Goodyear Tire & Rubber (NASDAQ:GT) Trading Up 3.8% – Here’s What Happened

Shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) rose 3.8% on Tuesday . The stock traded as high as $9.09 and last traded at $9.09. Approximately 369,210 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 4,312,383 shares. The stock had previously closed at $8.76.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Wolfe Research lowered Goodyear Tire & Rubber from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 5th. StockNews.com cut shares of Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a research report on Wednesday, November 13th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $10.00 price objective on shares of Goodyear Tire & Rubber in a report on Friday, December 20th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $13.30.

Goodyear Tire & Rubber Stock Performance

The business has a 50 day moving average price of $9.40 and a 200 day moving average price of $9.44. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.14 and a quick ratio of 0.65. The stock has a market capitalization of $2.56 billion, a PE ratio of -8.65 and a beta of 1.77.

Goodyear Tire & Rubber (NASDAQ:GT) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.12. Goodyear Tire & Rubber had a negative net margin of 1.56% and a positive return on equity of 6.66%. The firm had revenue of $4.82 billion for the quarter, compared to analysts’ expectations of $4.96 billion. During the same quarter in the prior year, the company posted $0.36 earnings per share. The business’s revenue for the quarter was down 6.2% on a year-over-year basis. As a group, equities research analysts expect that The Goodyear Tire & Rubber Company will post 1.09 earnings per share for the current year.

Institutional Investors Weigh In On Goodyear Tire & Rubber

Several large investors have recently bought and sold shares of the business. Sound Income Strategies LLC grew its position in Goodyear Tire & Rubber by 2,122.5% in the 3rd quarter. Sound Income Strategies LLC now owns 3,956 shares of the company’s stock worth $35,000 after purchasing an additional 3,778 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in shares of Goodyear Tire & Rubber in the third quarter worth $45,000. Private Trust Co. NA increased its position in Goodyear Tire & Rubber by 110.4% during the third quarter. Private Trust Co. NA now owns 7,050 shares of the company’s stock valued at $62,000 after acquiring an additional 3,700 shares during the last quarter. AM Squared Ltd purchased a new position in Goodyear Tire & Rubber in the third quarter worth about $92,000. Finally, Apollon Wealth Management LLC bought a new stake in shares of Goodyear Tire & Rubber during the 3rd quarter valued at about $92,000. 84.19% of the stock is currently owned by institutional investors.

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.