Goodyear Tire & Rubber (NASDAQ:GT) Stock Price Down 4.3% – What’s Next?

The Goodyear Tire & Rubber Company (NASDAQ:GT)’s share price dropped 4.3% on Monday . The stock traded as low as $10.55 and last traded at $10.47. Approximately 763,498 shares changed hands during trading, a decline of 86% from the average daily volume of 5,517,269 shares. The stock had previously closed at $10.94.

Analyst Upgrades and Downgrades

Several analysts recently commented on GT shares. TD Cowen initiated coverage on Goodyear Tire & Rubber in a report on Friday, March 7th. They set a “buy” rating and a $14.00 target price on the stock. Deutsche Bank Aktiengesellschaft upgraded Goodyear Tire & Rubber from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a research report on Monday, March 31st. Argus raised 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. BNP Paribas Exane upgraded Goodyear Tire & Rubber from a “neutral” rating to an “outperform” rating and set a $15.00 target price on the stock in a research report on Monday, June 9th. Finally, Wall Street Zen lowered Goodyear Tire & Rubber from a “buy” rating to a “hold” rating in a report on Saturday, May 10th. Two analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $14.20.

Goodyear Tire & Rubber Price Performance

The company’s 50-day moving average price is $10.72 and its 200-day moving average price is $9.77. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.04 and a quick ratio of 0.55. The company has a market cap of $3.02 billion, a P/E ratio of 44.11 and a beta of 1.40.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.02. The company had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.41 billion. Goodyear Tire & Rubber had a net margin of 0.37% and a return on equity of 6.21%. The firm’s revenue was down 6.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.10 EPS. As a group, sell-side analysts predict that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

A number of large investors have recently modified their holdings of GT. Rhumbline Advisers boosted its holdings in shares of Goodyear Tire & Rubber by 1.3% during the 4th quarter. Rhumbline Advisers now owns 975,955 shares of the company’s stock valued at $8,784,000 after buying an additional 12,359 shares in the last quarter. Allworth Financial LP raised its position in shares of Goodyear Tire & Rubber by 251.8% in the 4th quarter. Allworth Financial LP now owns 4,274 shares of the company’s stock valued at $40,000 after purchasing an additional 3,059 shares during the last quarter. KLCM Advisors Inc. grew its stake in shares of Goodyear Tire & Rubber by 59.4% during the 4th quarter. KLCM Advisors Inc. now owns 1,770,430 shares of the company’s stock worth $15,934,000 after purchasing an additional 659,635 shares during the period. Sanctuary Advisors LLC lifted its position in shares of Goodyear Tire & Rubber by 11.3% during the 4th quarter. Sanctuary Advisors LLC now owns 11,901 shares of the company’s stock valued at $110,000 after buying an additional 1,209 shares in the last quarter. Finally, Truist Financial Corp lifted its position in shares of Goodyear Tire & Rubber by 5.2% during the 4th quarter. Truist Financial Corp now owns 22,753 shares of the company’s stock valued at $205,000 after buying an additional 1,115 shares in the last quarter. 84.19% of the stock is currently owned by institutional investors.

Goodyear Tire & Rubber Company Profile

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.