Goodyear Tire & Rubber (NASDAQ:GT) Hits New 1-Year Low – Should You Sell?

The Goodyear Tire & Rubber Company (NASDAQ:GT)’s stock price reached a new 52-week low during trading on Wednesday. The company traded as low as $4.46 and last traded at $4.4250, with a volume of 365,826 shares traded. The stock had previously closed at $4.56.

Analysts Set New Price Targets

GT has been the subject of a number of research reports. JPMorgan Chase & Co. dropped their price target on Goodyear Tire & Rubber from $10.00 to $9.00 and set an “overweight” rating for the company in a research note on Friday, October 2nd. Wall Street Zen raised Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Goodyear Tire & Rubber in a report on Friday, August 7th. Finally, Zacks Research upgraded Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $8.06.

Goodyear Tire & Rubber Price Performance

The firm’s 50-day moving average price is $5.61 and its 200-day moving average price is $6.23. The company has a current ratio of 1.09, a quick ratio of 0.55 and a debt-to-equity ratio of 1.92. The stock has a market capitalization of $1.28 billion, a PE ratio of -0.50 and a beta of 1.22.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.61) EPS for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.02. The firm had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $4.19 billion. Goodyear Tire & Rubber had a negative net margin of 14.37% and a negative return on equity of 2.95%. The firm’s revenue for the quarter was down 4.8% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.17) EPS. On average, equities analysts forecast that The Goodyear Tire & Rubber Company will post -0.46 EPS for the current fiscal year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Institutional investors and hedge funds have recently modified their holdings of the stock. Plan A Wealth LLC raised its stake in shares of Goodyear Tire & Rubber by 22.5% in the third quarter. Plan A Wealth LLC now owns 16,538 shares of the company’s stock valued at $82,000 after acquiring an additional 3,041 shares during the period. Versant Capital Management Inc raised its position in Goodyear Tire & Rubber by 190.1% in the 3rd quarter. Versant Capital Management Inc now owns 5,349 shares of the company’s stock worth $27,000 after purchasing an additional 3,505 shares during the period. Sequoia Financial Advisors LLC raised its position in Goodyear Tire & Rubber by 16.7% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 21,396 shares of the company’s stock worth $141,000 after purchasing an additional 3,064 shares during the period. WINTON GROUP Ltd bought a new stake in Goodyear Tire & Rubber in the second quarter worth about $1,560,000. Finally, Cidel Asset Management Inc. lifted its stake in Goodyear Tire & Rubber by 29.9% in the second quarter. Cidel Asset Management Inc. now owns 19,172 shares of the company’s stock worth $127,000 after purchasing an additional 4,411 shares during the last quarter. Hedge funds and other institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Company Profile

The Goodyear Tire & Rubber Company (NASDAQ: GT) is a global tire manufacturer headquartered in Akron, Ohio. Founded in 1898, the company develops, produces, markets and distributes tires for passenger vehicles, trucks, buses, aircraft, motorcycles, off-road vehicles and other applications.

Goodyear serves original-equipment and replacement markets through a portfolio of tire brands that includes Goodyear and Cooper, along with related products and services. Its offerings are sold through tire dealers, automotive retailers, distributors and other commercial channels, as well as to vehicle manufacturers.

The company operates across North America, Europe and other international markets.