Goodyear Tire & Rubber (NASDAQ:GT) Stock Price Down 7.2%

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Goodyear Tire & Rubber Co (NASDAQ:GT)’s stock price was down 7.2% during mid-day trading on Friday . The stock traded as low as $8.99 and last traded at $9.01, approximately 6,150,218 shares changed hands during trading. An increase of 5% from the average daily volume of 5,856,493 shares. The stock had previously closed at $9.71.

Several research analysts have recently issued reports on GT shares. Nomura reaffirmed a “buy” rating and set a $11.00 price target on shares of Goodyear Tire & Rubber in a research note on Wednesday, May 6th. Deutsche Bank cut their price target on Goodyear Tire & Rubber from $7.00 to $5.00 and set a “hold” rating for the company in a research note on Tuesday, May 5th. ValuEngine raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research note on Friday, May 1st. BidaskClub downgraded Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research note on Thursday, June 18th. Finally, Cfra dropped their price objective on Goodyear Tire & Rubber from $16.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, April 30th. Eight investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $11.35.

The company has a debt-to-equity ratio of 1.60, a quick ratio of 0.62 and a current ratio of 1.17. The company has a market cap of $2.10 billion, a PE ratio of -2.42 and a beta of 2.05. The firm has a fifty day simple moving average of $9.13 and a 200 day simple moving average of $9.09.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings results on Friday, July 31st. The company reported ($1.87) EPS for the quarter, beating the consensus estimate of ($2.11) by $0.24. The company had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $1.90 billion. Goodyear Tire & Rubber had a positive return on equity of 1.48% and a negative net margin of 6.12%. The firm’s revenue was down 41.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.25 EPS. As a group, equities analysts predict that Goodyear Tire & Rubber Co will post -2.44 EPS for the current fiscal year.

Several large investors have recently modified their holdings of GT. NuWave Investment Management LLC grew its holdings in shares of Goodyear Tire & Rubber by 456.0% during the 1st quarter. NuWave Investment Management LLC now owns 4,309 shares of the company’s stock worth $25,000 after purchasing an additional 3,534 shares during the period. Tsfg LLC grew its holdings in shares of Goodyear Tire & Rubber by 37,500.0% during the 2nd quarter. Tsfg LLC now owns 3,008 shares of the company’s stock worth $27,000 after purchasing an additional 3,000 shares during the period. Signaturefd LLC grew its holdings in shares of Goodyear Tire & Rubber by 1,326.8% during the 2nd quarter. Signaturefd LLC now owns 3,300 shares of the company’s stock worth $30,000 after purchasing an additional 3,569 shares during the period. Parallel Advisors LLC grew its holdings in shares of Goodyear Tire & Rubber by 193.5% during the 1st quarter. Parallel Advisors LLC now owns 6,325 shares of the company’s stock worth $36,000 after purchasing an additional 4,170 shares during the period. Finally, Chilton Investment Co. LLC purchased a new stake in shares of Goodyear Tire & Rubber during the 1st quarter worth about $58,000. Institutional investors and hedge funds own 79.54% of the company’s stock.

Goodyear Tire & Rubber Company Profile (NASDAQ:GT)

The Goodyear Tire & Rubber Company, together with its subsidiaries, develops, manufactures, distributes, and sells tires and related products and services worldwide. The company offers various lines of rubber tires for automobiles, trucks, buses, aircrafts, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and various other applications under the Goodyear, Dunlop, Kelly, Debica, Sava, Fulda, and various other Goodyear owned house brands, as well as under the private-label brands.

See Also: Cost of Debt

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