Goodyear Tire & Rubber (NASDAQ:GT) Stock Price Passes Above 50-Day Moving Average – Here’s What Happened

The Goodyear Tire & Rubber Company (NASDAQ:GT)’s share price passed above its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $6.36 and traded as high as $7.25. Goodyear Tire & Rubber shares last traded at $7.21, with a volume of 8,782,987 shares changing hands.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on GT. TD Cowen reduced their target price on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, April 15th. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $10.00 price objective on shares of Goodyear Tire & Rubber in a research note on Monday, May 11th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $7.00 price objective (down from $9.00) on shares of Goodyear Tire & Rubber in a report on Monday, May 11th. Zacks Research raised Goodyear Tire & Rubber from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Finally, Wall Street Zen raised Goodyear Tire & Rubber from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 6th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $8.54.

Goodyear Tire & Rubber Price Performance

The firm has a market capitalization of $2.07 billion, a P/E ratio of -1.00 and a beta of 1.12. The company has a fifty day moving average of $6.36 and a 200 day moving average of $7.35. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.04 and a quick ratio of 0.51.

Goodyear Tire & Rubber (NASDAQ:GT) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.05. Goodyear Tire & Rubber had a negative net margin of 11.64% and a positive return on equity of 0.93%. The firm had revenue of $3.88 billion during the quarter, compared to analyst estimates of $3.81 billion. During the same quarter last year, the business earned ($0.04) EPS. The company’s revenue was down 8.7% compared to the same quarter last year. Sell-side analysts predict that The Goodyear Tire & Rubber Company will post -0.26 earnings per share for the current year.

Institutional Trading of Goodyear Tire & Rubber

A number of institutional investors have recently bought and sold shares of GT. 180 Wealth Advisors LLC raised its position in shares of Goodyear Tire & Rubber by 30.2% in the 2nd quarter. 180 Wealth Advisors LLC now owns 33,419 shares of the company’s stock worth $221,000 after acquiring an additional 7,761 shares in the last quarter. Empowered Funds LLC increased its holdings in Goodyear Tire & Rubber by 5.6% in the first quarter. Empowered Funds LLC now owns 1,343,234 shares of the company’s stock worth $8,906,000 after purchasing an additional 70,696 shares in the last quarter. Bank of America Corp DE lifted its stake in Goodyear Tire & Rubber by 54.9% in the first quarter. Bank of America Corp DE now owns 1,669,177 shares of the company’s stock valued at $11,067,000 after buying an additional 591,839 shares during the period. Kentucky Retirement Systems acquired a new stake in shares of Goodyear Tire & Rubber during the 1st quarter worth approximately $135,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Goodyear Tire & Rubber by 656.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 6,048 shares of the company’s stock valued at $40,000 after acquiring an additional 5,248 shares in the last quarter. Institutional investors own 84.19% of the company’s stock.

About Goodyear Tire & Rubber

The Goodyear Tire & Rubber Company is a leading tire manufacturer and rubber products supplier with more than a century of innovation in its portfolio. Founded in 1898 by Frank Seiberling in Akron, Ohio, the company has grown into a global enterprise known for its engineering expertise and quality standards. Over its history, Goodyear has pioneered advances in tire technology, from early pneumatic designs to modern high-performance and fuel-efficient solutions.

Goodyear’s core business encompasses the design, production and distribution of tires for a variety of markets, including passenger cars, commercial trucks, off-the-road vehicles, aircraft and specialty applications.