Goodyear Tire & Rubber (NASDAQ:GT) Now Covered by Morgan Stanley

Investment analysts at Morgan Stanley initiated coverage on shares of Goodyear Tire & Rubber (NASDAQ:GT) in a research note issued on Thursday, MarketBeat Ratings reports. The firm set an “equal weight” rating and a $14.00 price target on the stock. Morgan Stanley’s price target would indicate a potential upside of 21.74% from the stock’s current price.

Several other brokerages also recently commented on GT. HSBC reduced their target price on Goodyear Tire & Rubber from $16.80 to $15.90 and set a “buy” rating for the company in a report on Wednesday, May 8th. StockNews.com raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research report on Thursday, May 16th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Goodyear Tire & Rubber has an average rating of “Moderate Buy” and an average target price of $17.23.

Goodyear Tire & Rubber Trading Down 2.5 %

Shares of Goodyear Tire & Rubber stock opened at $11.50 on Thursday. The company has a quick ratio of 0.60, a current ratio of 1.15 and a debt-to-equity ratio of 1.56. The firm has a market cap of $3.27 billion, a price-to-earnings ratio of -5.09 and a beta of 1.77. The business has a fifty day simple moving average of $12.34 and a 200-day simple moving average of $13.06. Goodyear Tire & Rubber has a fifty-two week low of $11.26 and a fifty-two week high of $16.50.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its earnings results on Monday, May 6th. The company reported $0.10 EPS for the quarter. Goodyear Tire & Rubber had a positive return on equity of 3.41% and a negative net margin of 3.28%. The business had revenue of $4.50 billion during the quarter, compared to the consensus estimate of $4.78 billion. During the same period in the prior year, the business posted ($0.29) earnings per share. Goodyear Tire & Rubber’s revenue was down 8.9% compared to the same quarter last year. On average, equities analysts forecast that Goodyear Tire & Rubber will post 1.27 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Boston Partners increased its position in Goodyear Tire & Rubber by 3.2% in the 1st quarter. Boston Partners now owns 75,110 shares of the company’s stock worth $1,031,000 after purchasing an additional 2,345 shares during the last quarter. Teachers Retirement System of The State of Kentucky increased its position in Goodyear Tire & Rubber by 132.2% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 224,158 shares of the company’s stock worth $3,077,000 after purchasing an additional 127,610 shares during the last quarter. Cetera Advisors LLC acquired a new position in Goodyear Tire & Rubber in the 1st quarter worth about $271,000. EMC Capital Management increased its position in Goodyear Tire & Rubber by 28.3% in the 1st quarter. EMC Capital Management now owns 12,291 shares of the company’s stock worth $169,000 after purchasing an additional 2,714 shares during the last quarter. Finally, KLCM Advisors Inc. boosted its stake in shares of Goodyear Tire & Rubber by 7.4% during the 1st quarter. KLCM Advisors Inc. now owns 810,770 shares of the company’s stock worth $11,132,000 after acquiring an additional 55,665 shares in the last quarter. 84.19% of the stock is owned by institutional investors and hedge funds.

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 rubber tires for automobiles, trucks, buses, aircraft, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and other applications under the Goodyear, Cooper, Dunlop, Kelly, Mastercraft, Roadmaster, Debica, Sava, Fulda, Mickey Thompson, Avon, and Remington brands and various house brands, as well as under the private-label brands.