Goodyear Tire & Rubber (NASDAQ:GT) Trading Down 6.4% – What’s Next?

The Goodyear Tire & Rubber Company (NASDAQ:GT)’s stock price was down 6.4% on Monday . The stock traded as low as $9.13 and last traded at $9.08. Approximately 2,513,509 shares traded hands during mid-day trading, a decline of 48% from the average daily volume of 4,837,675 shares. The stock had previously closed at $9.70.

Analysts Set New Price Targets

GT has been the subject of a number of research reports. Argus upgraded shares of Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a report on Tuesday, February 18th. StockNews.com raised Goodyear Tire & Rubber from a “hold” rating to a “buy” rating in a research report on Monday, February 17th. Deutsche Bank Aktiengesellschaft upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a report on Monday, March 31st. Finally, TD Cowen assumed coverage on Goodyear Tire & Rubber in a research note on Friday, March 7th. They issued a “buy” rating and a $14.00 price objective for the company. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $13.78.

Goodyear Tire & Rubber Price Performance

The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.55 and a current ratio of 1.04. The business has a 50 day simple moving average of $9.20 and a 200-day simple moving average of $9.12. The firm has a market cap of $2.51 billion, a price-to-earnings ratio of 36.75 and a beta of 1.49.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its earnings results on Thursday, February 13th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.10. The company had revenue of $4.95 billion for the quarter, compared to analysts’ expectations of $4.91 billion. Goodyear Tire & Rubber had a return on equity of 6.21% and a net margin of 0.37%. Equities research analysts expect that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current year.

Institutional Trading of Goodyear Tire & Rubber

A number of institutional investors and hedge funds have recently modified their holdings of the business. American Century Companies Inc. raised its stake in shares of Goodyear Tire & Rubber by 10.3% in the fourth quarter. American Century Companies Inc. now owns 9,652,329 shares of the company’s stock valued at $86,871,000 after buying an additional 897,463 shares during the period. Geode Capital Management LLC raised its position in shares of Goodyear Tire & Rubber by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 7,053,829 shares of the company’s stock valued at $62,438,000 after buying an additional 86,227 shares in the last quarter. Victory Capital Management Inc. raised its position in Goodyear Tire & Rubber by 8.3% during the fourth quarter. Victory Capital Management Inc. now owns 5,147,744 shares of the company’s stock valued at $46,330,000 after purchasing an additional 396,230 shares in the last quarter. Norges Bank purchased a new position in shares of Goodyear Tire & Rubber during the 4th quarter valued at about $39,626,000. Finally, Northern Trust Corp raised its stake in shares of Goodyear Tire & Rubber by 17.0% during the fourth quarter. Northern Trust Corp now owns 3,941,378 shares of the company’s stock worth $35,472,000 after acquiring an additional 573,541 shares in the last quarter. 84.19% of the stock is owned by hedge funds and other institutional investors.

About Goodyear Tire & Rubber

Goodyear Tire & Rubber Co engages in the development, manufacture, distribution, and sale of tires. It operates through the following geographical segments: Americas, Europe, Middle East, and Africa, and Asia Pacific. The Americas segment is involved in the development, manufacture, distribution, and sale of tires and related products and services in North, Central, and South America.