JPMorgan Chase & Co. Has Lowered Expectations for Goodyear Tire & Rubber (NASDAQ:GT) Stock Price

Goodyear Tire & Rubber (NASDAQ:GT) had its target price reduced by stock analysts at JPMorgan Chase & Co. from $15.00 to $14.00 in a research note issued on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 95.80% from the company’s previous close.

Other analysts also recently issued research reports about the company. BNP Paribas Exane reiterated a “neutral” rating and set 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 set a $9.50 target price (down from $15.50) on shares of Goodyear Tire & Rubber in a research report on Wednesday, August 20th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Goodyear Tire & Rubber from $15.00 to $12.00 and set a “buy” rating on the stock in a report on Monday, August 11th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Goodyear Tire & Rubber in a report on Wednesday, October 8th. Finally, Hsbc Global Res cut Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 20th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $11.50.

Goodyear Tire & Rubber Stock Up 1.6%

GT opened at $7.15 on Monday. The firm has a market capitalization of $2.05 billion, a P/E ratio of 5.04, a price-to-earnings-growth ratio of 1.90 and a beta of 1.28. Goodyear Tire & Rubber has a one year low of $6.51 and a one year high of $12.03. The company has a fifty day moving average price of $8.01 and a 200-day moving average price of $9.70. 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 issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.31). Goodyear Tire & Rubber had a return on equity of 3.17% and a net margin of 2.22%.The business had revenue of $4.47 billion during the quarter, compared to analysts’ expectations of $4.50 billion. During the same quarter last year, the business posted $0.19 EPS. The company’s quarterly revenue was down 2.3% on a year-over-year basis. Equities research analysts expect that Goodyear Tire & Rubber will post 1.5 earnings per share for the current fiscal year.

Institutional Trading of Goodyear Tire & Rubber

Hedge funds have recently added to or reduced their stakes in the business. Solstein Capital LLC bought a new position in shares of Goodyear Tire & Rubber during the second quarter valued at about $26,000. Ameritas Advisory Services LLC bought a new position in Goodyear Tire & Rubber during the 2nd quarter worth approximately $29,000. Caitong International Asset Management Co. Ltd grew its position in Goodyear Tire & Rubber by 3,894.3% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 2,796 shares of the company’s stock worth $29,000 after acquiring an additional 2,726 shares during the last quarter. GAMMA Investing LLC increased its stake in Goodyear Tire & Rubber by 147.5% in the 1st quarter. GAMMA Investing LLC now owns 2,809 shares of the company’s stock worth $26,000 after purchasing an additional 1,674 shares during the period. Finally, FNY Investment Advisers LLC bought a new stake in Goodyear Tire & Rubber in the second quarter valued at approximately $31,000. 84.19% of the stock is owned by institutional investors.

Goodyear Tire & Rubber Company Profile

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.