Goodyear Tire & Rubber (NASDAQ:GT) Upgraded by Deutsche Bank Aktiengesellschaft to “Buy”

Deutsche Bank Aktiengesellschaft upgraded shares of Goodyear Tire & Rubber (NASDAQ:GT) from a hold rating to a buy rating in a report issued on Thursday, Marketbeat Ratings reports. The brokerage currently has $21.00 price objective on the stock, up from their previous price objective of $13.00.

A number of other equities analysts have also weighed in on the company. JPMorgan Chase & Co. increased their target price on Goodyear Tire & Rubber from $16.00 to $17.00 and gave the stock an overweight rating in a research note on Thursday, July 20th. StockNews.com initiated coverage on Goodyear Tire & Rubber in a research note on Thursday, October 5th. They set a hold rating on the stock. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $17.25.

Goodyear Tire & Rubber Trading Up 0.1 %

NASDAQ GT opened at $14.18 on Thursday. Goodyear Tire & Rubber has a 12 month low of $9.66 and a 12 month high of $16.50. The stock has a 50-day simple moving average of $12.48 and a 200 day simple moving average of $13.29. The company has a market capitalization of $4.02 billion, a PE ratio of -8.06 and a beta of 1.81. The company has a current ratio of 1.30, a quick ratio of 0.70 and a debt-to-equity ratio of 1.56.

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

Hedge Funds Weigh In On Goodyear Tire & Rubber

A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in shares of Goodyear Tire & Rubber by 7.6% in the 1st quarter. BlackRock Inc. now owns 35,767,231 shares of the company’s stock valued at $511,113,000 after purchasing an additional 2,528,942 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Goodyear Tire & Rubber by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 28,349,435 shares of the company’s stock valued at $405,113,000 after purchasing an additional 437,114 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Goodyear Tire & Rubber by 5.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 15,879,496 shares of the company’s stock valued at $174,988,000 after purchasing an additional 773,018 shares during the last quarter. State Street Corp increased its stake in shares of Goodyear Tire & Rubber by 2.7% in the 1st quarter. State Street Corp now owns 10,052,612 shares of the company’s stock valued at $110,780,000 after purchasing an additional 260,929 shares during the last quarter. Finally, Nomura Holdings Inc. increased its stake in shares of Goodyear Tire & Rubber by 1,498.4% in the 1st quarter. Nomura Holdings Inc. now owns 9,729,800 shares of the company’s stock valued at $107,222,000 after purchasing an additional 9,121,084 shares during 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.