Goodyear Tire & Rubber (NASDAQ:GT) PT Lowered to $14.00

Goodyear Tire & Rubber (NASDAQ:GT) had its price objective reduced by Citigroup from $16.00 to $14.00 in a research note published on Tuesday morning, 24/7 WallStreet reports. They currently have a neutral rating on the stock.

Several other research analysts have also recently issued reports on GT. ValuEngine raised shares of VESTAS WIND SYS/ADR from a hold rating to a buy rating in a report on Thursday, May 9th. Morgan Stanley set a $12.00 target price on shares of Adient and gave the stock a sell rating in a report on Wednesday, June 26th. Longbow Research raised shares of Goodyear Tire & Rubber from an underperform rating to a neutral rating and set a $14.74 target price for the company in a report on Thursday, June 6th. KeyCorp reissued a buy rating and set a $235.00 target price on shares of Workday in a report on Wednesday, May 22nd. Finally, Zacks Investment Research cut shares of W. R. Grace & Co from a buy rating to a hold rating in a report on Wednesday, May 1st. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $19.46.

NASDAQ:GT opened at $13.92 on Tuesday. Goodyear Tire & Rubber has a 12 month low of $12.56 and a 12 month high of $25.41. The business’s fifty day moving average is $14.91. The company has a quick ratio of 0.73, a current ratio of 1.33 and a debt-to-equity ratio of 1.27. The firm has a market capitalization of $3.29 billion, a P/E ratio of 6.00 and a beta of 1.74.

Goodyear Tire & Rubber (NASDAQ:GT) last issued its earnings results on Friday, July 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.31 by ($0.06). Goodyear Tire & Rubber had a return on equity of 7.66% and a net margin of 3.02%. The business had revenue of $3.63 billion for the quarter, compared to analysts’ expectations of $3.77 billion. During the same period last year, the business earned $0.62 EPS. The company’s revenue for the quarter was down 5.4% on a year-over-year basis. As a group, research analysts forecast that Goodyear Tire & Rubber will post 1.64 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 1st will be issued a $0.16 dividend. The ex-dividend date is Wednesday, July 31st. This represents a $0.64 dividend on an annualized basis and a yield of 4.60%. Goodyear Tire & Rubber’s payout ratio is 27.59%.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GT. Dimensional Fund Advisors LP increased its holdings in Goodyear Tire & Rubber by 3.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,952,083 shares of the company’s stock valued at $141,894,000 after buying an additional 253,943 shares in the last quarter. MML Investors Services LLC purchased a new position in Goodyear Tire & Rubber in the fourth quarter valued at $209,000. Municipal Employees Retirement System of Michigan purchased a new position in Goodyear Tire & Rubber in the fourth quarter valued at $613,000. Legal & General Group Plc increased its holdings in Goodyear Tire & Rubber by 2.8% in the fourth quarter. Legal & General Group Plc now owns 1,262,422 shares of the company’s stock valued at $25,766,000 after buying an additional 34,738 shares in the last quarter. Finally, First Allied Advisory Services Inc. increased its holdings in Goodyear Tire & Rubber by 21.0% in the fourth quarter. First Allied Advisory Services Inc. now owns 25,269 shares of the company’s stock valued at $517,000 after buying an additional 4,391 shares in the last quarter. 84.82% of the stock is owned by institutional investors.

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. The company offers various lines of rubber tires for automobiles, trucks, buses, aircrafts, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and various other applications under the Goodyear, Dunlop, Kelly, Debica, Sava, Fulda, and various other Goodyear owned house brands, as well as under the private-label brands.

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Analyst Recommendations for Goodyear Tire & Rubber (NASDAQ:GT)

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