ratio of 0.55, a current ratio of 1.04 and a debt-to-equity ratio of 1.30. Goodyear Tire & Rubber has a 12-month low of $7.27 and a 12-month high of $12.58.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.02. Goodyear Tire & Rubber had a net margin of 0.37% and a return on equity of 6.21%. The firm had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.41 billion. During the same quarter in the prior year, the business earned $0.10 EPS. The company’s revenue for the quarter was down 6.3% compared to the same quarter last year. Equities analysts forecast that Goodyear Tire & Rubber will post 1.5 EPS for the current fiscal year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

A number of large investors have recently added to or reduced their stakes in GT. American Century Companies Inc. lifted its position in Goodyear Tire & Rubber by 11.7% during the first quarter. American Century Companies Inc. now owns 10,786,387 shares of the company’s stock worth $99,666,000 after purchasing an additional 1,134,058 shares during the period. Victory Capital Management Inc. increased its holdings in Goodyear Tire & Rubber by 1.9% in the 1st quarter. Victory Capital Management Inc. now owns 5,247,677 shares of the company’s stock valued at $48,489,000 after buying an additional 99,933 shares during the period. Norges Bank acquired a new position in shares of Goodyear Tire & Rubber in the 4th quarter valued at approximately $39,626,000. Northern Trust Corp lifted its holdings in shares of Goodyear Tire & Rubber by 17.0% during the 4th quarter. Northern Trust Corp now owns 3,941,378 shares of the company’s stock worth $35,472,000 after acquiring an additional 573,541 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Goodyear Tire & Rubber by 1.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,801,118 shares of the company’s stock worth $35,122,000 after acquiring an additional 62,499 shares during the period. Institutional investors and hedge funds 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.