Goodyear Tire & Rubber (NASDAQ:GT) Reaches New 1-Year Low – What’s Next?

The Goodyear Tire & Rubber Company (NASDAQ:GT) reached a new 52-week low during mid-day trading on Thursday. The stock traded as low as $4.86 and last traded at $4.8550, with a volume of 487084 shares. The stock had previously closed at $4.97.

Analyst Ratings Changes

A number of research firms recently weighed in on GT. Wall Street Zen raised shares of Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. JPMorgan Chase & Co. upped their price objective on shares of Goodyear Tire & Rubber from $9.00 to $10.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Zacks Research upgraded shares of Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a research note on Monday, July 13th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research report on Friday, August 7th. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Goodyear Tire & Rubber has an average rating of “Hold” and an average target price of $8.26.

Goodyear Tire & Rubber Price Performance

The stock has a market cap of $1.39 billion, a P/E ratio of -0.55 and a beta of 1.10. The business has a 50 day simple moving average of $6.04 and a 200-day simple moving average of $6.34. The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.55 and a current ratio of 1.09.

Goodyear Tire & Rubber (NASDAQ:GT) last released its earnings results on Wednesday, August 5th. The company reported ($0.61) EPS for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.02. The company had revenue of $4.25 billion for the quarter, compared to analysts’ expectations of $4.19 billion. Goodyear Tire & Rubber had a negative return on equity of 2.95% and a negative net margin of 14.37%.The business’s revenue for the quarter was down 4.8% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.17) EPS. On average, sell-side analysts forecast that The Goodyear Tire & Rubber Company will post -0.43 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GT. BlackRock Inc. bought a new position in Goodyear Tire & Rubber in the 2nd quarter worth approximately $238,776,000. Canada Pension Plan Investment Board purchased a new position in Goodyear Tire & Rubber in the 2nd quarter valued at approximately $78,278,000. Cibc World Market Inc. bought a new stake in Goodyear Tire & Rubber during the 2nd quarter valued at $18,676,000. Bank of America Corp DE bought a new stake in Goodyear Tire & Rubber during the 2nd quarter valued at $17,313,000. Finally, Man Group plc purchased a new stake in shares of Goodyear Tire & Rubber during the second quarter worth $12,415,000. 84.19% of the stock is currently owned by hedge funds and other institutional investors.

About Goodyear Tire & Rubber

Goodyear Tire & Rubber Company develops, manufactures, markets and distributes tires and related products and services. Its portfolio includes tires for passenger cars, SUVs, trucks, buses, commercial fleets, aircraft, mining and other off-the-road applications. The company serves both original-equipment manufacturers and replacement-tire customers.

Goodyear markets products primarily under the Goodyear brand, along with other brands and private-label offerings. Its business also includes tire-related services, fleet support, vehicle maintenance and mobility solutions designed to help commercial customers manage their transportation operations.

Founded in 1898 and headquartered in Akron, Ohio, Goodyear has built a global presence through manufacturing, distribution, retail and service operations.