Goodyear Tire & Rubber (NASDAQ:GT) Sets New 12-Month Low – Here’s Why

The Goodyear Tire & Rubber Company (NASDAQ:GT) hit a new 52-week low during mid-day trading on Monday . The company traded as low as $5.56 and last traded at $5.6850, with a volume of 503737 shares trading hands. The stock had previously closed at $5.64.

Analysts Set New Price Targets

A number of research analysts recently issued reports on GT shares. TD Cowen lowered their price target on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Wednesday, April 15th. Citigroup lowered their price target on shares of Goodyear Tire & Rubber from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Friday, May 8th. Zacks Research cut shares of Goodyear Tire & Rubber from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 6th. Wall Street Zen cut shares of Goodyear Tire & Rubber from a “sell” rating to a “strong sell” rating in a research report on Sunday. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $7.00 price target (down from $9.00) on shares of Goodyear Tire & Rubber in a research report on Monday, May 11th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $8.54.

Goodyear Tire & Rubber Stock Up 0.8%

The company’s 50-day moving average is $6.76 and its 200 day moving average is $8.01. The company has a market capitalization of $1.63 billion, a PE ratio of -0.79 and a beta of 1.17. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.51 and a current ratio of 1.04.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.39) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.05. Goodyear Tire & Rubber had a negative net margin of 11.64% and a positive return on equity of 0.93%. The company had revenue of $3.88 billion for the quarter, compared to the consensus estimate of $3.81 billion. During the same period in the prior year, the firm posted ($0.04) EPS. Goodyear Tire & Rubber’s revenue for the quarter was down 8.7% on a year-over-year basis. As a group, analysts anticipate that The Goodyear Tire & Rubber Company will post -0.11 EPS for the current year.

Institutional Trading of Goodyear Tire & Rubber

Several institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP grew its position in Goodyear Tire & Rubber by 6.3% during the 4th quarter. Wellington Management Group LLP now owns 28,047,790 shares of the company’s stock valued at $245,699,000 after purchasing an additional 1,666,394 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Goodyear Tire & Rubber by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 27,950,476 shares of the company’s stock valued at $209,070,000 after acquiring an additional 1,130,037 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Goodyear Tire & Rubber by 8.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 16,558,938 shares of the company’s stock valued at $109,778,000 after acquiring an additional 1,352,085 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Goodyear Tire & Rubber by 7.0% during the 3rd quarter. American Century Companies Inc. now owns 12,457,220 shares of the company’s stock valued at $93,180,000 after acquiring an additional 816,703 shares during the last quarter. Finally, State Street Corp boosted its holdings in shares of Goodyear Tire & Rubber by 0.4% during the 4th quarter. State Street Corp now owns 10,450,140 shares of the company’s stock valued at $91,543,000 after acquiring an additional 36,786 shares during the last quarter. 84.19% of the stock is owned by hedge funds and other institutional investors.

Goodyear Tire & Rubber Company Profile

The Goodyear Tire & Rubber Company is a leading tire manufacturer and rubber products supplier with more than a century of innovation in its portfolio. Founded in 1898 by Frank Seiberling in Akron, Ohio, the company has grown into a global enterprise known for its engineering expertise and quality standards. Over its history, Goodyear has pioneered advances in tire technology, from early pneumatic designs to modern high-performance and fuel-efficient solutions.

Goodyear’s core business encompasses the design, production and distribution of tires for a variety of markets, including passenger cars, commercial trucks, off-the-road vehicles, aircraft and specialty applications.