The Goodyear Tire & Rubber Company (GT) Earns “Buy” Rating from KeyCorp

The Goodyear Tire & Rubber Company (NASDAQ:GT)‘s stock had its “buy” rating reissued by equities researchers at KeyCorp in a research report issued on Thursday. They currently have a $37.00 price objective on the stock. KeyCorp’s price objective would suggest a potential upside of 12.16% from the stock’s current price.

Several other analysts also recently weighed in on the company. BidaskClub upgraded The Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research report on Wednesday, September 13th. Morgan Stanley restated a “buy” rating and set a $46.00 price objective on shares of The Goodyear Tire & Rubber in a research report on Monday, September 11th. ValuEngine downgraded The Goodyear Tire & Rubber from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 28th. Zacks Investment Research downgraded The Goodyear Tire & Rubber from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Finally, Jefferies Group LLC upgraded The Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $39.00 price objective for the company in a research report on Tuesday, June 20th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $38.00.

Shares of The Goodyear Tire & Rubber (NASDAQ GT) traded down 0.85% during mid-day trading on Thursday, hitting $32.71. The stock had a trading volume of 2,261,284 shares. The Goodyear Tire & Rubber has a 1-year low of $26.82 and a 1-year high of $37.20. The stock’s 50-day moving average price is $31.88 and its 200 day moving average price is $33.54. The company has a market capitalization of $8.24 billion, a P/E ratio of 7.13 and a beta of 1.56.

The Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Friday, July 28th. The company reported $0.70 earnings per share for the quarter, missing the consensus estimate of $0.75 by ($0.05). The Goodyear Tire & Rubber had a return on equity of 18.94% and a net margin of 7.95%. The business had revenue of $3.69 billion for the quarter, compared to the consensus estimate of $3.70 billion. During the same quarter in the prior year, the company earned $1.16 earnings per share. The Goodyear Tire & Rubber’s quarterly revenue was down 5.0% compared to the same quarter last year. On average, analysts predict that The Goodyear Tire & Rubber will post $3.05 EPS for the current fiscal year.

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In other The Goodyear Tire & Rubber news, insider Jean Claude Kihn sold 7,500 shares of the company’s stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $32.44, for a total value of $243,300.00. Following the completion of the transaction, the insider now owns 74,348 shares of the company’s stock, valued at approximately $2,411,849.12. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In the last ninety days, insiders sold 15,501 shares of company stock valued at $507,866. Insiders own 1.40% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of GT. Financial Architects Inc increased its stake in shares of The Goodyear Tire & Rubber by 2.2% in the second quarter. Financial Architects Inc now owns 3,546 shares of the company’s stock valued at $124,000 after buying an additional 75 shares during the period. First Quadrant L P CA acquired a new stake in shares of The Goodyear Tire & Rubber in the second quarter valued at about $130,000. Washington Trust Bank increased its stake in shares of The Goodyear Tire & Rubber by 46.3% in the second quarter. Washington Trust Bank now owns 3,885 shares of the company’s stock valued at $136,000 after buying an additional 1,230 shares during the period. Exane Derivatives increased its stake in shares of The Goodyear Tire & Rubber by 204,800.0% in the second quarter. Exane Derivatives now owns 4,098 shares of the company’s stock valued at $143,000 after buying an additional 4,096 shares during the period. Finally, Schroder Investment Management Group acquired a new stake in shares of The Goodyear Tire & Rubber in the second quarter valued at about $160,000. 90.33% of the stock is owned by institutional investors and hedge funds.

About The Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company is a manufacturer of tires. The Company operates through three segments. The Americas segment develops, manufactures, distributes and sells tires and related products and services in North, Central and South America, and sells tires to various export markets. The Americas segment manufactures and sells tires for automobiles, trucks, buses, earthmoving, mining and industrial equipment, aircraft and for various other applications.

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